Business Ownership Initiative of Indiana (BOI) is set to receive a $150,000 grant from the U.S. Small Business Administration’s Program for Investment in Micro-Entrepreneurs (PRIME). With its award, BOI will continue the development of its ReEntry Entrepreneurship Development Initiative (REDi). REDi provides recently and/or soon-to-be released offenders with small business technical assistance through workshops, coaching and microlending opportunities.
“This year’s PRIME grant awardees are dedicated to providing underserved entrepreneurs with the necessary tools to strengthen their businesses and create more jobs,” said Stacey Poynter, Indiana District Director. “Supporting programs like REDi allows SBA to empower the American Dream by providing resources for entrepreneurs from all walks of life.”
“The Indy Chamber’s Business Ownership Initiative is in the business of growing shared prosperity in the region,” noted Julie Grice, Interim President of Business Ownership Initiative. “This critical funding will enable REDi to expand our reach into a segment of the community that can use the entrepreneurial skills and business ownership as a self-sustaining and empowering strategy for their post-incarceration lives.”
The SBA’s PRIME grants help low-income entrepreneurs gain access to capital to establish and expand their small businesses. Including BOI, this year’s 32 recipients in 24 states and the District of Columbia will receive grants ranging from $75,000 to $250,000, totaling $5 million. In total, 111 organizations applied for PRIME grants for 2018.
PRIME was created by Congress as part of the Program for Investment in the Micro-Entrepreneurs Act of 1999. Grant funds will be made available on September 30, 2018, and the project period for each grant is one year.
