Rural Microentrepreneur Assistance Act of 2023

Bill: 118-s-2996
Sponsor: full_name: Sen. Ricketts, Pete [R-NE]
Introduced: 2023-09-29
Policy area: Agriculture and Food
Subjects: Business investment and capital

Government lending and loan guarantees

Rural conditions and development

Small business

State and local government operations
Latest action: action_date: 2023-09-29
text: Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.

Summaries:
action_date: 2023-09-29
action_desc: Introduced in Senate
text: <p><strong>Rural Microentrepreneur Assistance Act of 2023</strong></p><p>This bill reauthorizes through FY2028 and revises the&nbsp;Rural Microentrepreneur Assistance Program (RMAP).&nbsp;This Department of Agriculture program provides loans to eligible microenterprise development organizations to capitalize revolving loan funds that provide loans to qualified rural microenterprises.&nbsp;</p><p>The bill increases the amount a rural microenterprise may borrow to up to $75,000 (from up to $50,000).</p><p>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.</p><!--tinycomments|2.1|data:application/json;base64,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-->

tv_txt: II 118th CONGRESS 1st Session S. 2996 IN THE SENATE OF THE UNITED STATES September 29 (legislative day, September 22), 2023 Mr. Ricketts (for himself and Ms. Smith ) introduced the following bill; which was read twice and referred to the Committee on Agriculture, Nutrition, and Forestry A BILL To amend the Consolidated Farm and Rural Development Act to extend and enhance the Rural Microentrepreneur Assistance Program, and for other purposes.

1. Short title This Act may be cited as the Rural Microentrepreneur Assistance Act of 2023 . 2. Increase in funding for the Rural Microentrepreneur Assistance Program Section 379E of the Consolidated Farm and Rural Development Act ( 7 U.S.C. 2008s ) is amended— (1) in subsection (a)(4), by striking $50,000 and inserting $75,000 ; (2) in subsection (b)(3), by adding at the end the following: (E) Use of funds A microloan made by a microenterprise development organization to a microentrepreneur under this paragraph for a project may be used to cover not more than 50 percent of any demolition, construction, or related costs of real estate improvements under the project. ; (3) in subsection (c)(1)(A), by striking 75 percent and inserting 100 percent ; and (4) in subsection (d), by striking 2019 through 2023 and inserting 2024 through 2028 .