Page:United States Statutes at Large Volume 122.djvu/1959

 12 2 STA T . 1 936PUBLIC LA W 11 0– 2 4 6 —J U NE 1 8, 2008 ‘ ‘ (A)GRANTS T O S UP PORT RURA LMIC RO E NTERPRISE D E V ELOPMENT .— ‘‘( i ) I N G ENERAL.— TheS e cr e ta r ys ha l l m a k e g ra n ts t o microenter p rise d e v elopment organi z ations to— ‘‘(I) provide training , operational s u pport, b usi - ness planning, and market development assist- ance, and other related services to rural micro- entrepreneurs and ‘‘(II) carry out such other pro j ects and activi- ties as the Secretary determines appropriate to f urther the purposes of the program. ‘‘(ii) SELECTION.—In making grants under clause (i), the Secretary shall— ‘‘(I) place an emphasis on microenterprise development organizations that serve microentre- preneurs that are located in rural areas that have suffered significant out w ard migration, as deter- mined by the Secretary; and ‘‘(II) ensure, to the ma x imum extent prac- ticable, that grant recipients include microenter- prise development organizations— ‘‘(aa) of varying sizes; and ‘‘(bb) that serve racially and ethnically diverse populations. ‘‘( B ) GRANTS TO ASSIST MICROENTREPRENEURS.— ‘‘(i) IN GENERAL.—The Secretary shall make grants to microenterprise development organizations to pro- vide marketing, management, and other technical assistance to microentrepreneurs that— ‘‘(I) received a loan from the microenterprise development organization under paragraph ( 3 ); or ‘‘(II) are seeking a loan from the microenter- prise development organization under paragraph (3). ‘‘(ii) M A X IMUM AMOUNT O F GRANT.—A microenter- prise development organization shall be eligible to receive an annual grant under this subparagraph in an amount e q ual to not more than 25 percent of the total outstanding balance of microloans made by the microenterprise development organization under para- graph (3), as of the date the grant is awarded. ‘‘( C ) ADMINISTRATIVE EXPENSES.— N ot more than 10 percent of a grant received by a microenterprise develop- ment organization for a fiscal year under this paragraph may be used to pay administrative expenses. ‘‘(c) ADMINISTRATION.— ‘‘(1) COST S H ARE.— ‘‘(A) F EDERAL SHARE.—Subject to subparagraph (B), the Federal share of the cost of a project funded under this section shall not exceed 7 5 percent. ‘‘(B) MATCHING RE Q UIREMENT.—As a condition of any grant made under this subparagraph, the Secretary shall require the microenterprise development organization to match not less than 15 percent of the total amount of the grant in the form of matching funds, indirect costs, or in-kind goods or services.

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