Bill > S2691

This bill amends the Consolidated Farm and Rural Development Act to enhance the Rural Microentrepreneur Assistance Program by increasing funding and expanding program capabilities. Specifically, the bill raises the maximum microloan amount from $50,000 to $75,000 and allows microenterprise development organizations to use these microloans to cover up to 50% of demolition, construction, or real estate improvement costs for a project. The bill also increases the federal government's cost-share from 75% to 100% for program support and extends the program's authorization from the current period (2019-2023) to a new period of 2026-2030. The Rural Microentrepreneur Assistance Program is designed to support small business development in rural areas by providing loans and technical assistance to microentrepreneurs, who are typically business owners in rural communities operating very small enterprises with limited capital and resources.

Agriculture and Natural Resources

https://www.congress.gov/bill/119th-congress/senate-bill/2691/all-info