The U.S. Small Business Administration has launched the Aspire Challenge, a prize competition of up to $1.2 million to expand access to entrepreneurial education and microloans for formerly incarcerated individuals.

Approximately 60 percent of formerly incarcerated individuals remain unemployed one year after release. Supported by targeted resources, self-employment can be an alternative for this population. The Aspire competition bolsters efforts by organizations nationwide to assist formerly incarcerated individuals by providing intensive entrepreneurial training, counseling, and increased access to microloan assistance.

Up to 16 prizes of $75,000 will be awarded to entrepreneurial support organizations that propose innovative solutions directed at helping these citizens succeed in entrepreneurship.

Submissions will be assessed by these key components:

• Recruitment methods
• Education/training delivery
• Provision of mentoring services
• Community connections
• Ways in which participants will be connected to access to capital and financial literacy

The submission period ends on Feb. 12, 2017.

The SBA will award the prizes to organizations through the online competition platform www.challenge.gov. The competition is open to all for-profit and non-profit entities and organizations. They must have an account in the System for Award Management (SAM). Winners will be announced no later than March 14, 2017.