To authorize qualified organizations to provide technical assistance and capacity building services to microenterprise development organizations and programs and to disadvantaged entrepreneurs using funds from the Community Development Financial Institutions Fund, and for other purposes.

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 1998. 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. 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. Mandates matching funds from non-Federal sources.

Authorizes appropriations.