A bill to amend the Consolidated Farm and Rural Development Act to extend and enhance the Rural Microentrepreneur Assistance Program, and for other purposes.
Rural Microentrepreneur Assistance Act of 2023
This bill reauthorizes through FY2028 and revises the Rural Microentrepreneur Assistance Program (RMAP). This Department of Agriculture program provides loans to eligible microenterprise development organizations to capitalize revolving loan funds that provide loans to qualified rural microenterprises.
The bill increases the amount a rural microenterprise may borrow to up to $75,000 (from up to $50,000).
The bill also increases the maximum allowable federal cost share to 100% (from 75%). The bill further specifies that a RMAP project loan may not be used to cover more than 50% of any demolition, construction, or related costs of real estate improvements.
Referred to the Subcommittee on Commodity Markets, Digital Assets, and Rural Development.
Introduced in Senate
Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.
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