Writing by Design Media, Inc. staff
According to a press release, the U.S. Small Business Administration has awarded $5.2 million under the Program for Investment in Micro_Entrepreneurs (PRIME) grant to 27 organizations.
Pathway Lending, a nonprofit lending organization based in Nashville, Tenn. is one of the recipients. The organization was awarded $100,000.
“We are honored that Tennessee has another PRIME Grant recipient with this 2021 award,” said LaTanya Channel, SBA Tennessee district director. “We strive to reach Tennessee’s underserved markets and assist low-income entrepreneurs along their path for success. The PRIME Grant is an advantageous avenue to help reach this goal.”
The grant funds will focus on Opportunity Zones, rural areas and HUBZones according to the release.
“The Biden-Harris Administration and Congress have worked together tirelessly to ensure our nation's small businesses have the resources they need to survive this pandemic and build back better,” said SBA Administrator Isabella Casillas Guzman. “This year, SBA focused our PRIME grant selection process on our nonprofit partners who can best bring federal resources to life, especially in the 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."
In 1999, Congress passed the Program for Investment in Microentrepreneurs Act and it provides for technical assistance and capacity building for micro entrepreneurs who are disadvantaged according to the website. The grant funds will be available on September 30 and the project period for each is one year.
“Among this year’s 27 recipients, 15 provide services in Opportunity Zones and 12 provide services in HUBZones. Nearly 9,000 communities in all 50 states, the District of Columbia, and five U.S. territories have been designated as Opportunity Zones.
The PRIME grants range from $75,000 to $250,000, and typically require at least 50 percent in matching funds or in-kind contributions. In total, over 101 organizations applied for PRIME grants for 2021,” according to the release.
For more information on the SBA’s PRIME grants and a list of this year’s grantees, visit https://www.sba.gov/document/support-prime-grantees.