The Program for Investment in Microentrepreneurs Act of 1999 (the PRIME Act) became law on November 12, 1999 with the passage of Pub.

L.

No.

106-102 (15 U.S.C.

§ 6901 note).

The PRIME Act authorizes the SBA Administrator to establish a program

credit: Flickr

for the purposes of:
(i) providing training and technical assistance to disadvantaged entrepreneurs; (ii) providing training and capacity building assistance to microenterprise development organizations (MDOs) and programs; (iii) aiding in Research and development of best practices for microenterprise and technical assistance programs for disadvantaged entrepreneurs; and (iv) for other activities as the SBA Administrator determines.

This year, SBA will give additional consideration to those applicants that (1) provide training and technical assistance to economically disadvantaged entrepreneurs in rural areas; and (2) training and technical assistance to support entrepreneurship in HubZones.

Since its establishment in 1953, SBA has served to aid, counsel, assist and protect the interests of small businesses.

While SBA is best known for its financial support of small businesses through its many lending programs, the Agency also plays a critical role in providing funding to organizations that deliver training and technical assistance to small business concerns and nascent entrepreneurs to promote growth, expansion, innovation, increased productivity and management improvement.