The Program for Investment in Micro-Entrepreneurs, or PRIME, distributed nearly $8 million in grants Sept. 8 to 100 nonprofits around the country, including four with operations or headquarters in the Washington region.
Advocates say the program helps small-business owners in underserved communities get capital that they may not qualify for otherwise.
“To me it’s additional services to help entrepreneurs who don’t come with a lot of the financial literacy tools they need to start a business but have a good idea,†said Ann Sullivan, who heads the Association for Enterprise Opportunity’s policy team.
SBA officials identified PRIME as one of several that could have its funding scaled back or eliminated in a tough economic climate, calling it “duplicative†of other efforts within the agency.
Photo by Billy Brown