We are committed to helping improve the economy and quality of life in rural America.
This program aims to support the start-up and growth of microenterprises through financial assistance to Microenterprise Development Organizations (MDOs). Key features include providing loans and grants for MDOs to establish a Rural Microloan Revolving Fund, and for offering training and technical assistance to microloan borrowers and micro-entrepreneurs. The funds can be used for various business activities, including working capital, debt refinancing, and purchasing equipment. Grants up to $205,000 annually are available for technical assistance, requiring at least a 15% match in funds, while loans range from $50,000 to $500,000 for creating a Rural Microloan Revolving Fund. To qualify, organizations must have experience managing Revolving Loan Funds or demonstrate the capacity to do so through proper training. Additionally, they should be in good standing as intermediary lenders with the SBA Microloan Program or similar loan programs. The program emphasizes supporting rural micro-entrepreneurs or microenterprises, with specific terms set for loans to ensure responsible lending and borrowing.