Rural microentrepreneur assistance program

Section 379E of the Consolidated Farm and Rural Development Act (7 U.S.C. 2008s) is amended— (1) in subsection (a)(4), by striking $50,000 and inserting $75,000; (2) in subsection (c)(1)(A), by striking shall not exceed 75 percent and inserting may be up to 100 percent, and a loan under this section for a project may be used to cover not more than 50 percent of any renovation, construction, or related costs of real estate improvements under the project; and (3) in subsection (d), by striking 2019 through 2023 and inserting 2027 through 2031.

Section 379E of the Consolidated Farm and Rural Development Act (7 U.S.C. 2008s) is amended— (1) in subsection (a)(4), by striking $50,000 and inserting $75,000; (2) in subsection (c)(1)(A), by striking shall not exceed 75 percent and inserting may be up to 100 percent, and a loan under this section for a project may be used to cover not more than 50 percent of any renovation, construction, or related costs of real estate improvements under the project; (3) in subsection (c)(1)(B), by inserting (or 5 percent, in the case of a microenterprise development organization serving a persistent poverty county, as determined by the Secretary) before of the total amount; and (4) in subsection (d), by striking 2019 through 2023 and inserting 2027 through 2031.