Rural Business Enterprise Grant
It is a normal challenge for emerging business, especially nonprofit, to thrive and find funds in their work in the rural areas.
Yet, there are existing program like rural business enterprise grant wherein its focus is to help this kind of endeavor in rural areas.
If you have a business located in the rural areas and finding it hard to support your enterprise so it can thrive in the industry, you are for sure looking for a helping hand from where you can get funding for your investment and existing business. Though there are many banks that can give you a loan and this is usually the common thinking one would suppose when in need of money, it is helpful for you to know that there is such as program called rural business enterprise grant.
Rural business enterprise grant is collaboration of nonprofits and government entities that are focusing their effort in helping thriving rural business to blossom through financial grants. These grants are usually given to public bodies, nonprofits and federally recognized Indian tribes. To get an idea, these grants usually involve the operation of revolving loan funds, industrial parks and business incubators.
The program’s funds can also be used through myriad of business like acquisition and development of land and to construct buildings. The funds are also used to build plants, equipments, utility areas and service extensions.
The Process for Acquiring Rural Business Enterprise Grant
The first task an applicant should do to obtain rural business enterprise grant is to submit supporting data before making the formal application. The Rural Business- Cooperative Services office then will determine the order of funding priorities and the eligibility before requesting for the formal application submission from the applicant.
These application forms can be found and submitted to any state of USDA Rural Development office, yet, processing of these applications are usually done in the district or area office.
Eligibility for Acquiring Rural Business Enterprise Grant
Eligibility for approval of rural business enterprise grant is only given to nonprofits, public bodies wherein their role is to assist small and emerging businesses in rural areas (a rural area is defined as any area other than town or cities and that have a population of 50,000). Meanwhile, these emerging businesses should have less than $1 million in revenue and its employees should be fewer than 50.
Priorities wherein Rural Business Enterprise Grant is Given
One of the priorities rural business enterprise grants consider is that the business is located in a community where the unemployment rate exceeds the state rate. Second is that the business should be located in a community where the median household income is less than the state rate, as based on 2000 census.