Money Buzz 03/05
Financing for rural entrepreneurs, increasing wages and more
By Jennifer Pellet •
Opinions expressed by Entrepreneur contributors are their own.
Love of Country
Entrepreneurs in rural regions may soon have a shot at a fundingwindfall. The Rural Business Investment Program (RBIP), a jointeffort of the Department of Agriculture and the SBA, seeks to makeavailable $60 million for equity investing and $3 million ingrant-funded technical assistance for businesses in small, ruralcommunities.
Under the program and the current available funding, the SBAanticipates licensing up to three VC firms as Rural BusinessInvestment Companies (RBICs) this year. Each RBIC selected willthen have up to 12 months to secure $10 million in privatefinancing, after which each is eligible to receive a commitment forup to $20 million in leverage through the RBIP. Upon licensing, anRBIC is entitled to a $1 million Operational Assistance Grant,explains the SBA's Dennis Byrne.
Continue reading this article — and all of our other premium content with Entrepreneur+
For just $5, you can get unlimited access to all Entrepreneur’s premium content. You’ll find:
- Digestible insight on how to be a better entrepreneur and leader
- Lessons for starting and growing a business from our expert network of CEOs and founders
- Meaningful content to help you make sharper decisions
- Business and life hacks to help you stay ahead of the curve
