ST. PAUL, Minn., Nov 16, 2011 -- USDA Rural Development State Director Colleen Landkamer today announced the selection of four Minnesota organizations to receive over $750,000 in loans and grants to support rural microentrepreneurs, create jobs and strengthen communities in rural Minnesota.
“Rural Minnesota is more than just agriculture,” Landkamer said. “These investments lead to a stronger and more sustainable rural economy by helping locally-owned small rural businesses grow and add jobs. It’s a boost to both the agricultural and non-agricultural industry.”
The funds are delivered through Rural Development’s Rural Microentrepreneur Assistance Program (RMAP). Recipients are development organizations that make loans to microentreprenerus and microenterprises, and provide business-based training and technical assistance to rural micro-borrowers.
Minnesota organizations selected to receive funding include:
• North Central Economic Development Association, Inc.: $400,000 loan; $100,000 grant to capitalize a rural microloan revolving fund to make loans to rural microentreprenuers and microenterprises.
• Northwest Minnesota Foundation: $150,000 loan; $37,500 grant to assist small businesses in a 12-county area of northwestern Minnesota with start-up or expansion funds.
• Northeast Entrepreneur Fund, Inc.: $40,000 to provide microloans, technical assistance and training to 98 rural businesses in Minnesota and Wisconsin.
• Lincoln County Enterprise Development Corporation: $35,000 grant to provide individual technical assistance and training.
USDA Rural Development has invested over $2.5 billion throughout Minnesota since 2009. Click here to learn more about the RMAP program and Rural Development.