SBA Awards $5 Million in PRIME Grants

Funds Finance Training & Technical Assistance to Disadvantaged Entrepreneurs; Capacity Building to Provider Organizations
Release Date: 
Monday, September 21, 2015
Release Number: 
15-14
Contact: 
Miguel Ayala

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

“By training low-income and disadvantaged micro-entrepreneurs on how to grow their businesses, particularly through the smart use of information technology, the PRIME Program helps small businesses thrive in a 21st century economy,” said Administrator Maria Contreras-Sweet, head of the SBA. “The beauty of PRIME is that it assists small businesses and micro-entrepreneurs to become lender ready, complementing the roughly $140 million approved this year through SBA’s mission-based lending programs.” 

This year’s 39 recipients come from 16 states, Puerto Rico and the District of Columbia. The grants range from $35,000 to $200,000 and typically require at least 50 percent in matching funds or in-kind contributions.  In total, 104 organizations applied for PRIME awards.  

SBA placed special emphasis in this year’s competition on applications for projects utilizing information technology and software to help small businesses start, strengthen and/or grow.  Assisting small businesses with the tools needed to implement automated financial accounting, financial reporting, inventory management and web-based marketing and distribution is emerging as an industry best practice among SBA’s most successful microlenders.

This year’s awards also emphasized organizations participating in SBA’s Community Advantage Program.  This program provides mission-oriented, non-profit lenders access to 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.  Twenty SBA Community Advantage lenders submitted applications, and 13 were selected for PRIME awards.   

PRIME was created by Congress as part of the Program for Investment in microentrepreneurs Act of 1999.  Funds become available on September 30 and the grant is for one year.

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

GRANTEE

CITY

STATE

Communities Unlimited, Inc.

Fayetteville

AR

Agriculture and Land-Based Training Association

Salinas

CA

Ampac Tri-State CDC

Grand Terrace

CA

Fresno Community Development Financial Institution

Fresno

CA

OBDC Small Business Finance

Oakland

CA

Pacific Asian Consortium In Employment (PACE)

Los Angeles

CA

Renaissance Entrepreneurship Center

San Francisco

CA

Valley Economic Development Center

Van Nuys

CA

Vermont-Slauson LDC, Inc.

Los Angeles

CA

Credit Builders Alliance

Washington

DC

Tampa Bay Black Business Investment Corporation

Tampa

FL

Kentucky Highlands Investment Corporation

London

KY

Harbor Bank CDC

Baltimore

MD

Maryland Capital Enterprise

Easton

MD

MaineStream Finance

Bangor

ME

Justine Petersen Housing and Reinvestment Corporation

St. Louis

MO

Montana Community Development Corporation

Missoula

MT

Greater Newark Enterprises Corporation

Newark

NJ

Union County Economic Development Corporation (UCEDC)

Cranford

NJ

Business Outreach Center Network, Inc.

Brooklyn

NY

CAMBA, Inc.

Brooklyn

NY

Community Capital New York, Inc.

Hawthorne

NY

Ibero American Action League, Inc.

Rochester

NY

NYBDC Local Development Corporation

Albany

NY

Economic and Community Development Institute

Columbus

OH

Cherokee Nation

Tahlequah

OK

Rural Enterprises of Oklahoma, Inc.

Durant

OK

Adelante Mujeres

Forest Grove

OR

Micro Enterprise Services of Oregon

Portland

OR

Community Capital Works (dba Entrepreneur Works Fund)

Philadelphia

PA

FINANTA

Philadelphia

PA

The Enterprise Center

Philadelphia

PA

Corp. Para El Financiamiento Empresarial Del Com. Y De Las Comunidades (COFECC)

San Juan

PR

Southeast Community Capital Corporation dba Pathway Lending

Nashville

TN

LiftFund, Inc.

San Antonio

TX

National Association for Latino Community Asset Builders

San Antonio

TX

PeopleFund

Austin

TX

Washington Community Alliance for Self-Help

Seattle

WA

Wisconsin Women's Business Initiative Corporation

Milwaukee

WI