Rural Microentrepreneur Assistance Act of 2023
Summary
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.
Bill status
in committee
1 of 4 stages cleared
Introduction
Aug 2023
Committee Review
Floor Vote
President
Introduced Aug 25, 2023
Last action Sep 26, 2023
Floor votes
How they voted
No floor votes recorded yet.
Full legislative history
Actions timeline
Total actions
3
Key actions
0
Committee
2
Sep 26, 2023
Committee
Referred to the Subcommittee on Commodity Markets, Digital Assets, and Rural Development.
lower
Aug 25, 2023
Committee
Referred to the House Committee on Agriculture.
lower
Aug 25, 2023
Introduced
Introduced in House
lower
1 primary · 5 co-sponsors
Sponsors
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