Coronavirus (COVID-19): Relief options and Additional Resources
CLICK HERE Close

SBA Awards Indianapolis’ BOI $200,00 PRIME Grant to Help Emerging Micro-Entrepreneurs Gain Access to Capital

Nationally, SBA Awards $5.5 Million to Assist Low-Income Entrepreneurs and Support Economic Development in Distressed Communities
Release Date: 
Monday, September 28, 2020
Release Number: 
092420
Advisory Date: 
Monday, September 28, 2020
Contact: 
Laura Schafsnitz, laura.schafsnitz@sba.gov

INDIANAPOLIS – Business Ownership Initiative (BOI) is set to receive a $200,000 grant from the U.S. Small Business Administration to help low-income entrepreneurs gain access to capital through the Program for Investment in Micro-Entrepreneurs, more commonly known as PRIME. This award will support BOI’s Re-Entry Entrepreneurship Development Initiative (REDi) program provide recently and/or soon-to-be released offenders with small business technical assistance through workshops, coaching and microlending opportunities.

“BOI’s REDi program is a prime example of putting PRIME funds to good use building better communities,” said SBA Indiana Director Stacey Poynter.  “We’re  proud of the work BOI has done with REDi so far and are excited to see the positive impact it will have in the future.”

Research finds that employment is one of the greatest barriers to the success of formerly-incarcerated individuals and is directly related to an individual’s ability to avoid re-offending. But as BOI Executive Director Rick Proctor says, entrepreneurship is an equal opportunity employer.

“BOI strives to provide the opportunity for all in our community to succeed in business and in life, “ Said BOI Executive Director Rick Proctor. “Our REDi program teaches the re-entry population how entrepreneurial skills and business ownership can be a self-sustaining and empowering strategy for a productive future post-incarceration, which not only benefits themselves and their families, but helps grow our local economy.”

This year more than 120 organizations applied for PRIME grants, which range from $75,000 to $250,000, and typically require at least 50% in matching funds or in-kind contributions. For 2020, the SBA placed special emphasis on projects designed to offer training and technical assistance to strengthen economically disadvantaged businesses, particularly those projects serving entrepreneurs in Opportunity Zones, rural areas and Historically Underutilized Business Zones. The 30 PRIME grant recipients represent 19 states and 23 are in Opportunity Zones created by the Tax Cuts and Jobs Act of 2017 and designed 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 are designated as Opportunity Zones.

“These funds from the SBA will help BOI make an impact on entrepreneurs trying to take their business to the next level and make it sustainable during this challenging time,” SBA Great Lakes Regional Administrator Rob Scott said. “This business development also will make an impact on local economies and help spur economic development and job creation in distressed areas, which is a key element of SBA’s strategy.”

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, 2020, and the project period for each grant is one year.

###

 

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.