Rural Microenterprise Assistance Program (RMAP)
The South Central Kansas Economic Development District, Inc. is pleased to offer a Rural Microenterprise Assistance Program (RMAP) for small businesses that have modest credit needs and do not qualify for financing from traditional credit sources and are located in rural areas outside the City of Wichita. This program is a locally administered program of USDA Rural Development.
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- For profit, privately owned, established small businesses located in the 14 county service area outside of Wichita.
- Must have 10 or fewer employees.
- Start up or growing businesses which may not meet regular bank lending criteria, but which have a track record in business and/or paying their bills on time and which have reasonable prospects of being able to repay a loan.
- Have sufficient monthly income to pay back the loan.
- If business owner is behind in payments, child support payments, or in default on any loans including government and student loans this could make the owner ineligible.
- Loans under $10,000 may qualify for an accelerated application process, depending on credit history.
- Maximum of $50,000.
- A 25% non-federal funding match is required.
- Fixed rate of interest ranging from 7% – 9% depending on credit score and collateral.
- $200 fee for all loans up to $30,000. 1% origination fee for loans from $30,001 to $50,000. Maximum fee will be $500 plus closing costs.
- 10 year maximum terms.
- Interest only payment period possible.
- No prepayment penalty.
- First lien on collateral is required.
- Personal guarantees of the owner(s) (20% or greater) of the business are required.
Use of Funds
- Working capital, inventory, equipment financing or any legitimate business need except construction.
Technical Assistance and Training
- Available at no or minimal charge through the term of the loan.
- Includes accounting, marketing, basic business management, and employee concerns.
FOR MORE INFORMATION CONTACT:
Christie Henry, Lending Program Manager
9730 E. 50th Street N.
Bel Aire, Kansas 67226