We are committed to helping improve the economy and quality of life in rural America.
This program aims to support Microenterprise Development Organizations (MDOs) in their efforts to assist microenterprises with starting up and growing. It does this through providing loans and grants designated for the creation and maintenance of a Rural Microloan Revolving Fund and for delivering training and technical assistance to microloan borrowers and micro-entrepreneurs. Specifically, the program makes available up to $205,000 annually in grants for technical assistance to rural micro-entrepreneurs or microenterprises, requiring at least 15% matching funds from applicants. Additionally, it offers loans ranging from $50,000 to $500,000 to establish a Rural Microloan Revolving Fund, with a total aggregate debt limit of $2.5 million. Applicants must demonstrate experience in managing a Revolving Loan Fund or prove capability through certified training. Loans to ultimate recipients can go up to $50,000 with a maximum term of 20 years and must include a loan loss reserve fund. Funding can be utilized for a range of business activities including working capital, debt refinancing, purchasing equipment, and real estate improvements.