NEWS RELEASE
PRESS OFFICE
Release Date: Aug. 2, 2024 Contact: Nicholson.Massie@sba.gov, www.sba.gov/mo/stlouis
Release Number: 24-61 Follow us on Twitter/X, Facebook, Blogs & Instagram
SBA Administrator Guzman Announces $7 Million in
PRIME Grants to Serve Low-Income Microentrepreneurs
Justine PETERSEN Housing and Reinvestment Corporation Wins $300,000
WASHINGTON – Today, Administrator Isabel Casillas Guzman, head of the U.S. Small Business Administration (SBA) and the voice in President Biden’s Cabinet for America’s more than 33 million small businesses, announced 28 awardees for the 2024 Program for Investment in Microentrepreneurs (PRIME) grant awards, totaling $7 million.
“The SBA’s PRIME grants support mission-oriented nonprofit organizations across America that are advancing the Biden-Harris Administration’s efforts to fill capital gaps so more Americans can start and grow their businesses successfully,” said Administrator Guzman. “These 28 community organizations will help the SBA strengthen its network of local, trusted partners who can level the playing field for the smallest of small businesses, especially those in underserved communities, so they can realize their American dreams of business ownership and create jobs and produce for our economy.”
Justine PETERSEN Housing and Reinvestment Corporation, St. Louis, MO, wins $300,000 Track 1 Award (Technical Assistance Grants) with $150,000 in matching funds.
Maureen Brinkley, SBA St. Louis District Director, states, “I’m extremely pleased that Justine PETERSEN won this award. Their work as the best microlender in the nation is unmatched. They have exceeded my expectations since I brought them into the program over 26 years ago.”
This year’s $7 million PRIME grant awards will provide funding and support to organizations offering training, technical assistance, access to capital, and program development for disadvantaged microentrepreneurs and microenterprise development organizations. Under the Biden-Harris Administration’s Investing in America agenda, the SBA has placed particular emphasis on organizations that support under-resourced small business owners – including those in rural areas and those that deliver technical assistance in various languages for entrepreneurs who are not proficient in English.
The 2024 PRIME grants range from $83,000 to $400,000 and typically require at least 50% in matching funds or in-kind contributions. Grant funds will be made available on September 30, and the project period for each grant is one year.
###
About the U.S. Small Business Administration
The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.