We are committed to helping improve the economy and quality of life in rural America.
This program aims to support the startup and growth of microenterprises in rural areas by providing loans and grants to Microenterprise Development Organizations (MDOs). The grants are specifically tailored for technical assistance to rural micro-entrepreneurs or microenterprises, with funding up to $205,000 annually, requiring at least 15% matching funds. Loans ranging from $50,000 to $500,000 are available for establishing a Rural Microloan Revolving Fund, with a cap on total aggregate debt at $2.5 million. These loans are designed to foster microlending for qualified business activities such as working capital, debt refinancing, and purchasing equipment. The program emphasizes the importance of MDOs having experience in managing Revolving Loan Funds or adequate training to ensure competency in managing such funds. Additionally, MDOs should demonstrate their standing as intermediary lenders under programs like the U.S. SBA Microloan Program.