Section 1 Short title
This Act may be cited as the “Rural Microentrepreneur Assistance Act of 2023”.
Rural Microentrepreneur Assistance Act of 2023
A BILL
To amend the Consolidated Farm and Rural Development Act to extend and enhance the Rural Microentrepreneur Assistance Program, and for other purposes.
Sec. 2 Increase in funding for the Rural Microentrepreneur Assistance Program
Section 379E of the Consolidated Farm and Rural Development Act (7 U.S.C. 2008s) is amended—
in subsection (a)(4), by striking “$50,000” and inserting “$75,000”;
in subsection (b)(3), by adding at the end the following:
“(E) Use of funds—A microloan made by a microenterprise development organization to a microentrepreneur under this paragraph for a project may be used to cover not more than 50 percent of any demolition, construction, or related costs of real estate improvements under the project.”
in subsection (c)(1)(A), by striking “75 percent” and inserting “100 percent”; and
in subsection (d), by striking “2019 through 2023” and inserting “2024 through 2028”.