Photo credit: Jeri Rangel
Great Northern Services administers the USDA Rural Micro-Entrepreneur Assistance Program (RMAP) in Siskiyou County. The program provides access to capital to eligible businesses located in Siskiyou County that have ten or fewer full-time equivalent (FTE) employees. Each application will be considered on the basis of the company’s unique financial needs. The minimum loan amount is $10,000 and the maximum loan amount is $50,000.
Use of funds includes business acquisition, purchase or lease of real estate already improved which will be used for the location of the subject business only; refinancing of existing debt; operating capital (including license and permit fees); furniture, fixtures, supplies, inventory and equipment purchase. Interest rates are based on personal credit quality and security for the loan and vary between 6% – 10%.
All loans must be secured by collateral. Types of collateral will depend, but are not limited to the borrower’s available security, the loan amount and terms. A lien on real property is the preferred method of securitization.
Economic Development Program Manager, E. Seata Madison at 938-4115 ext 113