Rural Microentrepreneur Assistance Act of 2023
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in house (Aug 25, 2023)
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.
What just happenedSep 26, 2023
Referred to the Subcommittee on Commodity Markets, Digital Assets, and Rural Development.
Who’s behind it
- Introduced in HouseAug 25, 2023
- Sep 26, 2023Committee
Referred to the Subcommittee on Commodity Markets, Digital Assets, and Rural Development.
Commodity Markets, Digital Assets, and Rural Development Subcommittee - Aug 25, 2023IntroReferralH11100
Referred to the House Committee on Agriculture.
Agriculture Committee - Aug 25, 2023IntroReferralIntro-H
Introduced in House
- Aug 25, 2023IntroReferral1000
Introduced in House