SBA Awards $5 Million in PRIME Grants

SBA Funds Capacity Builders, Inc. of Farmington, NM with $148,509 to Finance Training & Technical Assistance to Disadvantaged Entrepreneurs
Release Date: 
Wednesday, September 21, 2016
Release Number: 
9-16B NM
Contact: 
Jordan Ripley, (505) 248-8250

ALBUQUERQUE – Capacity Builders, Inc. of Farmington, NM is an awardee of a $148,509 Program for Investment in Micro-Entrepreneurs (PRIME) grant from the U.S. Small Business Administration (SBA).  With this funding, Capacity Builders, Inc. will provide business training and technical assistance through 4-week training programs for at least 50 ex-offenders within the Navajo Nation.  PRIME funding furthers the ongoing work of Capacity Builders, Inc. to provide promising entrepreneurs with the opportunity to start or grow their businesses, creating employment and economic opportunity in the Four Corners region.

“We are pleased to partner with Capacity Builders, Inc. to leverage entrepreneurship to help support ex-offenders successfully adapt to life outside of prison” said Kerrie Hurd, Deputy District Director. “By empowering them to start their own businesses, the opportunity is created to earn a living wage capable of supporting a family and building a positive future.”

“This $148,509 PRIME Grant will provide a boost to the Four Corners region through Capacity Builders, Inc.,” said Regional Administrator Yolanda Garcia Olivarez.  “SBA is already assisting entrepreneurs here by approving 18 loans in San Juan County for a total of $5,032,500.00. We know that when small businesses are created and grow, more jobs are established in the community.”

Capacity Builders, Inc. is one of thirty-seven community-based organizations across the United States providing assistance to disadvantaged entrepreneurs that are set to receive a total of $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, the PRIME Program provides tremendous opportunity to strengthen and revitalize communities,” said SBA Administrator Maria Contreras-Sweet. “I am proud that this year’s PRIME program provides entrepreneurship pathways to individuals who have struggled to find employment after incarceration and helps them rebuild families and whole communities. PRIME complements the nearly $160 million approved this year through SBA’s mission-based lending programs.” 

This year’s 37 recipients come from 24 states, and the District of Columbia. The grants range from $75,000 to $230,000 and typically require at least 50 percent in matching funds or in-kind contributions.  In total, 135 organizations applied for PRIME awards.  

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.  Five organizations received funding to specifically target cooperative small businesses.

SBA also prioritized projects that support entrepreneurship among ex-offenders in the criminal justice system. SBA recently changed the rules in its Microloan Program to allow loans to entrepreneurs on parole or probation.  Of 37 PRIME grantees this year, 15 will carry out projects that support entrepreneurship among ex-offenders.

This year’s PRIME awards also focused on 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.  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.  Funds become available on September 30 and the grant is for one year.

GRANTEE

CITY

STATE

Communities Unlimited, Inc.

Fayetteville

Ark.

Anewamerica Community Corporation

Berkeley

Calif.

California Association For Microenterprise Opportunity

San Francisco

Calif.

Grameen America

Los Angeles

Calif.

Main Street Launch

Oakland

Calif.

Pacific Asian Consortium In Employment

Los Angeles

Calif.

Pacific Coast Regional Corporation

Los Angeles

Calif.

HEDCO, Inc.

Hartford

Conn.

Credit Builders Alliance, Inc.

Washington

D.C.

National Community Reinvestment Coalition, Inc.

Washington

D.C.

Federation Of Southern Cooperatives/Land Assistance Fund

East Point

Ga.

Georgia Micro Enterprise Network

Atlanta

Ga.

Chicago Neighborhood Initiative Micro Finance Group

Chicago

Ill.

Business Ownership Initiative

Indianapolis

Ind.

Riley Area Development Corporation

Indianapolis

Ind.

Local Enterprises Assistance Fund, Inc.

Brookline

Mass.

Harbor Bank CDC

Baltimore

Md.

Mainestream Finance

Bangor

Maine

Metro Community Development

Flint

Mich.

Justine Petersen Housing & Reinvestment Corporation

Saint Louis

Mo.

Center For Economic Empowerment And Development

Fayetteville

N.C.

Central Plains Foundation, Inc.

Holbrook

Neb.

Rising Tide Capital Inc.

Jersey City

N.J.

Capacity Builders, Inc.

Farmington

N.M.

Brooklyn Cooperative Federal Credit Union

Brooklyn

N.Y.

CAMBA, Inc.

Brooklyn

N.Y.

New York Women's Chamber Of Commerce

New York

N.Y.

Trufund Financial Services, Inc.

New York

N.Y.

Finance Fund Capital Corporation

Columbus

Ohio

Cherokee Nation

Tahlequah

Okla.

Rural Enterprises Of Oklahoma, Inc.

Durant

Okla.

Micro Enterprise Services Of Oregon

Portland

Ore.

Community Capital Works, Inc.

Philadelphia

Pa.

Southeast Community Capital Corporation

Nashville

Tenn.

Peoplefund

Austin

Texas

People Incorporated Financial Services

Abingdon

Va.

Wisconsin Women's Business Initiative Corporation

Milwaukee

Wis.

 

For more information on PRIME grants, visit http://www.sba.gov/content/prime-grantees

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ABOUT THE U.S. SMALL BUSINESS ADMINISTRATION (SBA)

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