Small Business Administration: Program for Investment in Micro-Entrepreneurs (PRIME)
The Program for Investment in Microentrepreneurs (PRIME) Act of 1999 authorizes the Small Business Administration (SBA) Administrator to establish a program for the purposes of:
- Providing training and technical assistance to disadvantaged entrepreneurs
- Providing training and capacity building assistance to microenterprise development organizations (MDOs) and programs
- Aiding in research and development of best practices for microenterprise and technical assistance programs for disadvantaged entrepreneurs
- Other activities as the SBA Administrator determines
Applicants may apply to conduct activities under one of the following funding tracks:
- Track 1 (Technical Assistance): SBA seeks applications for funding to provide training and technical assistance programs to disadvantaged entrepreneurs.
- Track 2 (Capacity Building): SBA seeks applications for funding to provide training and capacity building services to MDOs, microenterprise development programs, and groups of such organizations to assist them in developing microenterprise training and services.
The SBA will give additional consideration to those applicants that: (1) provide training and technical assistance to economically disadvantaged entrepreneurs in rural areas; and (2) training and technical assistance to support entrepreneurship in HubZones.
Amount: Approximately $5,000,000 is available to make 35 awards. Track 1 and Track 2 awards will range between $50,000-$250,000. A 50% match is required. The project period is 12 months.
Eligibility: Applicants must be one of the following:
- A microenterprise development organization or program (or group or collaborative thereof), such as a non-profit Community Development Financial Institution (CDFI) or similar entity, that has a demonstrated record of delivering microenterprise services to disadvantaged entrepreneurs
- An intermediary that has experience in delivering technical assistance to disadvantaged entrepreneurs
- A microenterprise development organization or program that is accountable to a local community, working in conjunction with a state or local government or Indian tribe
- An Indian tribe acting on its own, if it can certify that no private organization or program referred to above exists within its jurisdiction
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