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Federal Register / Vol. 86, No. 92 / Friday, May 14, 2021 / Rules and Regulations
have received or are seeking a microloan under this program in compliance with 4280.313.
c To allow for extended opportunities for technical assistance and training, the Agency will make technical assistance-only grants to Microenterprise Development Organizations that have sources of funding other than program funds for making or facilitating microloans.

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4280.302

Definitions and abbreviations.

a General definitions. The following definitions apply to the terms used in this subpart.
Administrative expenses. Those expenses incurred by a Microenterprise Development Organization for the operation of services under this program. Not more than 10 percent of technical assistance grant funds may be used for such expenses.
Agency. USDA Rural Development, Rural Business-Cooperative Service or its successor organization.
Agricultural production. The cultivation, growing, or harvesting of plants and crops including farming, breeding, raising, feeding, or housing of livestock including ranching.
Applicant. The legal entity, also referred to as a Microenterprise Development Organization, submitting an application to participate in the program.
Application. The required forms and documentation submitted by a Microenterprise Development Organization for acceptance into the program.
Award. The written documentation, executed by the Agency after the application is approved, containing the terms and conditions for provision of financial assistance to the applicant.
Financial assistance may constitute a loan or a grant, or both.
Business incubator. An organization that provides temporary premises at below market rates, technical assistance in developing business or marketing plans, technical services, use of equipment, or other facilities or services to rural microentrepreneurs and microenterprises starting or growing a business. The business incubator may also provide access to capital through direct loans or referrals to loan programs.
Close relative. Individuals who live in the same household or who are closely related by blood, marriage, or adoption, such as a spouse, domestic partner, parent, child, sibling, aunt, uncle, grandparent, grandchild, niece, nephew, or first cousin.
Default. The condition that exists when a borrower is not in compliance
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with the promissory note, the loan and/or grant agreement, or other related documents evidencing the loan from the Agency or the Microenterprise Development Organization.
Delinquency. Failure by a Microenterprise Development Organization or microborrower to make a scheduled loan payment by the due date or within any grace period as stipulated in the promissory note and loan agreement.
Eligible project cost. The total cost of a microborrowers project for which a microloan is being sought from a microlender, less any costs identified as ineligible in 4280.323.
Facilitation of access to capital. For purposes of this program, facilitation of access to capital means assisting a client of the technical assistance only grantee in obtaining a microloan, whether or not the microloan is wholly or partially capitalized by funds provided under this program.
Federal fiscal year FY. The 12month period beginning October 1 of any given year and ending on September 30 of the following year.
Full-time equivalent employee FTE.
The Agency uses the Bureau of Labor Statistics definition of full-time jobs as its standard definition. For purposes of this program, a full-time job is a job that has at least 35 hours in a work week. As such, one full-time job with at least 35
hours in a work week equals one FTE;
two part-time jobs with combined hours of at least 35 hours in a work week equals one FTE, and three seasonal jobs equals one FTE. If an FTE calculation results in a fraction, it should be rounded up to the next whole number.
Indian tribe. Means the term as defined in 25 U.S.C. 5304e.
Loan loss reserve fund LLRF. A
deposit account that each microlender must establish and maintain in an amount equal to not less than 5 percent of the total amount owed by the microlender under this program to the Agency. This account can be used to pay any shortage in the rural microloan revolving fund caused by delinquencies or losses on microloans.
Microborrower. A microentrepreneur or microenterprise that has received loans or financial assistance from a microlender under this program in an amount of $50,000 or less.
Microenterprise. Microenterprise means:
i A sole proprietorship located in a rural area, as defined; or ii A business entity located in a rural area, as defined, with not more than 10
full-time-equivalent employees. Such businesses may include any type of legal business that meets local standards
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of decency, though certain business types may be ineligible as defined in 4280.323 Business types may also include agricultural producers provided they meet the stipulations in this definition.
Microenterprise development organization MDO. A domestic organization that is a non-profit entity;
an Indian tribe; or a public institution of higher education with loan or assistance programs for the benefit of rural microentrepreneurs and microenterprises. An MDO will:
i Provide training and technical assistance;
ii Make microloans or facilitate access to capital or other related services; and iii Have a demonstrated record of delivering services to rural microentrepreneurs, or an effective plan to develop a program to deliver services to rural microentrepreneurs.
Microentrepreneur. An owner and operator, or prospective owner and operator, of a rural microenterprise who is unable to obtain sufficient training, technical assistance, or credit other than under this section. All microentrepreneurs assisted under this regulation must be located in rural areas.
Microlender. An MDO that has been approved by the Agency for participation under this subpart to make microloans and provide an integrated program of training and technical assistance to its microborrowers and prospective microborrowers.
Microloan. A business loan of not more than $50,000 for eligible purposes to a microborrower with a fixed interest rate and a term not to exceed 10 years.
Military personnel. Individuals, regardless of rank or grade, currently in active United States military service with less than 6 months remaining in their active duty service requirement.
Nonprofit entity. An entity chartered as a nonprofit entity under State or Tribal Law.
Program. The Rural Microentrepreneur Assistance Program RMAP.
Rural Microloan Revolving Fund RMRF. An exclusive account on which the Agency will hold a first lien and from which microloans will be made by the MDO. All payments from microborrowers and reimbursements from the LLRF will be deposited into the RMRF account. Loan payments will be made to the Agency by the microlender from the RMRF.
Rural or rural area. Any area of a State not in a city or town, that has a population of more than 50,000
inhabitants, and which excludes certain
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