Rural Microentrepreneur Assistance Act of 2023

12/15/2023, 4:09 PM

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.

Bill 118 s 2996, also known as the Rural Microentrepreneur Assistance Act of 2023, aims to provide support and resources to small business owners in rural areas. The bill focuses on helping microentrepreneurs, who are individuals running small businesses with fewer than 10 employees.

The key provisions of the bill include establishing a Microentrepreneur Assistance Program, which will provide technical assistance, training, and access to capital for rural small business owners. This program aims to help microentrepreneurs grow their businesses, create jobs, and stimulate economic development in rural communities.

Additionally, the bill includes provisions for grants to organizations that support microentrepreneurs, such as Small Business Development Centers and Women's Business Centers. These grants will help these organizations provide valuable resources and guidance to rural small business owners. Overall, the Rural Microentrepreneur Assistance Act of 2023 seeks to empower and support small business owners in rural areas, ultimately contributing to the economic growth and vitality of these communities.
Congress
118
Number
S - 2996
Introduced on
2023-09-29
# Amendments
0
Sponsors
+5
Cosponsors
+5

Variations and Revisions

9/29/2023
Text
PDF
XML

Status of Legislation

Bill Introduced
Introduced to House
House to Vote
Introduced to Senate
Senate to Vote

Purpose and Summary

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.

Bill 118 s 2996, also known as the Rural Microentrepreneur Assistance Act of 2023, aims to provide support and resources to small business owners in rural areas. The bill focuses on helping microentrepreneurs, who are individuals running small businesses with fewer than 10 employees.

The key provisions of the bill include establishing a Microentrepreneur Assistance Program, which will provide technical assistance, training, and access to capital for rural small business owners. This program aims to help microentrepreneurs grow their businesses, create jobs, and stimulate economic development in rural communities.

Additionally, the bill includes provisions for grants to organizations that support microentrepreneurs, such as Small Business Development Centers and Women's Business Centers. These grants will help these organizations provide valuable resources and guidance to rural small business owners. Overall, the Rural Microentrepreneur Assistance Act of 2023 seeks to empower and support small business owners in rural areas, ultimately contributing to the economic growth and vitality of these communities.
Alternative Names
Official Title as IntroducedA bill to amend the Consolidated Farm and Rural Development Act to extend and enhance the Rural Microentrepreneur Assistance Program, and for other purposes.
Policy Areas
Agriculture and Food

Comments

Recent Activity

Latest Summary10/24/2024

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 eligi...

Latest Action9/29/2023
Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.