YourVoice.Now Summary
Your MoneyCorporate BenefitsTransparency & AccountabilityRural business owners could borrow up to $75,000 instead of $50,000 — and put part of it toward building work.
Your Money
The most a rural business owner could borrow through this federal program would go from $50,000 to $75,000. The bill does not change who can apply.
The bill spells out that one of these loans can pay for construction, demolition, or related real estate work. It could cover no more than half of those costs.
The law now sets the program's funding years as 2019 through 2023. The bill swaps in 2026 through 2030, so money could flow again.
Corporate Benefits
The federal government's share of the program's costs would rise from 75 percent to 100 percent. The groups that run the loans would no longer have to cover the last quarter themselves.
Transparency & Accountability
The new funding years stop at 2030. Congress would have to pass another law to keep the program running past then.
More about this bill
If you run a very small business in a rural area, you could borrow more. A federal loan program for rural business owners now caps these loans at $50,000. This bill would raise that cap to $75,000. A loan could also pay for building work, like new construction or tearing down an old structure. That use is capped at half the project's cost. Under current law, the program's funding is set for the years 2019 through 2023. This bill would replace those with 2026 through 2030. Congress would then have to act again to keep the program going. The federal government could also cover more of the program's cost — all of it, instead of 75 percent.
Congressional Summary
This bill reauthorizes through FY2030 and revises the Rural Microentrepreneur Assistance Program (RMAP). This Department of Agriculture program provides loans and grants to eligible microenterprise development organizations to (1) capitalize revolving loan funds that provide loans to qualified rural microenterprises (i.e., sole proprietorships located in rural areas or business entities with not more than 10 full-time employees located in a rural area), and (2) provide related training and technical assistance.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.
Details
- Congress
- 119th
- Chamber
- Status
- summarized
- Action
- Action Date
- Date Added
- 2026-04-02
- Source
- Congress.gov →
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