PRIME brings resources to entrepreneurs across the country

9/8/2011

Entrepreneurs and small business startups that need guidance and training to get off the ground can take advantage of programs being created and bolstered through the Program for Investment in Microentrepreneurs Act.

The U.S. Small Business Administration recently announced that 100 nonprofit organizations that work with community businesses have received funds through PRIME. The program allocates grant money to groups that provide the tools potential and "micro" small business owners need to get off the ground and succeed. Eligible organizations must have a history of assisting entrepreneurs in disadvantaged situations, which ranges from those on Indian reservations to low-income individuals.

"With these grants to nonprofit organizations, more entrepreneurs will have access to the training and technical assistance they need to have their businesses grow, succeed, create jobs and promote stronger local economies," noted Karen G. Mills, SBA Administrator.

As small businesses create the majority of new jobs in the country and employ more than half of the nation's private sector employees, helping entrepreneurs in disadvantaged communities can improve the employment prospects for area residents and strengthen local economies. In addition to training and assistance programs such as PRIME, SBA lending and private bank partnerships help all types of small businesses realize the growth and stability necessary to improve the overall economic situation.