Communities Unlimited In Fayetteville Receives $150,000 From SBA

A Fayetteville-based nonprofit has received $150,000 from the U.S. Small Business Administration to help finance training and technical assistance to disadvantaged entrepreneurs. Communities Unlimited, a consulting group formed from alt.Consulting of Pine bluff and Community Resource Group of Fayetteville in 2014, was one of 39 community-based groups to receive the grant money.

The funding is part of a $5 million grant program from the SBA’s Program for Investment in Micro-Entrepreneurs (PRIME). Organizations that qualify help low-income entrepreneurs gain access to capital to establish and expand their small businesses.

“By training low-income and disadvantaged micro-entrepreneurs on how to grow their businesses, particularly through the smart use of information technology, the PRIME Program helps small businesses thrive in a 21st century economy,” said SBA Administrator Maria Contreras-Sweet. “The beauty of PRIME is that it assists small businesses and micro-entrepreneurs to become lender ready, complementing the roughly $140 million approved this year through SBA’s mission-based lending programs.”

This year’s 39 recipients come from 16 states, Puerto Rico and the District of Columbia. The grants range from $35,000 to $200,000 and typically require at least 50% in matching funds or in-kind contributions. In total, 104 organizations applied for PRIME awards.

SBA said it placed special emphasis in this year’s competition on applications for projects utilizing information technology and software to help small businesses start, strengthen and grow.

PRIME was created by Congress as part of the Program for Investment in Microentrepreneurs Act of 1999. Funds become available on September 30 and the grant is for one year.