USDA Rural Development is accepting applications to support the development and ongoing success of rural microentrepreneurs and microenterprises. Agriculture Secretary Tom Vilsack announced the funding for the Rural Microentrepreneur Assistance Program (RMAP) at the Rural Summit held in Missouri last week.
The program is authorized through the 2008 Farm Bill and will help small, start up businesses build a sustainable rural community. The program will provide access to capital, business-based training and technical assistance to the smallest of small businesses. Funding for this program may include loans and grants to Rural Microenterprise Development Organizations (MDOs).
MDOs may utilize the funds for microloans to rural microenterprises and microentrepreneurs (business generally with 10 employees or less and in need of financing of $50,000 or less); business based training and technical assistance to rural microborrowers and potential borrowers.
For Fiscal Year 2010, $45.1 million is available nationwide. Eligible MDOs are required to provide a match of not less than 15% of the total amount of the grant. Awards will be made on a competitive basis each quarter. Applications are due no later than July 16, 2010 to be eligible for funding this fiscal year. Applications received after July 16, 2010 will be reviewed and evaluated for funding beginning October 1, 2010.
For more information in Colorado contact April Dahlager, Business & Cooperative Programs Director, (720) 544-2931, april.dahlager@co.usda.gov.
