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Increased Loans and Support for Small Businesses in Rural Areas.

This law extends the Rural Microentrepreneur Assistance Program until 2028, providing stability for small businesses in rural communities. It raises the maximum microloan amount available to entrepreneurs from $50,000 to $75,000. Crucially, these loans can now cover up to 50% of construction or renovation costs for business real estate improvements.
Key points
The maximum microloan amount for rural entrepreneurs increases from $50,000 to $75,000.
Loans can now cover up to 50% of costs related to demolition, construction, or real estate improvements for business projects.
The Rural Microentrepreneur Assistance Program is extended for five years, covering 2024 through 2028.
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Expired
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Additional Information
Print number: 118_S_2996
Sponsor: Sen. Ricketts, Pete [R-NE]
Process start date: 2023-09-29
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-09-2025
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Rural Microentrepreneur Assistance Act of 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_2996.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2023-09-29.

What are the main provisions?

Key points include:

  • The maximum microloan amount for rural entrepreneurs increases from $50,000 to $75,000.
  • Loans can now cover up to 50% of costs related to demolition, construction, or real estate improvements for business projects.
  • The Rural Microentrepreneur Assistance Program is extended for five years, covering 2024 through 2028.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Ricketts, Pete [R-NE].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-26.

CATEGORIES

Economy Agriculture Public Investments