A large microenterprise development organization is defined as a program or organization that focuses on supporting microenterprises and has ten or more full-time employees or their equivalents. This includes the executive director and is relevant as of the date the organization submits its application for a PRIME grant to the Small Business Administration (SBA).
This term is primarily used in the context of small business development and financing. It is relevant in legal practices related to business law, particularly those involving grants and funding for microenterprises. Organizations that qualify as large microenterprise development organizations may apply for specific grants, such as the PRIME grant, which supports the development of microenterprises.
Here are a couple of examples of abatement:
For instance, a nonprofit organization that provides business training and funding to local entrepreneurs qualifies as a large microenterprise development organization if it has ten full-time staff members. Another example (hypothetical example) could be a community development organization that employs twelve individuals and assists small businesses in securing microloans.
| Term | Definition | Key Differences |
|---|---|---|
| Microenterprise | A business with five or fewer employees. | Microenterprises have fewer employees compared to large microenterprise development organizations. |
| Microenterprise Development Organization | An organization that supports microenterprises. | Not all microenterprise development organizations qualify as large microenterprise development organizations. |
If you are part of a microenterprise development organization and believe you qualify as a large microenterprise development organization, consider applying for a PRIME grant. You can explore US Legal Forms for templates that can assist you in preparing your application. If your situation is complex, it may be beneficial to consult with a legal professional for tailored advice.
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Its main purpose is to support the growth and development of microenterprises through training, funding, and resources.