At Growth Capital, one of our primary goals is to ensure that small businesses of all types feel supported and championed. We’re especially passionate about empowering sectors that are often overlooked or underserved—small businesses in rural communities happen to fit that bill. Small businesses and startups are the lifeblood of rural communities, driving economic growth and fostering innovation. However, rural entrepreneurs often face unique challenges, including limited access to capital and resources. Recognizing these obstacles, the U.S. Department of Agriculture (USDA) has stepped in with the Rural Microentrepreneur Assistance Program (RMAP), a vital initiative designed to support and nurture rural microenterprises.
What is the Rural Microentrepreneur Assistance Program?
The Rural Microentrepreneur Assistance Program (RMAP) is a USDA initiative aimed at providing loans and technical assistance to microenterprises and small businesses in rural areas. This program is part of the USDA’s broader mission to enhance economic opportunities and improve the quality of life for rural Americans. By offering financial support and hands-on guidance, RMAP helps to create a thriving environment for rural entrepreneurs. We’ve previously discussed just how important it is to strengthen small business support in rural communities, and RMAP is a great way to do that!
Key Features of RMAP
What makes RMAP a great program for rural small businesses is the multi-prong approach to providing them with support. From a specialized focus on understanding the needs of rural communities to financial assistance to training and resources, RMAP takes a comprehensive approach to empowering rural small business owners!
- Loan and Grant Assistance: RMAP offers two primary forms of financial assistance—loans and grants. Loans are provided to Microenterprise Development Organizations (MDOs) who re-lend these funds to rural microentrepreneurs. These loans can be used for a variety of purposes, including purchasing equipment, working capital, and real estate. Grants are awarded to MDOs to provide training, technical assistance, and other essential services to microentrepreneurs—this ensures they have the knowledge and skills needed to succeed!
- Technical Assistance: Beyond financial support, RMAP emphasizes the importance of technical assistance. MDOs use grant funds to offer comprehensive training and technical assistance to rural businesses. This includes business planning, marketing, financial management, and more—these are all areas we recommend ALL small business owners explore! By equipping entrepreneurs with the necessary tools and knowledge, RMAP helps to build a solid foundation for sustainable business growth.
- Focus on Rural Communities: RMAP is specifically designed to serve rural areas with populations of 50,000 or less. This focus ensures that the program reaches those communities where access to capital and business resources is often limited. By targeting these areas, RMAP aims to stimulate economic development and create job opportunities in regions that might otherwise be overlooked.
How to Apply
Applying for RMAP assistance involves partnering with an MDO—these can be nonprofit organizations, institutions of higher education, or federally recognized tribes. Entrepreneurs and small business owners can reach out to these organizations to learn more about available funding and support. The USDA’s factsheet provides information on MDOs and details the application process, ensuring that prospective applicants have all the resources they need to get started. By investing in small businesses and fostering entrepreneurial growth, RMAP is helping to revitalize rural communities, create jobs, and ensure a brighter future for rural America. For those with a vision and a determination to succeed, RMAP is an invaluable resource, paving the way for innovation and economic prosperity in the heartland of the nation!
Team Up with Growth Capital
If you are a rural small business owner, we’d love to talk to you more about the RMAP program. Whether you want to talk through options related to the program, find an MDO to work with, or simply look at all the resources available for rural businesses, we’re here to help. Contact us today to get started!