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 facilitating the startup and growth of microenterprises in rural areas. The grant program focuses on providing financial resources for creating a Rural Microloan Revolving Fund and offering technical assistance and training to microloan borrowers and micro entrepreneurs. Eligible organizations must demonstrate experience or capacity in managing a revolving loan fund and active participation in intermediary lending. Funding includes grants up to $205,000 annually for technical assistance with required matching funds, and loans ranging from $50,000 to $500,000 for establishing a revolving fund, with a cap on total debt at $2.5 million. Loan terms offer a maximum of 20 years with a two-year payment deferral and necessitate a loan loss reserve fund setup. Funds can be used for various business activities including working capital, debt refinancing, purchasing equipment, and real estate improvements.