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HR 5284 118th Congress House Agriculture and Food Business investment and capital Government lending and loan guarantees Rural conditions and development Small business State and local government operations

Rural Microentrepreneur Assistance Act of 2023

Introduced: August 25, 2023 Introduced by: Nunn, Zachary Republican · Iowa See on congress.gov
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 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Sep 26, 2023
Referred to the Subcommittee on Commodity Markets, Digital Assets, and Rural Development.
Aug 25, 2023
Referred to the House Committee on Agriculture.
Aug 25, 2023
Introduced in House
 Plain-English summary Congressional Research Service

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's happening now September 26, 2023

Referred to the Subcommittee on Commodity Markets, Digital Assets, and Rural Development.

 Committees of jurisdiction 2
 Cosponsors 4
All 4 Democratic 4