Lancaster nonprofit Assets won a grant of more than $102,000 from the U.S. Small Business Administration to put toward helping people start and expand businesses, the SBA announced last week.
The funds come from the SBA’s Program for Investment in Microentrepreneurs, or PRIME, which the federal government set up in 1999 to aid organizations that help low-income business owners access capital. PRIME grant recipients typically must provide at least a 50 percent match in funds or in-kind contributions.
Assets was one of 34 groups in the country to receive a piece of $5 million in PRIME SBA grants this year, and the only one from Pennsylvania. Assets is also the only organization from the midstate to receive the funds since at least 2009, with grants in past years going mostly to groups in Philadelphia in Pittsburgh.
Assets plans to use the money to provide training and technical assistance services to disadvantaged entrepreneurs, according to the SBA.
Assets provides a range of entrepreneurial training services for current and aspiring business owners in Lancaster. Its Women’s Business Center is funded in part by a separate SBA grant.