Opportunity Title:
Rural Microentrepreneur Assistance Program
Funder/Agency:
USDA
Description:
USDA provides RMAP funding to non-profits, Tribes, colleges and universities to create revolving loan fund programs and support training and technical assistance for rural microentrepreneurs and microenterprises. Rural businesses with 10 or fewer full-time employees are eligible for loans and technical assistance. USDA is particularly interested in applications that will advance Biden-Harris Administration priorities to:
Reduce climate pollution and increase resilience to the impacts of climate change through economic support to rural communities.
Ensure all rural residents have equitable access to Rural Development (RD) programs and benefits from RD-funded projects; and
Help rural communities recover economically through more and better market opportunities and through improved infrastructure.
The Rural Microentrepreneur Assistance Program 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:
Total Amount Available:
$29,000,000
Maximum Award:
Grants: $205,000
Loans: $500,000
Deadline:
The deadlines for completed applications to be received in the RD State Office for quarterly funding competitions are no later than 11:59 p.m. Eastern time on:
Third Quarter: March 31, 2024
Fourth Quarter: June 30, 2024
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