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SBA Announces "PRIME" grant program, accepting applications now

Thursday, May 21, 2015   (0 Comments)
Posted by: Heather McNelis
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The SBA Office of Economic Opportunity has alerted NADCO that an opportunity to apply for one of the economic development grants that Director Grady Hedgespeth mentioned in his Spring Summit General Session Presentation is now open and accepting proposals.

The Program for Investment in Microentrepreneurs (PRIME) opened on May 18, 2015 and invites proposals for funding from private, non-profit microenterprise development organizations; microenterprise development programs run by State/Local/Tribal Governments; or Indian tribes interested in providing assistance and guidance to disadvantaged microentrepreneurs and/or microenterprise development organizations.

PRIME provides training and capacity building grant programs to microenterprise development organizations (MDOs). SBA will evaluate applications for funding in accordance with the purposes of the Act, including an application’s ability to demonstrate mission-oriented and culturally competent projects and/or services that reflect local community demographics. Section 5.0 of the Program Announcement more fully defines the specific evaluation criteria. Eligible organizations may apply to SBA for awards of financial assistance under one of the following tracks:

  1. Track 1 (Technical Assistance) – seeks applications for funding to provide training and technical assistance programs to disadvantaged entrepreneurs including training specifically designed to implement automated financial accounting, financial reporting, and inventory management systems, etc. (see paragraph 4.1.2).
  2. Track 2 (Capacity Building) – 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, including services geared towards building MDO capacity to provide business training and technical assistance that will improve the ability of small businesses, to be profitable by means of implementing automated business systems.

This is an excellent opportunity to expand your CDC’s local economic development activities, but you have to act fast! Proposals must be submitted to www.grants.gov by 11:59pm Eastern Time, Monday, June 29, 2015. We recommend that interested organizations begin the registration process on www.grants.gov as soon as possible.

To view the full program announcement, click here.

To access PRIME-2015-01 on grants.gov, click here.

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