Recently, the U.S. Small Business Administration (SBA) launched a new funding opportunity, the Program for Investment in Microenterprises (PRIME), and they will be seeking applications for no more than one of the following funding tracks:
- Track I (Technical Assistance): The SBA will seek applications for funding to provide training and technical assistance programs to disadvantaged entrepreneurs.
- Track II (Capacity Building): The SBA will seek applications for funding to provide training and capacity building services to microenterprise development organizations (MDO), microenterprise development programs and groups of such organizations to assist them in developing microenterprise training and services.
In order to be eligible to submit an application, an applicant must clearly demonstrate that it’s one of the following:
- A MDO or program (or group or Collaborative thereof), such as a non-profit Community Development Financial Institution or similar entity, that has a demonstrated record of delivering microenterprise services to disadvantaged entrepreneurs; or
- An Intermediary which has experience delivering technical assistance to disadvantaged entrepreneurs; or
- A MDO or program that is accountable to a local community, working in conjunction with a State or local government or Indian Tribe; or
- An Indian tribe acting on its own, if it can certify that no private organization or program referred to above exists within its jurisdiction; or
- Religion organization (with restrictions)
SBA expects to make approximately 27 awards for Tracks I and II will range from $75,000 and $250,000, and a 50% matching contribution will be required. But, SBA may reduce or eliminate this requirement in certain circumstances.
Grant applications are due by 4:59 p.m. EST on May 20, 2021, and interested applicants can learn more here!