AAFE-affiliate, Renaissance Economic Development Corporation (REDC), was awarded a $100,000 grant by the U.S. Small Business Administration‘s (SBA) Program for Investment in Micro entrepreneurs Act (PRIME). The grant was presented to AAFE’s Executive Director, Chris Kui, by SBA Administrator Maria Contreras-Sweet, alongside Congresswoman Nydia Velazquez (D-NY), House Small Business Committee Ranking Member.
REDC is an SBA-approved Micro-lender and provides direct financing and technical assistance services to entrepreneurs throughout New York City, focusing on low-income, immigrant neighborhoods where barriers of language, culture and conventional loan underwriting have stymied the growth of small businesses.
PRIME grants are intended to help qualified community-based organizations provide training to small businesses with five or fewer employees that are economically disadvantaged, and businesses owned by low-income individuals, including those who live on Indian reservations and tribal lands. Twenty-four non-profit organizations from 16 states and the District of Columbia were named this year. Grants ranged from $94,000 to $250,000 and totaled $3.5 million.
“PRIME grants are important vehicles for the SBA to provide ladders of opportunity to underserved, economically disadvantaged small business communities. These micro-loans have a macro-impact by spurring economic growth, creating jobs, and propelling small businesses forward. This round of PRIME grants will help create more success stories across this city, this state and our nation,” said Administrator Contreras-Sweet.