§ 119.1 - What is the Program for Investment in Microentrepreneurs (PRIME)?

§ 119.1 What is the Program for Investment in Microentrepreneurs (“PRIME” or “the Act”)?

Cross Reference

Link to an amendment published at 85 FR 62951, Oct. 6, 2020.

PRIME

PRIME)?

(a) The PRIME program authorizes SBA to

make

award grants to

“qualified organizations”

qualified organizations to fund training and technical assistance for disadvantaged

entrepreneurs, build these organizations' own capacity to give training and technical assistance, fund

microentrepreneurs; training and capacity-building services for microenterprise development organizations; research and development of

“best practices” in

the best practices in the fields of microenterprise development and the provision of technical assistance

programs for disadvantaged microentrepreneurs, and to fund other undertakings the Administrator or designee deems consistent with these purposes.

to disadvantaged microentrepreneurs; and such other activities as the Agency deems appropriate.

(b) Dependent upon the availability of funds and continuing program authority, SBA will issue, via Grants.gov or any successor platform, funding announcements specifying the terms, conditions, and evaluation criteria for each potential round of PRIME awards. These funding announcements will identify who is eligible to apply for PRIME awards; summarize the purposes for which the available funds may be used; advise potential applicants regarding the process for obtaining, completing, and submitting an application packet; and provide information regarding application deadlines and any additional limitations, special rules, procedures, and restrictions which SBA may deem advisable.

(c) SBA will evaluate applications for PRIME awards in accordance with the stated statutory goals of the program and the specific criteria described in the relevant funding announcement.

(d) In administering the PRIME program, SBA will require recipients to provide reports in accordance with the subject matter areas and schedule identified in the terms and conditions of their awards. In addition, SBA may, as it deems appropriate, make site visits to recipients' premises and review all applicable documentation and records.

[85 FR 62951, Oct. 6, 2020]