Business Incentives

Microenterprise Development Fund Enhancement

Also part of the economic development package is the Microenterprise Development Fund Enhancement, which doubles the total support for technical assistance and loans for microenterprises to $500,000.

Purpose:

To assure that micro businesses realize the full potential to create jobs, enhance entrepreneurial skills and activities, and increase low-income households' capacity to become self-sufficient; and to facilitate the development of a permanent, statewide infrastructure of microlending support organizations.

Funding:

The legislature has appropriated $497,500 per year for fiscal years starting 7-1-05 and 7-1-06 to the program.

Leverage:

The act authorizes the Nebraska Department of Economic Development (DED) to contract implementation to astatewide microlending support organization provided that theorganization matches LB 327 funds. A second "tier" of matching is required by microlending delivery organizations.

DED currently contracts the Nebraska Microenterprise Partnership Fund to administer the program.

Awards:

Twelve awards totaling $447,500 were made to microenterprise organizations accross the state in September, 2005.

Contacts

Nebraska Department of Economic Development

P.O. Box 94666
Lincoln, NE 68509

Category: Business Incentives

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