SBA Awards $5 Million in PRIME Grants to Non-Profits

Grants from the Program for Investment in Microentrepreneurs Act (PRIME) -- a program of the U.S. Small Business Administration-- were awarded to 58 non-profit organizations this week.  PRIME grants were created to support low-income entrepreneurs and very low-income entrepreneurs in receiving training and technical assistance to launch, operate, and expand their ventures.

The SBA received over 400 submissions in the non-competitive application process which was open to microentrepreneurs in the U.S. as well as in U.S. territories.  A microentrepreneur is identified as a small business with five or fewer employees and businesses owned by low-income individuals.

Grants ranged up to $250,000 and required a 50% match by the recipient organization.

Here are a few non-profit organizations that received PRIME grants for 2009:

• University of Alaska Anchorage (AK)
• California Association for MicroEnterprise Opportunity (CA)
• Pacific Asian Consortium in Employment (CA)
• Women's Initiative for Self Employment (CA)
• The Aspen Institute (DC)
• Neighborhood Self-Employment Initiative (IN)
• International Institute of Boston (MA)
• Microenterprise Council of Maryland (MD)
• American Indian Economic Development Fund (MN)
• Syracuse University (NY)
• Oregon Microenterprise Network (OR)
• Central Vermont Community Action Council (VT)
• Washington State Microenterprise Association (WA)

Related Resources:

• More than 50 Non-profit Organizations to Receive SBA PRIME Grants to Assist Micro Entrepreneurs [PDF] (SBA.gov)
• Five Bay Area nonprofits get SBA grants (San Francisco Business Times)
• Federal help for budding entrepreneurs in our area (TimesUnion.com)
• Non-Profit "Soft Money" Contribution Limit Rejected (FindLaw's Free Enterprise)
• 5 Things Non-Profits Should Know About Planned Giving (FindLaw's Free Enterprise)