SBA Funds Grant Program for Very Small Businesses

America’s smallest businesses will now have access to more training and technical assistance to help them start or grow a business under a new program funded by the U.S. Small Business Administration.

Under the PRIME program – Program for Investment in Microentrepreneurs – the SBA will provide federal funds to community-based, regional and national organizations that in turn will offer training and technical assistance to low-income and very low-income entrepreneurs with small businesses of five employees or less.

"The PRIME program was created to help the smallest of small businesses. These are entrepreneurs at the most basic stage of starting a business and who typically require the greatest amount of committed service and guidance," SBA Administrator Hector V. Barreto said. "In order to succeed, they require training and technical assistance that must be accessible."

While the U.S. Department of Commerce has estimated that more than two million businesses in the United States are operated by low-income and very low-income entrepreneurs, other studies indicate that only a mere fraction of this population receives business assistance. The major focus of the PRIME program is business-based assistance to precisely these low-income and very low-income entrepreneurs who lack sufficient training and education to gain access to capital to establish and expand their own small businesses.

The SBA has selected 69 organizations in 28 states to provide this service. During this inaugural year of the PRIME program, SBA is focusing on economically distressed areas.

Entrepreneurs and small business owners who may qualify to receive training or technical assistance under the PRIME program should contact a local SBA district office listed on the SBA Web site.

You may like these other stories...

The Public Company Accounting Oversight Board (PCAOB) is interested in what you have to say about auditing accounting estimates and fair value measurements.The US audit regulator on Tuesday issued for public comment a staff...
Hertz withdraws full-year forecast, cites accounting review, challengesRental car company Hertz Global Holdings Inc. said on Tuesday it is withdrawing its full-year financial forecast and expects 2014 results to be “...
Treasury prepares options to address tax inversionsDamian Paletta of the Wall Street Journal reported on Monday that US Treasury Department officials are assembling a list of administrative options for Treasury Secretary...

Already a member? log in here.

Upcoming CPE Webinars

Aug 21
Meet budgets and client expectations using project management skills geared toward the unique challenges faced by CPAs. Kristen Rampe will share how knowing the keys to structuring and executing a successful project can make the difference between success and repeated failures.
Aug 26
This webcast will include discussions of recently issued, commonly-applicable Accounting Standards Updates for non-public, non-governmental entities.
Aug 28
Excel spreadsheets are often akin to the American Wild West, where users can input anything they want into any worksheet cell. Excel's Data Validation feature allows you to restrict user inputs to selected choices, but there are many nuances to the feature that often trip users up.
Sep 9
In this session we'll discuss the types of technologies and their uses in a small accounting firm office.