The U.S. Small Business Administration has awarded a total of $225,000 to two Indianapolis-based organizations. The Program for Investment in Micro-Entrepreneurs, or PRIME, grants will allow Business Ownership Initiative and Riley Area Development Corp. to provide training and technical assistance to low-income entrepreneurs.
The SBA says the PRIME grant program aims to help those entrepreneurs in economically-disadvantaged areas of the state. Business Ownership Initiative and Riley Area Development Corp. are two of 15 PRIME grant recipients that will use the funds to support entrepreneurship among ex-offenders.
BOI has been awarded $150,000 to re-develop its Reentry Entrepreneurship Development program, which will provide 365 recently released or soon-to-be released offenders with workshops, coaching and microlending opportunities. The RADC plans to use its award of $75,000 to expand its technical assistance services and provide skilled training to microentrepreneurs. The organization will also provide access to the new Ruckus makerspace at no cost to low-income individuals, according to the SBA.
"With small business owners facing tough economic times, SBA’s Indiana District Office is playing a stronger role than ever in its support to entrepreneurs," said Stacy Poynter, Indiana district director for the SBA. "As part of the growing need for additional training and technical assistance, BOI and RADC play a critical role in providing support to disadvantaged microentrepreneurs. This grant will provide funding to assist in their continued success."
The grants are a part of a total of $5 million awarded to 37 organizations in 24 states and the District of Columbia.