Celebrating Small Business Empowerment: Unveiling the 2023 PRIME Grant Awardees
Administrator Isabella Casillas Guzman, who leads the U.S. Small Business Administration (SBA) and advocates for America’s 33 million small businesses within President Biden’s Cabinet, has unveiled the recipients of the 2023 Program for Investment in Microentrepreneurs (PRIME) grant awards.
Administrator Guzman explained that SBA PRIME grants are designed to assist local nonprofit organizations that actively support small businesses at the grassroots level, enabling them to become investment-ready and gain access to funding, thus facilitating the establishment and growth of resilient businesses. She emphasized that through these 32 community partners, the Biden-Harris Administration is working to remove obstacles and bridge funding gaps for small businesses, particularly those in underserved communities, to ensure they can seize opportunities in America’s investment landscape.
Regional Administrator Ted James expressed his anticipation of collaborating with the awardees in the South-Central region, including those in Fayetteville, Austin, San Antonio, and Albuquerque. He highlighted the importance of these grants in providing crucial technical assistance and training to small businesses, ultimately fostering their ability to secure the necessary capital for initiation, expansion, and the development of robust enterprises.
This year’s PRIME grant awards amount to $8 million and will be distributed among 32 organizations nationwide. The funding is intended to offer training, technical support, access to capital, and program enhancement for disadvantaged microentrepreneurs and organizations dedicated to microenterprise development. Aligned with the Biden-Harris Administration’s Investing in America agenda, these grants place special emphasis on aiding entrepreneurs in rural areas and offering language-specific technical assistance to diverse rural-owned small businesses.
PRIME grants were established by Congress as part of the Program for Investment in Microentrepreneurs Act of 1999, with the aim of supporting organizations committed to helping low-income entrepreneurs access the capital necessary to establish and expand their small businesses.
The 2023 PRIME grants range from $100,000 to $400,000 and typically necessitate a minimum of 50 percent in matching funds or in-kind contributions. Grant funds will become available on September 30, 2023, with each grant having a one-year project period.
For additional information on the SBA’s PRIME grants and a list of this year’s recipients, please visit https://www.sba.gov/document/support-prime-grantees.
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