Bill summaries are authored by CRS.

Shown Here:
Reported to House amended, Part II (07/02/1999)

Amends the Riegle Community Development and Regulatory Improvement Act of 1994 to add to title I a new subtitle C, which may be cited as the Program for Investment in Microentrepreneurs Act of 1999 (or PRIME Act). Directs the Administrator of the Community Development Financial Institutions Fund (Administrator) to establish a microenterprise technical assistance and capacity building program to provide Fund grants to qualified nonprofit organizations to: (1) provide training and technical assistance to disadvantaged entrepreneurs; (2) provide training and capacity building services to help microenterprise development organizations and programs develop microenterprise training and services; and (3) aid in researching and developing the best practices in the field of microenterprise and technical assistance programs for disadvantaged entrepreneurs. Prohibits the use of grant amounts to make loans of any kind. Sets forth an allocation formula for such assistance and for grants benefitting very low-income persons, including those residing on Indian reservations.

Authorizes a qualified organization to provide subgrants to small and emerging microenterprise entities. Instructs the Administrator to employ selection criteria that provide positive consideration to applications by qualified organizations participating in the Microloan program established under the Small Business Act. Mandates matching funds from non-Federal sources.

Requires the Administrator to report to certain congressional committees on the enterprise technical assistance and capacity building program, including an evaluation of its effectiveness. Authorizes appropriations.

Requires the Administrator to: (1) submit regulations to the Administrator of the Small Business Administration (SBA) for review and comment; and (2) enter into a memorandum of understanding with the SBA Administrator providing that the program under this Act and the Microloan program under the Small Business Act will be implemented in conjunction and coordination with one another. Prohibits the Fund Administrator from making any grant under this Act before reaching accord on such memorandum of understanding.