New Microloan Funds at SAFE-BIDCO
SAFE-BIDCO has been selected as one of just a few dozen organizations nationwide to participate in the USDA Rural Development’s Rural Microenterprise Assistance Program (RMAP). Across the country, USDA Rural Development is providing $19.8 million in loans and grants to 44 agencies in 24 different states and the District of Columbia. SAFE-BIDCO is one of those selected.
The program allows SAFE-BIDCO to make up to a total of $400,000 worth of loans to small businesses in Del Norte, Humboldt, Lake, Mendocino, Sonoma, and Trinity Counties. The program also allows SAFE-BIDCO to offer significant additional technical assistance and consulting and training service to those businesses.
The program focuses on “microloans” and is open to most small business with 10 or fewer employees. Loan proceeds can be used for:
- start-up costs
- expansion expenses
- equipment purchases
- health care costs
The RMAP program is intended to foster economic growth in rural areas, in part to decrease “outmigration” due to a lack of economic opportunity from those regions.
For more information on the program please Visit: www.safe-bidco.com or call (707) 577-8621 and speak with John or Chris.
STATE ASSISTANCE FUND FOR ENTERPRISE, BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATION