Boosting access to capital
Nusenda awarded $250K SBA grant
The U.S. Small Business Administration has awarded $250,000 grant to Nusenda Credit Union to help low-income entrepreneurs gain access to capital to establish and expand their small businesses.
The money is part of the Program for Investment in MicroEntrepreneurs or PRIME and going to 30 recipients from 22 states, with eight recipients in Opportunity Zones, the SBA said in a news release.
The grants range from $75,000 to $250,000, and typically require at least 50 percent in matching funds or in-kind contributions.
“We are pleased to partner with Nusenda Credit Union in helping and supporting entrepreneurs in Opportunity Zones in New Mexico” said SBA District Director John Garcia.
Nusenda plans to use the grant money to offer training and technical assistance to strengthen economically disadvantaged businesses, particularly those that service entrepreneurs in Opportunity Zones, rural areas, and HUBZones, according to the news release.
“The SBA is proud to help small businesses access capital while also ensuring they have access to the resources and training needed to create healthy, sustainable businesses,” SBA Acting Administrator Chris Pilkerton said.
President Trump signed legislation creating Opportunity Zones in 2017 to spur new capital investment in America’s economically distressed communities.
For more information on the SBA’s PRIME grants and a list of this year’s grantees, visit www.sba.gov/content/ prime-grantees.