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USDA/RBS | RIN: 0570-AA71 | Publication ID: Spring 2010 |
Title: Rural Microentrepreneur Assistance Program--Section 6022 | |
Abstract: The Food, Conservation, and Energy Act of 2008 (the Act) includes Section 6022 establishing the Rural Microentrepreneur Assistance Program (RMAP). The Act mandates that the Secretary of Agriculture establish a program to make loans and grants to support microentrepreneurs in the development and ongoing success of rural microenterprises. The Act further mandates that entities will use funds borrowed from the Agency to make microloans of not more than $50,000 to rural microenterprises for eligible purposes; that the Agency will make grants to provide business based training and technical assistance; and that the Agency will provide funding to improve the capacity of rural Microenterprise Development Organizations (MDOs) to provide services to rural microenterprise clients. A proposed rule was published in the Federal Register on October 7, 2009 [74 FR 51713], with a 45-day comment period, which ended November 23, 2009. As a result of comments received, the following highlights the more material changes to the rule: --Creation of technical assistance only grant program for non-lending MDOs. --Increasing the maximum size of technical assistance grants. --Implementation of a simplified interest rate structure. --Allowing MDOs with years or less experience as an MDO to fund the LLRF with Agency funds. --Removing the maximum margin requirement on loans made by the microlender to the microentrepreneur. --Implementation of a minimum score for eligibility for direct loans. This program requires a complete new set of regulations. | |
Agency: Department of Agriculture(USDA) | Priority: Other Significant |
RIN Status: Previously published in the Unified Agenda | Agenda Stage of Rulemaking: Final Rule Stage |
Major: No | Unfunded Mandates: No |
CFR Citation: 7 CFR 4280-D (To search for a specific CFR, visit the Code of Federal Regulations.) | |
Legal Authority: PL 110-246 |
Legal Deadline:
None |
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Timetable:
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Regulatory Flexibility Analysis Required: Undetermined | Government Levels Affected: None |
Small Entities Affected: Businesses | Federalism: No |
Included in the Regulatory Plan: Yes | |
RIN Data Printed in the FR: No | |
Agency Contact: Jody Raskind Director, Specialty Programs Division Department of Agriculture Rural Business-Cooperative Service STOP 3225, 1400 Independence Avenue SW, Washington, DC 20250-3225 Phone:202 690-1400 Email: jody.raskind@wdc.usda.gov Lori Pittman Business Loan and Grant Analyst, Program Management Division Department of Agriculture Rural Business-Cooperative Service STOP 3225, 1400 Independence Avenue SW, Washington, DC 20250-3225 Phone:202 720-9815 Fax:202 720-2213 Email: lori.pittman@usda.gov |