SBA Announces $7 Million in PRIME Grants to Support Low-Income Microentrepreneurs

The U.S. Small Business Administration (SBA) announced $7 million in PRIME grants to 28 nonprofits across the country. These grants are part of the 2024 Investment in Microentrepreneurs (PRIME) Program and are designed to provide training, expand programming, and improve access to capital for disadvantaged microentrepreneurs.

SBA Administrator Isabel Casillas Guzman stressed the importance of these grants in supporting the Biden-Harris administration’s efforts to address capital gaps for small businesses, particularly in underserved communities.

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

This year, PRIME grants are designed to support organizations that help disadvantaged small business owners, including those in rural areas and those that provide multilingual technical assistance to entrepreneurs who are not proficient in English. The grants aim to help these community-based organizations level the playing field for smaller businesses, enabling them to become business owners, create jobs and contribute to the economy.

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