Nebraska Ag News Headlines Start-Up Capital Available to Help Rural Small Businesses Nebraska Ag Connection - 07/28/2010 Agriculture Secretary Tom Vilsack has announced that USDA is seeking applications to support the development and ongoing success of rural micro entrepreneurs and microenterprises. Funding is available from USDA Rural Development's Rural Micro Entrepreneur Assistance Program, which is authorized by the Food, Conservation, and Energy Act of 2008 (Farm Bill). "The Obama Administration and USDA understand that helping small, start-up businesses are fundamental in building a sustainable rural community," Vilsack said. "This new program will help provide access to capital, business-based training and technical assistance to the smallest of small businesses. We need to embrace new strategies to help create a thriving rural economy." USDA assistance provided to rural areas under this program may include loans and grants to Microenterprise Development Organizations (MDO) to establish a revolving loan fund, providing fixed interest rate microloans to rural micro entrepreneurs for start up and growing microenterprises and provide technical assistance and training to micro entrepreneurs. The funds to the MDO are either loaned to the businesses or used to provide technical assistance and training. Applications must be received by July 16, 2010 for the 1st round of funding, thereafter quarterly; September 30, December 31, March 31 and June 30. The total amount available in fiscal year 2010 is $45.1 million. Of this, $36.2 million will be available for loans, $7.6 million will be available for microlender technical assistance grants, and $1.3 million will be available for technical assistance-only grants. More information on how to apply for funding is available in the June 3rd Federal Register, page 31413, http://edocket.access.gpo.gov/2010/pdf/2010-13380.pdf. The Nebraska contact is Deborah Drbal at Deborah.drbal@ne.usda.gov or 402-437-5558. Copyright © 2010 - USAgNet.com. All Rights Reserved.