United States Department of Agriculture Intermediary Rural Microentrepreneur Assistance Program (RMAP)
Small Business Assistance Corporation is a USDA Microenterprise Development Organization that has been selected to administer the Rural Microentrepreneur Assistance Program in 48 counties in Southeast Georgia . This program provides access to capital in order to boost small business development , create jobs and strengthen rural communities.
USE OF PROCEEDS
- Working capital
- Purchase of real estate inventory
- Raw materials
- Machinery and equipment.
Each application will be considered on the basis of the company’s unique financial needs. The maximum loan is $50,000.
- The current interest rate on the RMAP loan is 6.5%, fixed for the term of the loan.
- The repayment period will be determined on a case-by-case basis not to exceed ten(10) years.
- There is a 1.5% origination fee.
- A sole proprietorship located in a rural area
- A business entity, located in a rural area, with no more than 10 full-time-equivalent employees and are in need of $50,000 or less in business capital and/or in need of business based technical assistance and training.
Collateral (or security) will be determined on a case-by-case basis. Potential borrowers should know that SBAC is legally bound by the USDA to secure each loan with sufficient collateral including personal assets, if necessary. If assets are purchased, a first lien will be obtained. A personal guaranty by the principal owners of the small business concern will be required.
SBAC offers technical assistance to all clients who participate in the RMAP Loan Program. Technical Assistance is designed to help the micro entrepreneurs obtain additional tools needed to operate their businesses successfully.
HOW TO APPLY
Obtain a loan application: