WASHINGTON- Senator Chuck Grassley today said that the U.S. Department of Agriculture’s Office of Rural Development has awarded loans and grants totaling $735,000 to Iowa through the Rural Microentrepreneur Assistance Program.
“This money will help small rural businesses create jobs for Iowans and stimulate economic growth in these communities,” Grassley said.
• Iowa Foundation for Microenterpricse & Community Vitality in Boone received a $500,000 loan and a $105,000 grant to make microloans to rural microentrepreneurs and microenterprises.
• North Iowa Area Community College in Mason City received a $130,000 grant to provide technical assistance and training to rural microentrepreneurs and microenterprises.
The Rural Business Enterprise Grant Program provides grants to public agencies, private non-profit corporations or Indian groups for needed infrastructure, to fund technical assistance needs and to establish or fund revolving loan programs for small and emerging private enterprises that have less that $1 million in revenues and fewer than 50 employees. The project must be located in an area of less than 50,000 in population.