The Nebraska Department of Economic Development (DED) has opened applications for the Microenterprise Lending Assistance Program.
Donor Name: Nebraska Department of Economic Development
State: Nebraska
County: All Counties
Type of Grant: Grant
Deadline: 12/01/2022
Size of the Grant: $500,000
Details:
The purpose of the microenterprise assistance program is to encourage and support the transfer of Nebraska-based technology and innovation in rural and urban areas of Nebraska in order to create high growth, high technology businesses and to enhance creation of wealth and quality jobs.
Eligible Projects/Priority Projects
Eligible projects include funding for a Revolving Loan Fund to make loans to eligible micro-enterprises in distressed areas. Other financing mechanisms administered by the applicant micro-loan delivery organization programs may be approved by the Department on a project-by-project basis.
Priority will be given to applicants that:
- Have previous experience and a successful track record as an organization in providing loans to microenterprises;
- At least one key staff person demonstrates previous experience and a successful track record in providing loans to microenterprises;
- Demonstrate the Micro-lending Fund will result in filling a financing gap that is both needed and that microenterprises are interested in accessing.
Funding Amount
The Department commits a maximum of $500,000 per year for the next two years to be awarded to micro-loan delivery organizations. The minimum grant amount per project is $200,000. No more than $20,000 or 5% of the total Micro-lending grant, whichever is lesser, may be used for general administration (operating) costs of the micro-loan delivery organization.
Criteria
Eligible Applicants:
- Eligible applicants include Nebraska-based non-profit organizations located within the State of Nebraska. Such applicants must demonstrate that the organization and at least one key staff member has at least five (5) years of experience as a lender, preferably lending to micro-enterprises in Nebraska.
- Eligible applicants must qualify as micro-loan delivery organizations that have Internal Revenue Service (IRS) designation as a 501(c)(3) or submit verification from an Attorney that the applicant operates as a 501(c)(4) or 501(c)(6) organization. All applicants must have a current Certificate of Good Standing from the Secretary of State at the time of application.
For more information, visit Microenterprise Assistance Program.