$45 Million Available For Rural Microentrepreneurs Assistance
Last week, the Department of Agriculture (USDA) announced the availability of $45.1 million in funding for the Rural Microentrepreneurs Assistance Program (RMAP). Applications are accepted on an on-going basis with awards quarterly. The first deadline is July 16 for awards by the end of September.
RMAP funds can be used to provide lending and/or technical assistance (TA)
services to entrepreneurs that reside in rural areas. USDA has outlined the breakdown of funds available as follows:
--$36.2m is available for lending. The maximum amount that any organization may borrow is $500,000 per year, up to $2.5 million.
--$7.6m is available in TA grants that are tied to lending dollars.
--$1.3m is available for "technical assistance only" grants. The maximum "technical assistance only" grant will not exceed $130,000.
For the interrim rule and further information, please go to: http://edocket.access.gpo.gov/2010/2010-11931.htm
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