Source:  USDA, 10/28/10
 

Agriculture Deputy Secretary Kathleen Merrigan today announced that USDA has selected recipients in 36 states to receive funds to make loans to boost small business development, create jobs, and strengthen rural communities. The Deputy Secretary made the announcement in Lexington, Kentucky, with one of the recipients. The funding is being provided through the Rural Microentreprenuer Assistance Program (RMAP), which was authorized by the Food, Conservation, and Energy Act of 2008 (Farm Bill).

"This program provides direct support for small business formation and offers technical assistance and training to small rural businesses," Merrigan said. "This initiative continues the effort of the Obama Administration to rebuild and revitalize rural communities. In many cases, an entrepreneur needs only a small amount of money, a microloan, to get started. This program creates opportunities for small businesses to prosper by giving them access to capital and it also helps to create new off-farm income opportunities that help to support owners of small and mid-sized farm operations.

Eligible applicants may include microenterprises defined as a sole proprietorship located in a rural area or a business entity, located in a rural area, employing 10 people or fewer that are in need of $50,000 or less in business capital and/or in need of business based technical assistance and training. A microentrepreneur is defined as an owner and operator, or prospective owner and operator, of a microenterprise who is unable to obtain sufficient training, technical assistance, or credit other than under the RMAP. For more information visit www.rurdev.usda.gov/BCP_RMAP.html.

The following organization was selected to receive funding under RMAP. Funding is contingent upon the recipient meeting the terms of the grant and loan agreement.
• North Carolina Rural Economic Development Center – $130,000 grant