|Jun 01, 2011 --
Outline Of Need:
Micro entrepreneurs face many hurdles in getting startup financing, and they sometimes lack the skills necessary to manage the financial aspect of their business. They also may lack the collateral needed to secure a loan , have low or no credit and lack the experience and technical skills to build their businesses.
How Rural Development Helped:
USDA Rural Development (RD) provided a $500,000 grant to Mo-Kan Development Inc. through the Rural Microentrepreneur Assistance Program (RMAP).
RMAP funds will allow Mo-Kan to provide even more assistance to small businesses in the Missouri and Kansas areas.
Since 1983, Mo-Kan Development, Inc., has made over 152 loans, created or retained 3,071 jobs and injected over $100 million into the Mo-Kan region.
This additional funding will assist Mo-Kan Development in their mission of providing small businesses and rural entrepreneurs the tools they need to thrive and make decisions that are critically important to their success.
Our nation’s small businesses are the backbone of our economy and create half of all private sector jobs.
This partnership between USDA Rural Development and Mo-Kan Development Inc. will help more small, start-up businesses gain the financial and technical assistance plus training needed to be successful. Ultimately it will help create jobs and improve the economic development for their communities.