The nonprofit Micro Enterprise Services of Oregon (MESO) is expanding the assistance they provide to rural microbusinesses in nine counties in rural Oregon and in southwest Washington State with the help of $187,500 in funding from the U.S. Department of Agriculture (USDA) Rural Development, announced State Director Vicki Walker today.
“Small businesses are the engine that drives rural economies,” said Walker. “Today’s funding will increase access to capital for rural small businesses and foster an environment of entrepreneurship by giving business owners the technical assistance they need to create jobs, expand operations, enter into new markets, and fuel the local economy.”
Under this announcement, MESO is receiving a $150,000 loan and a $37,500 grant through USDA’s Rural Microentrepreneur Assistance Program (RMAP), which will leverage an additional $28,125 in funding from MESO. Funding from USDA is contingent upon the recipient meeting the terms of the loan and grant agreements.
With today’s funding from USDA, MESO will capitalize a microloan revolving fund to provide access to capital for rural microentrepreneurs and microenterprises, as well as provide technical assistance to microbusinesses. MESO will provide support for small businesses in rural areas of Umatilla, Hood River, Polk, Yamhill, Marion, Clackamas, Washington, Columbia, and Multnomah counties of Oregon, as well as Clark County, Washington.
MESO provides business development assistance with a focus on underserved groups, including minority, women, and immigrant/refugee business owners with limited or no access to traditional banking services. In addition, MESO partners with rural-based micro development agencies and tribal confederations to provide culturally-appropriate and language-specific support. Up to 95 additional individuals will receive access to capital, robust market research, technical assistance, and referrals to strengthen their rural microbusinesses with the help of today’s funding.
President Obama’s plan for rural America has brought about historic investment and resulted in stronger rural communities. Since the start of the Obama administration, USDA’s Rural Business Cooperative Service has helped 85,000 rural businesses. Under the President’s leadership, investments in housing, community facilities, businesses, and infrastructure have empowered rural America to continue leading the way—strengthening America’s economy, small towns, and rural communities.