Opportunity Title:
Rural Microentrepreneur Assistance Program (RMAP)
Description:
It provides loans and grants to Microenterprise Development Organizations (MDOs) to:
To help microenterprises startup and growth through a Rural Microloan Revolving Fund.
Provide training and technical assistance to microloan borrowers and micro entrepreneurs.
Eligibility:
The following are eligible to be a Microenterprise Development Organization:
Nonprofits.
Federally-recognized tribes.
Institutions of higher education.
The following are eligible to apply for a loan from the MDO as an ultimate recipient:
Businesses located in an eligible area with 10 or fewer full-time employees.
Award Details:
Grants are available to provide technical assistance to rural micro-entrepreneurs or microenterprises, up to $205,000 annually. Funding at the requested level is not guaranteed, and at least 15 percent matching funds are required.
Loans of $50,000 to $500,000 may be used for establishing a Rural Microloan Revolving Fund managed by the Microenterprise Development Organization. Total aggregate debt is capped at $2.5 million.
Application Deadline:
Ongoing.
Grant Management Associates has years of experience with opportunities like this one. Contact us today for a consultation.