12 2 STA T . 11 73PUBLIC LA W 11 0– 23 4—M A Y 22 , 200 8SEC.602 2. RU R ALMI CR O E NT RE P RENEUR ASSISTANCE PRO G RAM. Subti t leDof t h e C o ns oli da ted F a rm and R ural De v elo p ment Ac t (7U. S.C. 198 1etse q . ) is amended b y addin g at the end the follo w ing
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‘SEC. 379 E. RURAL MICROENTREPRENEUR ASSISTANCE PROGRAM. ‘ ‘(a) D EFIN I T I O N S . —I n this section: ‘‘(1) IN D I A NT R I B E.— T he term ‘Indian tribe ’ has the meaning given the term in section 4 of the Indian Self - Determination and E ducation Assistance Act ( 25 U.S.C. 45 0 b). ‘‘(2) M I C ROENTRE P RENE U R.—The term ‘microentrepreneur’ means an owner and operator , or prospective owner and oper- ator, of a rural microenterprise who is unable to obtain suffi- cient training, technical assistance, or credit other than under this section, as determined by the Secretary. ‘‘( 3 ) MICROENTERPRISE DE V E L OP M ENT OR G ANI Z ATION.—The term ‘microenterprise development organi z ation’ means an organization that— ‘‘(A) is— ‘‘(i) a nonprofit entity
‘‘(ii) an Indian tribe, the tribal government of which certifies to the Secretary that— ‘‘(I) no microenterprise development organiza- tion serves the Indian tribe; and ‘‘(II) no rural microentrepreneur assistance program e x ists under the j urisdiction of the Indian tribe; or ‘‘(iii) a public institution of higher education; ‘‘( B ) provides training and technical assistance to rural microentrepreneurs; ‘‘(C) facilitates access to capital or another service described in subsection (b) for rural microenterprises; and ‘‘(D) has a demonstrated record of delivering services to rural microentrepreneurs, or an effective plan to develop a program to deliver services to rural microentrepreneurs, as determined by the Secretary. ‘‘(4) MICROLOAN.—The term ‘microloan’ means a business loan of not more than $ 50,000 that is provided to a rural microenterprise. ‘‘(5) P ROGRAM.—The term ‘program’ means the rural micro- entrepreneur assistance program established under subsection (b). ‘‘( 6 ) RURAL MICROENTERPRISE.—The term ‘rural microenter- prise’ means— ‘‘(A) a sole proprietorship located in a rural area; or ‘‘(B) a business entity with not more than 10 full- time-equivalent employees located in a rural area. ‘‘(b) RURAL MICROENTREPRENEUR ASSISTANCE PROGRAM.— ‘‘(1) ESTABLIS H MENT.—The Secretary shall establish a rural microentrepreneur assistance program to provide loans and grants to support microentrepreneurs in the development and ongoing success of rural microenterprises. ‘‘(2) PURPOSE.—The purpose of the program is to provide microentrepreneurs with— ‘‘(A) the s k ills necessary to establish new rural micro- enterprises; and 7USC20 0 8s.
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