Rural Microentrepreneur Assistance Program - Washington

This program is designed to support Microenterprise Development Organizations (MDOs) by offering loans and grants that facilitate the startup and growth of microenterprises through the establishment of a Rural Microloan Revolving Fund. It aims to provide microloan borrowers and micro-entrepreneurs with necessary training and technical assistance. It supports these organizations if they show a capability in managing a Revolving Loan Fund, have undergone relevant training, or are participating successfully as intermediary lenders under programs like the U.S. Small Business Administration (SBA) Microloan Program. The grant component specifically focuses on offering technical assistance to rural micro-entrepreneurs or microenterprises, demanding at least 15 percent matching funds from applicants and capping annual assistance at $205,000. Loans offered can range from $50,000 to $500,000 for the creation of a Rural Microloan Revolving Fund, with a maximum aggregate debt limit of $2.5 million. Loans to ultimate recipients are capped at $50,000, must have a fixed interest rate and are limited to covering 75 percent of project costs. Qualified business activities and expenses include working capital, debt refinancing, purchasing equipment and supplies, and real estate improvements.