This year, the total funding for is $16,276,000. Grants under this program have $2,086,000 available and loans have $14,190,000 available. The maximum loan amount is $500,000 and the minimum amount is $50,000.
Total funding for FY 2014 is $25,461,661. Grants are allocated $1,500,000 of this funding and loans have $23,961,661. The maximum loan amount is $500,000 and the minimum amount is $50,000.
Loans and grants for FY 2013 had a total funding of $12,224,613.35. Of this funding, Grants had $1,509,696.97 in funding and loans had $10,714,916.38. Applicants could borrow between $50,000 and $500,000.
- Working capital projects
- Purchase of furniture, fixtures, supplies, inventory, or equipment
- Debt financing
- Business acquisitions
- Purchase or lease of real estate that is already improved and will be used for the location of the subject business only (no construction is allowed)
MDOs receiving technical assistance grants under the program can also use the funds to provide education, guidance, or instruction to one or more rural microentrepreneurs to:
- Prepare them for self-employment
- Improve the state of their existing rural microenterprises
- Increase their capacity in a specific technical aspect of the subject business
- Assist a rural microentrepreneur in achieving a degree of business preparednedd and/or functions that will allow them to obtain or have the ability to obtain business loans independently
Who can apply?
To apply under the RMAP, the entity must be a Microenterprise Development Organizations (MDO). These entities can be non-profit organizations, Indian tribes, and public institutions that offer training and technical assistance, microloans or facilitate access to capital or another related service to rural microentrepreneurs and microenterprises, or have demonstrated a record of delivering or a plan to develop a program to deliver such services.