Rural Microentrepreneur Assistance Act of 2023
12/15/2023, 4:09 PMSummary of Bill S 2996
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.
Congressional Summary of S 2996
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.
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Current Status of Bill S 2996
Bill S 2996 is currently in the status of Bill Introduced since September 29, 2023. Bill S 2996 was introduced during Congress 118 and was introduced to the Senate on September 29, 2023. Bill S 2996's most recent activity was Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry. as of September 29, 2023Bipartisan Support of Bill S 2996
Total Number of Sponsors
1Democrat Sponsors
0Republican Sponsors
1Unaffiliated Sponsors
0Total Number of Cosponsors
2Democrat Cosponsors
2Republican Cosponsors
0Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill S 2996
Primary Policy Focus
Agriculture and FoodAlternate Title(s) of Bill S 2996
Rural Microentrepreneur Assistance Act of 2023Rural Microentrepreneur Assistance Act of 2023A bill to amend the Consolidated Farm and Rural Development Act to extend and enhance the Rural Microentrepreneur Assistance Program, and for other purposes.Comments
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Sponsors and Cosponsors of S 2996
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