We are committed to helping improve the economy and quality of life in rural America.
This program targets Microenterprise Development Organizations, offering them both loans and grants to aid in the startup and growth of microenterprises within rural areas. The grants are primarily purposed for providing technical assistance to rural micro-entrepreneurs or microenterprises, with an annual availability of up to $205,000, requiring at least 15% in matching funds. On the loan side, amounts range from $50,000 to $500,000 for the establishment of a Rural Microloan Revolving Fund, with an aggregate debt cap of $2.5 million. The loan terms extend to a maximum of 20 years featuring a two-year payment deferral and necessitate the creation of a loan loss reserve fund. Loans to the end recipients are limited to $50,000, with a fixed interest rate and capped at 75% of the project cost. These funds can be utilized for a variety of business-related expenses including working capital, debt refinancing, purchasing equipment and supplies, and improving real estate.