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.
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.
The legislature has appropriated $497,500 per year for fiscal years starting 7-1-05 and 7-1-06 to the program.
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.
Twelve awards totaling $447,500 were made to microenterprise organizations accross the state in September, 2005.
Nebraska Department of Economic Development
P.O. Box 94666
Lincoln, NE 68509
Category: Business Incentives
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