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SBA Presents $102K SBA PRIME Grant to ASSETS Lancaster

Advisory Date: 
Tuesday, November 14, 2017
Advisory Number: 
20171114-001
Contact: 
Robert Goza (610) 382-3084 | robert.goza@sba.gov

LANCASTER, Pa. – U.S. Small Business Eastern Pennsylvania District Director Antonio (Tony) Leta presents ASSETS Lancaster with a PRIME grant Nov. 30 at 10 a.m. at ASSETS Lancaster, 100 S. Queen St., in Lancaster. Media are invited to attend.

Nationally, SBA is providing $5 million in grants through its Program for Investment in Micro-Entrepreneurs (PRIME) program to community-based organizations like ASSETS Lancaster across the United States, to provide assistance to disadvantaged entrepreneurs. These organizations help low-income entrepreneurs gain access to capital to establish and expand their small businesses.

WHO:  Antonio (Tony) Leta, Director, SBA Eastern Pennsylvania District

Jonathan Coleman, Co-Executive Director, ASSETS Lancaster

Tina Campbell, Co-Executive Director, ASSETS Lancaster

WHAT:  SBA presents ASSETS Lancaster with $102,598 PRIME Grant

WHEN:  Nov. 30, 2017 at 10 a.m.

WHERE:  ASSETS Lancaster, 100 S. Queen St., Lancaster, PA 17603

“ASSETS is grateful for the SBA’s support. With the award, we will provide a training and technical assistance program to seed and strengthen the capacity of employee-owned businesses serving economically disadvantaged areas,” said Jonathan Coleman, Co-Executive Director of ASSETS in Lancaster, PA. “Creating a deeper understanding of community wealth-building strategies, coupled with assistance to implement them, create an opportunity for all of us to build an equitable economy that works for everyone.”

ASSETS Lancaster’s mission is to create economic opportunity and cultivate entrepreneurial leadership to alleviate poverty and build vibrant, sustainable communities. ASSETS provides training, one-on-one coaching and financing to entrepreneurs and leaders looking to start or grow their business and improve their community.

“This PRIME grant award will help enable ASSETS Lancaster’s community development mission to assist small businesses grow, become commercially viable, and have a real and sustained economic impact,” said Director Antonio (Tony) Leta, SBA’s Eastern Pennsylvania District.  “Through the widespread outreach of grant programs like these, we are able to reach and assist low-income entrepreneurs across the country. Our commitment is to make resources for training and education available to entrepreneurs in their local communities, and the PRIME grant program delivers on that commitment.”

SBA PRIME grants range from $55,000 to $250,000 and typically require at least 50 percent in matching funds or in-kind contributions. This year, 147 organizations applied for PRIME awards and there were 34 recipients.  The SBA placed special emphasis in this year’s competition on projects offering training and technical assistance to strengthen cooperative forms of business, particularly those servicing economically disadvantaged entrepreneurs. Six organizations, like ASSETS, 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 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 this year. PRIME was created by Congress as part of the Program for Investment in Micro-entrepreneurs Act of 1999. Funds become available Sept. 30 and the grant is for one year. For more information on PRIME grants, visit http://www.sba.gov/content/prime-grantees.

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To request interviews or photos, contact Robert Goza, SBA’s Public Information Officer in the Eastern Pennsylvania District Office, at 610-382-3084 or robert.goza@sba.gov.

The U.S. Small Business Administration is an independent federal agency of the U.S. government whose mission is to help small businesses start, grow and succeed through loan guarantees, contracts, counseling sessions and other forms of assistance to small businesses. SBA also helps people recover from disasters and rebuild their lives by providing affordable, timely and accessible financial assistance to homeowners, renters and businesses.