The small business administration (SBA) microloan program provides direct loans and grants to eligible non-profit microlenders so that they may provide micro-level loans, and business based training…
Ended Formula Grant Awarded Last action
- Award ID
- SBAHQ23Y0095
- Recipient
-
Southern Minnesota Initiative Foundation UEI GCLMQJJAVJY7
- Awarding agency
-
Office of the Chief Operating Officer
Small Business Administration
- Obligated
- $199,984
Award facts
- Assistance listing
- 59.046 Microloan Program
- Completion date
- Funding agency
- Office of Capital Access Small Business Administration
- Place of performance
- Owatonna, MN, USA
Award details come from USAspending.gov.
About this award
The Small Business Administration (SBA) Microloan Program awarded a $199,984 Formula Grant to the Southern Minnesota Initiative Foundation (SMIF) for the period of July 1, 2023 to June 30, 2024. Under this grant, SMIF will provide direct micro-loans, business training, and technical assistance to start-up, newly established, and growing small business concerns, with a focus on women, low-income, and minority entrepreneurs and business owners. The SBA Microloan Program (CFDA 59.046) aims to assist small businesses in areas suffering from a lack of credit access.
Additionally, SMIF has previously received federal grant funding to develop a comprehensive economic development strategy and to support an early childhood education program through AmeriCorps, demonstrating its experience in leveraging government resources to drive regional economic and community vitality.
Description
The small business administration (SBA) microloan program provides direct loans and grants to eligible non-profit microlenders so that they may provide micro-level loans, and business based training and technical assistance to start- up, newly established and growing small business concerns.
Quick answers
Who received award SBAHQ23Y0095?
SBAHQ23Y0095 was awarded to Southern Minnesota Initiative Foundation by Office of the Chief Operating Officer (Small Business Administration) on July 1, 2023.
How much is award SBAHQ23Y0095 worth?
$199,984 has been obligated on SBAHQ23Y0095.
Which agency awarded SBAHQ23Y0095?
Office of the Chief Operating Officer (Small Business Administration) awarded SBAHQ23Y0095, with funding from Office of Capital Access (Small Business Administration).
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