USDA Seeks Applications for Loans and Grants to Create Jobs and Support Rural Economic Development

Name
Larry Yerich, Public Information Coordinator
City
Anchorage
State
Alaska
Release Date
Jun 19, 2015

U.S. Department of Agriculture-Rural Development Alaska State Director Jim Nordlund today announced that USDA is accepting applications for loans and grants to support business expansion, create jobs and increase economic opportunities in rural communities.

Funding is being provided through USDA’s Rural Microentrepreneur Assistance Program (RMAP).  The 2014 Farm Bill reauthorized the program through 2018.  For Federal Fiscal Year 2015, more than $16 million is available nationally in loans and grants.

"This funding will help Alaska’s rural Microentrepreneurs reinforce their capability to create jobs and further develop their businesses," Nordlund said. "USDA is working with local organizations to provide the capital to support small business owners attain their goals."

RMAP provides loans and grants to Microenterprise Development Organizations (MDOs) to help Microentrepreneurs – very small businesses with 10 or fewer employees – access capital to start or grow their businesses.  MDOs use the funds to provide training and technical assistance to small businesses, or to establish revolving loan funds that provide micro-loans, typically ranging from $5,000 to $50,000, to rural Microentrepreneurs.

Details about how to apply for this are on page 35299 of the June 19 Federal Register.  For more information and applications, please contact Renee Johnson, Director of our Business Programs at: (907) 761-7712, or: renee.johnson@ak.usda.gov.  Visit: http://www.rd.usda.gov/programs-services/rural-microentrepreneur-assistance-program.

Since 2009, USDA-Rural Development has invested over $1.5 billion in more than 220 rural Alaskan communities.  These investments in housing, community facilities, business, energy, water and sewer, telecom and electric have helped to grow rural Alaska’s economy and enhance the quality of life for its residents.