USDA Intermediary Rural Micro-Entrepreneur Assistance Program (RMAP)
The Small Business Assistance Corporation is a USDA Micro-Enterprise Development Organization that has been selected to administer the Rural Micro-Entrepreneur 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
- Furniture and fixtures
- Raw materials
- Machinery and equipment.
Each application will be considered on the basis of the company’s unique financial needs. The maximum loan amount 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 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.
The SBAC offers technical assistance to all clients who participate in the RMAP Loan Program. Technical assistance is designed to help micro-entrepreneurs obtain additional tools needed to operate their businesses successfully.
HOW TO APPLY
Obtain a loan application in one of four ways:
- Apply Online
- Download the Application (PDF format) and return completed form by fax to 912.232-0385
- Contact the SBAC by phone at 912.232-4700
- Visit the SBAC Office: 111 E. Liberty Street, Suite 100, Savannah, GA 31401
All information is subject to change without notice.