New Growth receives new assistance to help small businesses
Kansas City District Office
Release Date: September 28, 2022 Contact: firstname.lastname@example.org
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SBA Awards PRIME Grants to Organizations in Missouri to Help Emerging Micro-Entrepreneurs Gain Access to Capital
KANSAS CITY, MISSOURI – The U.S. Small Business Administration (SBA) issued two PRIME grant awards in Missouri to the Justine Petersen Housing and Reinvestment Corporation for $200,000 and to the West Central Missouri Community Action Agency for $166,000. These are part of a $7.2 million grant award to 38 organizations under the Program for Investment in Micro-Entrepreneurs (PRIME), a $1.7 million increase, up 30% from last year’s allocated $5.5 million in funding. The PRIME award will support these nonprofit organizations as they help low-income entrepreneurs get financing to establish and expand their small businesses or provide capacity-building training for other organizations that provide capital to underserved small businesses.
“These SBA Prime grant awards empower nonprofit microlenders to provide access to capital and technical assistance to entrepreneurs,” says Michael Barrera, District Director for the SBA Kansas City District. “Congratulations to these Missouri organizations as they help us connect entrepreneurs with the capital they need to start, grow and build resilient businesses in our district.”
“The PRIME grant provides Justine Petersen with the necessary support to further our mission of financial asset-building throughout all of Missouri, says Sheri Flanigan-Vazquez, Chief Operating Officer. “With an emphasis on bringing our human-centered service delivery model to rural Missouri businesses in need, PRIME aids in providing a level playing field for rural businesses to compete in the larger marketplace.”
Sheridan Garman-Neeman, Chief Community Wealth Building Officer for the New Growth Women’s Business Center (WBC) adds, “We are on a mission to build the pipeline of bankable business borrowers in our rural communities, where every entrepreneur counts.” “This award will help us deliver essential business training and credit building services in remote underserved areas.” The New Growth WBC works in tandem with its parent organization, the West Central Missouri Community Action Agency, to improve lives and livelihoods in the state’s west central region.
Congress established PRIME as part of the Program for Investment in Microentrepreneurs Act of 1999. Grant funds will be made available on September 30, 2022, and the project period for each grant is one year. The SBA placed special emphasis in this year’s competition on projects that will offer training and technical assistance to strengthen economically-disadvantaged businesses, particularly those that service entrepreneurs in rural areas and foreign language-speaking small business owners.
The PRIME grants range from $75,000 to $250,000 and typically require at least 50 percent in matching funds or in-kind contributions.
For more information on the SBA’s PRIME grants and a list of this year’s grantees, visit www.sba.gov/content/prime-grantees.