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Goal is to Support Rural Microenterprise through Microloans to Borrowers
The United States Department of Agriculture (USDA) Deputy Under Secretary for Rural Development Bette Brand has invited applications for loan and grants to support rural microenterprises.
USDA Rural Development is investing $295,520 in Rural Microentrepreneur Assistance Program funds in economic development organizations across Maine to provide training and technical assistance to rural small businesses. The funding is anticipated to assist 240 small Maine businesses.
For more than 25 years, Rural Nevada business owners have benefited from a small but powerful alternative lender – the Rural Nevada Development Corporation (RNDC).
Based out of Ely, Nevada, the nonprofit development corporation maintains one rural office, and quietly offers a multitude of lending products: Home repair and weatherization, down payment assistance and small business lending are all part of the portfolio.
The Rural Nevada Development Corporation (RNDC) has been awarded an additional $1 million Direct Loan from USDA Rural Development through the Intermediary Relending Program (IRP).
IRP funds will be used to recapitalize RNDC's revolving loan fund, which is available across rural Nevada. Funds are used to assist small rural Nevada businesses and Tribes that cannot obtain conventional credit.
At the White House Rural Forum convened yesterday at Pennsylvania State University, Agriculture Secretary Tom Vilsack announced $32 million in loans and grants that will promote economic development and provide access to broadband in more than 80 rural American communities. Nebraska received more than $1 million for three economic development projects.
In Maine the Sunrise County Economic Council will receive a Total of $600,000
U.S. Department of Agriculture (USDA) Rural Business-Cooperative Service Administrator Sam Rikkers today announced that USDA is providing $5.8 million for grants and loans to support rural economic development projects and create jobs in 11 states.
Agriculture Secretary Tom Vilsack today announced loans and grants for 39 projects that will help rural businesses in 21 states and the Commonwealth of Puerto Rico.
“Supporting small, rural businesses helps create jobs and promote entrepreneurship,” Vilsack said. “These loans and grants will give businesses access to the capital and technical assistance they need to remain competitive in today’s global economy.”
Rural Nevada businesses needed capital, but banks were unwilling to make small- or medium-sized loans. In particular, loans were not being offered to Nevada’s emerging business communities.
