SEC. 6022 rmap-rural micro assistance grants (disc)

Grow South Dakota received a $100,000 project grant from the U.S. Department of Agriculture's Rural Business Cooperative Services under the Rural Microentrepreneur Assistance Program (CFDA 10.870), awarded on May 7, 2025, with a completion date of May 7, 2027. As a certified Community Development Financial Institution (CDFI), Grow South Dakota will use these funds to support rural microentrepreneurs in South Dakota through the establishment and capitalization of microloan revolving funds, business training, and technical assistance services. The grant will enable the organization to provide fixed-rate microloans of up to $50,000 to startup and growing rural microenterprises with 10 or fewer employees, along with complementary technical assistance tailored to microentrepreneurs' specific needs in areas such as business planning, marketing, and management.

The Rural Microentrepreneur Assistance Program is designed to foster economic development and self-sufficiency in underserved rural communities by supporting Microenterprise Development Organizations (MDOs) in delivering financial and technical resources to rural microentrepreneurs. Under this award, Grow South Dakota will expand its capacity to serve low-income individuals and Native American populations in rural South Dakota, consistent with its organizational focus on economic opportunity and community revitalization. The organization is required to maintain comprehensive loan portfolio and training records and must disburse at least one microloan within 30 days of receiving grant disbursements.