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SBA Awards $5 Million in PRIME Grants to Help Emerging Micro-entrepreneurs Gain Access to Capital

Funds Finance Training & Technical Assistance to Emerging Entrepreneurs; Capacity Building to Provider Organizations
Release Date: 
Thursday, September 7, 2017
Release Number: 
17-55
Contact: 
Cecelia Taylor (202) 401-3059

WASHINGTON – Thirty-four community-based organizations across the United States that provide assistance to disadvantaged entrepreneurs are set to receive a combined $5 million in grants from the U.S. Small Business Administration’s Program for Investment in Micro-Entrepreneurs (PRIME).  These organizations help low-income entrepreneurs gain access to capital to establish and expand their small businesses.

This year’s 34 recipients come from 24 states and the District of Columbia.  The grants range from $55,000 to $250,000, and typically require at least 50 percent in matching funds or in-kind contributions.  In total, 147 organizations applied for PRIME awards for 2017.  

“One of my goals as Administrator is to revitalize the agency and raise its profile, and in turn, revitalize a spirit of entrepreneurship in America,” said Administrator Linda McMahon.  “Our aim at the SBA is to encourage entrepreneurship that helps build the confidence, skills and resources that entrepreneurs need to start or grow businesses, to invest in their communities, to create jobs, and to grow our economy.  I am proud to be part of an agency that provides assistance and support to organizations that help emerging entrepreneurs who lack sufficient training and education to gain access to capital to establish and expand their small businesses.”

The SBA placed special emphasis in this year’s competition on projects that will offer training and technical assistance to strengthen cooperative forms of business, particularly those that service economically disadvantaged entrepreneurs.  Six organizations received funding to specifically target cooperative small businesses. 

This year’s awards also emphasized organizations participating in the SBA’s Community Advantage Program.  This program provides mission-oriented, nonprofit lenders access to the SBA’s 7(a) loan guarantees to help small businesses that have outgrown microlending, but are not able to access more traditional financing including funding from SBA commercial lending partners.  Eight Community Advantage Lenders were selected for PRIME awards.   

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, 2017, and the project period for each grant is one year.

For more information on the SBA’s PRIME grants and for a list of this year’s grantees, go online to www.sba.gov/content/prime-grantees.
 

PRIME GRANT AWARDEES – FISCAL YEAR 2017

Grantee Name

State

Track
#

Award Amount

UNIVERSITY OF ALASKA ANCHORAGE

AK

1

$97,774

COMMUNITIES UNLIMITED, INC.

AR

1

$150,000

ARIZONA WOMEN'S EDUCATION AND EMPLOYMENT INC

AZ

1

$90,000

MISSION ECONOMIC DEVELOPMENT AGENCY

CA

1

$150,000

PACIFIC ASIAN CONSORTIUM IN EMPLOYMENT

CA

1

$150,000

WESTWATER FINANCIAL, INC.

CA

1

$55,103

RURAL COMMUNITY ASSISTANCE CORPORATION

CA

2

$250,000

HEDCO, INC.

CT

1

$150,000

CREDIT BUILDERS ALLIANCE, INC.

DC

2

$248,000

TAMPA BAY BLACK BUSINESS INVESTMENT CORPORATION, INC.

FL

1

$150,000

SOUTHWEST GEORGIA UNITED EMPOWERMENT ZONE

GA

1

$150,000

KOHALA CENTER, THE

HI

1

$150,000

NEIGHBORHOOD SELF EMPLOYMENT INITIATIVE dba Business Ownership Initiative of Indiana

IN

1

$150,000

COMMUNITY VENTURES CORPORATION

KY

1

$120,000

NORTHERN ECONOMIC INITIATIVES CORPORATION

MI

4

$250,000

AFRICAN ECONOMIC DEVELOPMENT SOLUTIONS

MN

1

$150,000

METROPOLITAN ECONOMIC DEVELOPMENT ASSOCIATION

MN

1

$149,664

JUSTINE PETERSEN HOUSING & REINVESTMENT CORPORATION

MO

1

$150,000

CAROLINA SMALL BUSINESS DEVELOPMENT FUND

NC

1

$150,000

MOUNTAIN BIZCAPITAL, INC

NC

1

$88,500

CENTRAL PLAINS FOUNDATION, INC.

NE

1

$150,000

RISING TIDE CAPITAL INC

NJ

1

$150,000

UNION COUNTY ECONOMIC DEVELOPMENT CORPORATION

NJ

1

$150,000

CAMBA, INC.

NY

1

$150,000

APPALACHIAN CENTER FOR ECONOMIC NETWORKS, INC.

OH

1

$63,590

FINANCE FUND CAPITAL CORPORATION

OH

1

$150,000

CHEROKEE NATION, THE

OK

1

$150,000

RURAL ENTERPRISES OF OKLAHOMA,INC OK 1 $150,000

ADELANTE MUJERES

OR

1

$110,771

MICRO ENTERPRISE SERVICES OF OREGON

OR

1

$150,000

ASSETS LANCASTER

PA

1

$102,598

PEOPLEFUND

TX

1

$125,000

NATIONAL ASSOCIATION FOR LATINO COMMUNITY ASSET BUILDERS

TX

2

$250,000

WISCONSIN WOMEN’S BUSINESS INITIATIVE CORPORATION

WI

1

$149,000

 

 

Track 1 - Technical Assistance Grants (13 CFR 119.4(a)) / Track 2 - Capacity Building Grants (13 CFR 119.4(b)) /Track 4 - Discretionary Grants (13 CFR 119.4(d))

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About the U.S. Small Business Administration

 

The U.S. Small Business Administration (SBA) was created in 1953 and since January 13, 2012 has served as a Cabinet-level agency of the federal government to aid, counsel, assist and protect the interests of small business concerns, to preserve free competitive enterprise and to maintain and strengthen the overall economy of our nation.  The SBA helps Americans start, build and grow businesses.  Through an extensive network of field offices and partnerships with public and private organizations, the SBA delivers its services to people throughout the United States, Puerto Rico, the U.S. Virgin Islands and Guam. www.sba.gov.