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S 2996 118th Congress Senate 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: September 29, 2023 Introduced by: Ricketts, Pete Republican · Nebraska See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Sep 29, 2023
Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.
Sep 29, 2023
Introduced in Senate
 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 29, 2023

Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Democratic 1