The Altoona-Blair County Development Corp. is administering the USDA Rural Development’s Rural Microentrepreneur Assistance Program (RMAP) to help new and existing rural microentrepreneurs and microenterprises (10 or less employees). These funds are available through ABCD Corp. for companies located in Blair County.
These microloans will be utilized exclusively to support the following activities: the purchase of furniture, fixtures, equipment, supplies and inventory essential in the operations of the business, business acquisition, the purchase or lease of real estate that is already improved and will be used for the location of the business, working capital, and in certain cases debt refinancing.
The maximum lending amount under this program is $50,000 with terms ranging from 3 years for working capital loans, 7 years for FF&E and 10-15 years for real estate. The interest rate will be fixed at 4.5% for the life of the loan.
Recently, ABCD Corp. secured approval for its first loan under the RMAP program for Traficante Family Chiropractic located in Altoona, PA. The practice was approved for a $50,000 loan to be used for working capital. “This is a great new program for Blair County small businesses like Traficante Family Chiropractic to utilize,” said Barry Surma, VP of Finance & CFO of ABCD Corp.
For more information on the RMAP Micro-Lending Program please contact Barry Surma or Paul Cooney by calling 814-944-6113.
