Start-Up & Entrepreneur,
Rural Microentrepreneur Assistance Program
This program provides loans and grants to Microenterprise Development Organizations (MDOs) to 1) help microenterprise startup and growth through a Rural Microloan Revolving Fund and 2) provide training and technical assistance to microloan borrowers and micro entrepreneurs. Ultimate recipients can receive loans up to $50,000 with a fixed interest rate, limited to 75% of projects cost.
Applications are accepted on an ongoing basis!
Eligible applicants (and MDOs) are nonprofits, Federally recognized Tribes, and institutions of higher education. Businesses are not eligible to apply. MDOs must demonstrate experience in managing a Revolving Loan Fund, education/training in microenterprise development, or participation as an intermediary lender.
Eligible expenses and activities include working capital, debt refinancing, purchasing equipment and supplies, and improving real estate.
The funds must help eligible rural areas. Borrowers can be located anywhere so long as their project service are is within an eligible rural area. Lenders may be located anywhere.
Ultimate recipients can receive loans up to $50,000 with a fixed interest rate
Borrowers may be located anywhere so long as their project service is within an eligible rural area
Lenders may be located anywhere