Rural Microentrepreneur Assistance Program - Mississippi

    From USDA: Rural Development (RD)

    We are committed to helping improve the economy and quality of life in rural America.

    Type of Support

    Overview

    This program is designed to support Microenterprise Development Organizations (MDOs) through loans and grants aimed at the startup and growth of microenterprises in rural areas. The grant provides financial assistance to MDOs for creating a Rural Microloan Revolving Fund and offering training and technical assistance to microloan borrowers and entrepreneurs. Specifically, it offers grants up to $205,000 annually for technical assistance, requiring at least 15 percent in matching funds, and loans ranging from $50,000 to $500,000 to establish the revolving fund, with a total debt cap of $2.5 million. Loan terms for the MDOs include a maximum of 20 years with a two-year payment deferral and the necessity to establish a loan loss reserve fund. Funds can be used for various business activities, such as working capital, debt refinancing, and purchasing equipment. MDOs must demonstrate experience in managing Revolving Loan Funds, including certification in microenterprise development training or participation as an intermediary lender under the U.S. Small Business Administration (SBA) Microloan Program or similar programs.

    Eligibility

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    Ineligibility

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    up to 500k

    Submission

    Visit Apply for more information.

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