Lincoln, Nebraska, Feb 11, 2011 -- USDA Rural Development is seeking applications for the Rural Microentrepreneur Assistance Program (RMAP). RMAPs provide direct loans to establish a revolving loan fund, technical assistance grants in partnership with the establishment of a revolving loan fund or technical assistance-only grants to eligible applicants; non-profit entities, Indian tribes or public institutions of higher education.
Maximum loan amount available is $500,000 at a 20 year term for 2 percent interest, with a two year principal and interest deferral. Revolving loan and technical assistance ultimate recipients must be located in a rural area of less than 50,000 population. For more information regarding the RMAP program visit: http://www.rurdev.usda.gov/BCP_rmap.html.
RMAP application deadlines are quarterly, March 31, 2011, June 30, 2011, September 30, 2011 and December 31, 2011. Applications are selected based on a competitive scoring process.
In Fiscal Year 2010, three loans ($1.2 million) and three grants ($280,000) were awarded in Nebraska to support the development and ongoing success of rural microentrepreneurs and microenterprise, defined as businesses with 10 employees or fewer, in need of financing in the amount of $50,000 or less and/or in need of technical assistance and training.
Contact Deborah Drbal at email@example.com or 402-437-5558 to discuss a proposed project or for further application information including an application checklist and forms.
Through its Rural Development mission area, USDA administers and manages more than 40 housing, business and community infrastructure and facility programs through a network of 6,100 employees located in the nation’s capital and 500 state and local offices. These programs are designed to improve the economic stability of rural communities, businesses, residents, farmers and ranchers and improve the quality of life in rural America. Rural Development has an existing portfolio of more than $142 billion in loans and loan guarantees.