Community non-profit recognized for support of disadvantaged microentrepreneurs through Program for Investment in Microentrepreneurs Act (PRIME) grant
LOS ANGELES, March 3, 2023 — Vermont Slauson Economic Development Corporation was selected to receive a grant award totaling $200,000 from the U.S. Small Business Administration (SBA) Program for Investment in Microentrepreneurs Act (PRIME), for the Fiscal Year 2022 competition.
With SBA PRIME funding, VSEDC will launch a comprehensive business resiliency-focused program designed to help minority-owned, disinvested businesses become contracts-ready for procurement opportunities in the post-pandemic world. The program, “Post Pandemic Entrepreneurship and Growth,”will include at least ten broad-based webinars reaching 300 new or existing small business owners, and two facilitated cohorts focusing on neighborhood-based businesses. Funds for this award will be available for eligible expenses incurred between September 30, 2022 and September 29, 2023.
VSEDC was one of 38 organizations selected to receive the SBA PRIME grant award. 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.
“Our SBA PRIME grants provide critical support for nonprofit organizations that are delivering needed technical assistance and training to America’s small businesses so they can continue to power our nation’s strong economic recovery and transition to strong, stable growth,” said SBA Administrator Isabella Casillas Guzman. “This year, the SBA focused our PRIME grant selection process on our nonprofit partners who can best bring federal resources to life, especially in the regions and communities where they are needed most. I look forward to working with these organizations as they help us connect America’s entrepreneurs with the capital they need to start, grow and build resilient businesses.”
Vermont Slauson Economic Development Corporation (VSEDC) is a community-based nonprofit and Community Development Financial Institution (CDFI) recognized for decades of technical and entrepreneurial assistance to South LA small businesses, start-ups and entrepreneurs. The services VSEDC provides services to drive community self-sufficiency, facilitate business growth, access to affordable housing, goods and services, and job creation. VSEDC achieves this through youth education, a core curriculum of business education, one-on-one business assistance, and small business loans. Find out more about VSEDC at www.vsedc.org, Facebook and Twitter.
The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.
SOURCE Vermont Slauson Economic Development Corporation
