MILWAUKEE – The Wisconsin Women’s Business Initiative Corporation (WWBIC) is set to receive a $149,000 grant from the U.S. Small Business Administration’s Program for Investment in Micro-Entrepreneurs (PRIME). With its award, WWBIC will provide business education, training, and counseling for 240 disadvantaged entrepreneurs through their “Job Creation through Enhancing Opportunities for Disadvantaged Entrepreneurs” program, projected to result in 35 new business starts and 130 new full-time jobs. More than 50% of those served will be ex-offenders recruited through partnerships and partner agencies within the criminal justice system.
“PRIME provides grants to non-profit microenterprise development organizations which, in turn, offer training and technical assistance to disadvantaged micro-entrepreneurs,” said Eric Ness, SBA’s district director for Wisconsin. “Congratulations to WWBIC on receiving this funding not once but several times, reflecting their success in working with these aspiring small business owners and communities.”
SBA’s PRIME helps low-income entrepreneurs gain access to capital to establish and expand their small businesses. Including WWBIC, this year’s 34 recipients in 24 states and the District of Columbia will receive grants ranging from $55,000 to $250,000, totaling $5 million. Overall, 147 organizations applied for PRIME awards in 2017.
“WWBIC in 2017 is celebrating 30 years of impact - this SBA PRIME Award allows us to continue to reach our lower income entrepreneurs with additional support and time and resources,” stated Wendy Baumann, WWBIC’s Chief Visionary Officer. “WWBIC has received such awards in the past and met and exceeded our goals - we thank the SBA for again providing us this key and needed resource.”
The SBA placed special emphasis this year on projects that will offer training and technical assistance to strengthen cooperative forms of business, particularly those serving economically disadvantaged entrepreneurs. It also focused on the SBA’s Community Advantage program, which provides mission-oriented, non-profit lenders access to SBA’s 7(a) loan guarantees to help small businesses that have outgrown microlending but cannot access more traditional financing, including funding from SBA commercial lending partners. Six organizations received funding to specifically target cooperative small businesses and eight Community Advantage lenders were selected for PRIME awards.
PRIME was created by Congress as part of the Program for Investment in Micro-Entrepreneurs Act of 1999. The grants typically require at least 50 percent in matching funds or in-kind contributions. Funds become available September 30 and the grant is for one year. For more information on PRIME grants and this year’s grantees, visit http://www.sba.gov/content/prime-grantees.
ABOUT THE U.S. SMALL BUSINESS ADMINISTRATION
The U.S. Small Business Administration 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.
###