7 U.S. Code § 2008s - Rural microentrepreneur assistance program
The term “Indian tribe” has the meaning given the term in section 450b of title 25.
The term “microentrepreneur” means an owner and operator, or prospective owner and operator, of a rural microenterprise who is unable to obtain sufficient training, technical assistance, or credit other than under this section, as determined by the Secretary.
The term “microloan” means a business loan of not more than $50,000 that is provided to a rural microenterprise.
The term “program” means the rural microentrepreneur assistance program established under subsection (b).
The Secretary shall establish a rural microentrepreneur assistance program to provide loans and grants to support microentrepreneurs in the development and ongoing success of rural microenterprises.
The Secretary shall make loans to microenterprise development organizations for the purpose of providing fixed interest rate microloans to microentrepreneurs for startup and growing rural microenterprises.
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.
Subject to subparagraph (B), the Federal share of the cost of a project funded under this section shall not exceed 75 percent.
As a condition of any grant made under this subparagraph, the Secretary shall require the microenterprise development organization to match not less than 15 percent of the total amount of the grant in the form of matching funds, indirect costs, or in-kind goods or services.
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”.