Funding available for expanding small businesses

SEATTLE - Business Impact NW and Ventures received $200,000 and $187,900 in grants to help low-income entrepreneurs get financing to establish and expand their small businesses.

The money comes from U.S. Small Business Administration awarding 27 organizations $5.2 million under the Program for Investment in Micro-Entrepreneurs (PRIME) grant awards.

The PRIME grants range from $75,000 to $250,000 and typically require at least 50% in matching funds or in-kind contributions.

"The Biden-Harris Administration and Congress have worked together tirelessly to ensure our nation's small businesses have the resources they need to survive this pandemic and build back better," said SBA Administrator Isabella Casillas Guzman.

Business Impact NW serves small businesses in Washington and Oregon. The organization supports low-income and other underserved populations in urban and rural communities including women, people of color, veterans, immigrants, and members of the LGBTQ community.

The organization provides access to capital and development services including business coaching, multi-week classes, workshops, networking, and pitching events.

Ventures is a Seattle-based nonprofit that empowers aspiring entrepreneurs with limited resources and unlimited potential. The organization provides access to business training, capital, coaching, and hands-on learning opportunities for entrepreneurs.