SBA Announces $7 Million in PRIME Grants to Support Low-Income Small Business Owners

The US Small Business Administration (SBA) has announced the awarding of $7 million in PRIME grants to 28 nonprofit organizations across the country. These grants are part of the 2024 Program for Investment in Small Entrepreneurs (PRIME) and are aimed at providing training, program development, and increased access to finance for disadvantaged small entrepreneurs.

SBA Director Isabel Casillas Guzman highlighted the importance of these grants in supporting the efforts of the Biden-Harris Administration to close financing gaps for small businesses, especially in underserved communities.

“SBA’s PRIME grants support mission-focused nonprofits across America that advance the Biden-Harris Administration’s efforts to close financial gaps so more Americans can successfully start and grow their own businesses. These 28 community organizations will help SBA strengthen a network of local, trusted partners who can level the playing field for very small businesses, especially those in underserved communities, so they can achieve their American dreams of business ownership and create jobs and productivity. in our economy,” said Administrator Guzman.

This year’s PRIME grant awards emphasize support for organizations that serve underserved small business owners, including those in rural areas and those that provide multilingual technical assistance to entrepreneurs who do not speak English well. The grants are intended to help these community organizations level the playing field for very small businesses, who are able to achieve business ownership, create jobs, and contribute to the economy.

2024 PRIME grants range from $83,000 to $400,000 and typically require at least 50% matching funds or in-kind contributions from recipient organizations. These funds will be available from September 30, and the duration of each grant project is one year.