The grant could provide up to $500,000.
What does this program do?It provides loans and grants to Microenterprise Development Organizations (MDOs) to:To help microenterprises startup and growth through a Rural Microloan Revolving Fund.Provide training and technical assistance to microloan borrowers and micro entrepreneurs. Who may apply for this program?The following are eligible to be a Microenterprise Development Organization:Nonprofits.Federally-recognized tribes.Institutions of higher education.The following are eligible to apply for a loan from the MDO as an ultimate recipient:Businesses located in an eligible area with 10 or fewer full-time employees.What is an eligible area?Rural areas outside a city or town with a population of fewer than 50,000 residents. Urbanized areas near a city of 50,000 or more may not be eligible.The borrower's headquarters may be based within a larger city so long as the project service area is located in an eligible rural area.The lender may be located anywhere.
