We are committed to helping improve the economy and quality of life in rural America.
The grant program aims to bolster the startup and growth of microenterprises in rural areas by providing them with financial support and development assistance. It specifically targets Microenterprise Development Organizations (MDOs), offering them loans and grants to establish a Rural Microloan Revolving Fund and to provide training and technical assistance to microloan borrowers and micro-entrepreneurs. To be eligible, MDOs must demonstrate prior experience in managing Revolving Loan Funds, or their employees must have received specialized training in managing such funds. Additionally, they must prove their successful participation as intermediary lenders under relevant programs like the U.S. Small Business Administration’s Microloan Program. Funding available includes grants up to $205,000 annually for technical assistance, requiring at least 15% matching funds, and loans ranging from $50,000 to $500,000 for setting up a Rural Microloan Revolving Fund, with a maximum aggregate debt of $2.5 million. Lastly, microlenders can use the funds for a variety of purposes including working capital, debt refinancing, purchasing equipment and supplies, and improving real estate.