Today this year’s Program for Investment in Micro-Entrepreneurs (PRIME) awards were announced. Congratulations to: Asian Pacific Islander Small Business Program/Little Tokyo Service Center, CAMEO, Central Valley Business Incubator, C.E.O. Women, El Pajaro, MEDA, OBDC, Opportunity Fund, Pacific Asian Consortium in Employment, Renaissance Entrepreneurship Center, VEDC, Women’s Economic Ventures, and Women’s Initiative for Self Employment.
California received 20% of the total PRIME money which is a testimony to all of the wonderful organizations that do work in this state, and (ahem, to toot our own horn) to the hardworking trade association that supports you all.
About $7.9 million was available for PRIME grants this year. Approximately $6.3 million was awarded to grantees that received funding in previous years. Approximately $1.67 million was awarded for new projects. Of the dozen new grantees, two of them are from California and both are CAMEO members (C.E.O. Women and Little Tokyo Service Center, a partner in the Asian Pacific Islander Small Business Program.)
Grants will be used to provide business-based training and technical assistance to low-income and very low-income entrepreneurs to help them start, operate, or grow a small business. Grants will also be used to better equip community-based nonprofit organizations to provide training to small businesses with five or fewer employees that are economically disadvantaged, and businesses owned by low-income individuals, including those who live on Indian reservations and tribal lands. .
“In the midst of the economic downturn the country has been experiencing, SBA’s PRIME grants are an increasingly important tool in our toolbox to help small businesses,” said SBA Administrator Karen G. Mills. “With these grants to nonprofit organizations, more entrepreneurs will have access to the training and technical assistance they need to have their businesses grow, succeed, create jobs and promote stronger local economies.”
Grants ranged up to $227,500 this year and require a 50 percent match by each recipient organization. The PRIME grant is open to microentrepreneur training and technical assistance providers in all 50 states and U.S territories, and has a one-year performance period, with four 12-month options.