Center for Rural Affairs officials are concerned that the recently passed CARES Act left no provision to assist small businesses who have loans from USDA’s Rural Microenterprise Assistance Program. CFRA’s Policy Director Johnathan Hladik says RMAP helps small rural businesses, those with 10 or fewer employees get the capital they need to exist. He says many of those who qualify for RMAP don’t qualify for SBA Loans.
He says many of the small businesses who’ve been helped by RMAP in the past may have to close without the federal aid provided in the CARES Act.
Hladik says it’s difficult for those in Rural America to influence Congress so CFRA is working with these 64 lenders to push Congress to include RMAP in any assistance they’re giving to the Small Business Administration.
Hladik says RMAP has been successful in the past and usually involves loans of $50,000 or less. Typical businesses utilizing RMAP are local rural businesses such as restaurants, day care centers or hair salons.
