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SBA Awards $350,000 in PRIME Grants to Help Emerging New York Microentrepreneurs Gain Access to Capital

Business Outreach Center Network Receives $200,000 PRIME Grant, New York Women’s Chamber of Commerce Awarded $150,000; $5 Million in PRIME Grants Awarded Nationally to 30 Organizations
Release Date: 
Monday, September 23, 2019
Contact: 
Matthew.Coleman@sba.gov

NEW YORK, NY The U.S. Small Business Administration (SBA) announced today that $350,000 in federal technical assistance grants will be awarded to two New York organizations from the SBA Program for Investment in Microentrepreneurs, or more commonly known as PRIME.

The Business Outreach Center Network located in the Fort Greene section of Brooklyn was awarded a $200,000 PRIME grant while the New York Women’s Chamber of Commerce located in West Harlem received a PRIME grant in the amount of $150,000.

“The SBA plays a vital role in expanding support to small businesses by ensuring they have the tools needed to start and expand their businesses, creating more jobs and opportunities locally. This federal SBA funding awarded will help the Business Outreach Center Network and New York Women’s Chamber of Commerce make larger impacts in their communities, assisting entrepreneurs seeking to take their businesses to the next level,” said SBA Atlantic Regional Administrator Steve Bulger who oversees the federal agency’s operations in New York, New Jersey, Puerto Rico and the U.S. Virgin Islands.

“PRIME grants empower nonprofit microlenders to provide access to capital and technical assistance to aspiring microentrepreneurs. It’s exciting to see these awards go to two deserving New York City organizations that can now enhance their work assisting Big Apple small businesses succeed,” said SBA New York District Director Beth Goldberg.

The Business Outreach Center Network Inc. is a micro-enterprise/small business development organization with over a decade-long record of delivering customized business services to under-served entrepreneurs in New York City and, more recently, in Newark, New Jersey, in addition to capacity-building services to organizations establishing and operating community and micro-enterprise development programs. They have an establish local track record at improving the economic prospects of traditionally underserved groups, with a focus on low- and moderate-income entrepreneurs and their communities, and thereby create genuinely brighter futures.

The New York Women’s Chamber of Commerce was founded in 2002 to promote, connect and open doors for female entrepreneurs of all ethnicities and industries in the City of New York. This membership-based organization is dedicated to assisting women achieve success and economic independence through business ownership and self-employment, fostering an environment that nurtures the growth of women-owned businesses in New York City and state.

This year’s 30 PRIME grant recipients come from 22 states, and eight of the recipients are in Opportunity Zones, including the New York Women’s Chamber of Commerce. President Donald Trump signed legislation creating Opportunity Zones in 2017 to spur new capital investment in America’s economically distressed communities. Nearly 9,000 communities in all 50 States, the District of Columbia, and five territories have been designated as Opportunity Zones.

The PRIME grants range from $75,000 to $250,000, and typically require at least 50% in matching funds or in-kind contributions. In total, more than 130 organizations applied for PRIME grants for 2019.  

PRIME was created by Congress as part of the Program for Investment in Microentrepreneurs Act of 1999. Grant funds will be made available on September 30, 2019 and the project period for each grant is one year.

The SBA placed special emphasis in this year’s competition on projects that will offer training and technical assistance to strengthen economically disadvantaged businesses, particularly those that service entrepreneurs in Opportunity Zones, rural areas and Historically Underutilized Business Zones (HUBZones).

For more information on SBA PRIME grants and a list of this year’s grantees, visit https://www.sba.gov/document/support--prime-grantees

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About the U.S. Small Business Administration

The U.S. Small Business Administration makes the American dream of business ownership a reality.  As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.