7 U.S. Code § 2008s - Rural microentrepreneur assistance program
A microenterprise development organization shall be eligible to receive an annual grant under this subparagraph in an amount equal to not more than 25 percent of the total outstanding balance of microloans made by the microenterprise development organization under paragraph (3), as of the date the grant is awarded.
Not more than 10 percent of a grant received by a microenterprise development organization for a fiscal year under this paragraph may be used to pay administrative expenses.
Subject to subparagraph (B), the Federal share of the cost of a project funded under this section shall not exceed 75 percent.
At a minimum, not later than December 1 of each fiscal year, a microenterprise development organization that receives a loan or grant under this section shall provide to the Secretary such information as the Secretary may require to ensure that assistance provided under this section is used for the purposes for which the loan or grant was made.
2014—Subsec. (d)(1)(C). Pub. L. 113–79, § 6023(1), added subpar. (C).
Subsec. (d)(2). Pub. L. 113–79, § 6023(2), substituted “2018” for “2012”.
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