USDA Rural Development’s Rural Microentrepreneur Assistance Program or RMAP, encourages the development, whether by start-up or expansion, of small businesses in rural areas. Applications are now being accepted, with the next quarterly funding review scheduled for June 30, 2016.
RMAP loans made to Microenterprise Development Organizations (MDOs) offer micro businesses opportunities for working capital, debt refinancing, equipment, supplies, real estate and other necessary business assets. Grant funds awarded to MDOs support guidance and education for self-employment and micro business development.
Eligible applicants for the RMAP are non-profits, Indian tribes, or public institutions of higher education. Recipients of RMAP funds establish revolving loan funds and provide business based training and technical assistance to support rural microentrepreneurs and microenterprises. The revolving loan fund gets its name from the revolving aspect of loan repayment, where the central fund is replenished as individual projects pay back their loans, creating the opportunity to issue other loans to new projects.
Seven RMAP loans funded in Nebraska totaling 2.35 million dollars are currently lending to rural microbusinesses. Grant funds awarded in Nebraska in the amount of $883,210 are providing business based training and technical assistance to rural microentrepreneurs. Since 2010 grant funds have provided technical assistance and training to more than 1,000 microentrepreneurs and 67 ultimate recipient loans have been made for $1,713,900. RMAP program dollars were leveraged with $2,352,716, creating or saving more than 200 Nebraska jobs.
To determine applicant eligibility, receive an application template or ask questions about this program non-profits, Indian tribes, or public institutions of higher education are encouraged to contact Deborah Drbal, Business Programs Specialist at 402-437-5558 or Deborah.drbal@ne.usda.gov. Applications may be submitted at any time and are reviewed quarterly for funding consideration (June 30, September 30, December 31 and March 31).