SBA administrator Karen Mills said the agency is committed to helping the nation's entrepreneurs who might otherwise be overlooked for bank financing and loans to help them start their businesses.

The new round of funding comes from the Program for Investment in Microentrepreneurs Act (PRIME) to assist low-income and very low-income entrepreneurs.

"The SBA remains committed to helping small businesses start, grow and succeed and PRIME is one of our many tools for doing this," Mills said.

The good news for entrepreneurs is that, due to larger funding this year, SBA increased the number of grants across more states. The nonprofit groups receiving funding include organizations that specialize in training and assisting entrepreneurs in underserved communities.

PRIME grant funding is intended to establish management and technical assistance, access to capital and other forms of financial assistance and business training and counseling through qualified organizations.