We are committed to helping improve the economy and quality of life in rural America.
This program aims to support Microenterprise Development Organizations (MDOs) through loans and grants focused on helping microenterprises in rural areas start and grow. Specifically, the grant seeks to assist with the establishment of a Rural Microloan Revolving Fund, along with providing necessary training and technical support to microloan borrowers and microentrepreneurs. Funding is directed towards organizations experienced in managing Revolving Loan Funds, or those with adequate training to do so, especially those already participating as intermediary lenders in reputable programs like the U.S. Small Business Administration (SBA) Microloan Program. Grant funds, up to $205,000 annually, require at least 15% matching funds and aim to support technical assistance for rural micro-entrepreneurs. Loans ranging from $50,000 to $500,000, with a total cap of $2.5 million in aggregate debt, support the revolving fund for broader business activities including working capital, debt refinancing, purchasing supplies, and real estate improvements. Loan terms to ultimate recipients include a maximum of $50,000, with a fixed interest rate and a maximum term of 20 years, requiring a loan loss reserve fund.