On today’s Business Beat, Jeff discusses a new grant program from the U.S. Small Business Administration (SBA) which is designed to help small businesses in today’s changing world.
Tune in to the Business Beat, below, to learn more about the Small Business Administration’s new grant program:
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Good morning, Paul!
The U.S. Small Business Administration, and all hail the SBA, by the way, their support programs by way of grants and lending were nothing short of a godsend during the pandemic. I can’t imagine where the state of small business would be if they hadn’t stepped up as they did, and they continue to focus their support on small businesses during this most challenging time.
The SBA has announced a new program in which it has awarded 27 organizations across the United States a total of $5.2 million in grant awards, under what’s known as the program for investment in micro-entrepreneurs otherwise known as PRIME. Now, PRIME supports these organizations as they help low-income entrepreneurs, for example, get financing to establish and expand their small businesses.
SBA administrator, Isabella Casillas Guzman had this to say: “The SBA has focused our prime grant selection process on those partners who can best bring federal resources to regions and communities where they are needed most. I look forward to partnering with these organizations as they help us connect America’s entrepreneurs with the capital they need to start and grow their enterprises during this most challenging time.”
Among this year’s 27 recipients, 15 provide services in opportunity zones and 12 provide services in hub zones. Nearly 9,000 communities in all 50 states, the District of Columbia, and five US territories have been designated as opportunity zones. PRIME grants range from 75,000 to 250,000, and typically require at least 50% in matching funds or in kind contribution.
These PRIME program grants will be made available on September 30, 2021. And the project period for each grant is one year. For more information on this PRIME program, go to sba.gov to learn more. And again, hats off to the SBA.
I’m Jeff Sloan, founder and CEO of StartupNation.com, and that’s today’s Business Beat, on the Great Voice of the Great Lakes, WJR.