Friday, May 24, 2024

Kennedy, bipartisan group introduce bill to help small businesses secure capital, create jobs in rural America ­

by BIZ Magazine

WASHINGTON – Sen. John Kennedy (R-La.), Sen. Tina Smith (D-Minn.) and a bipartisan group of senators today introduced the Expanding Access to Capital for Rural Job Creators Act to help eliminate hurdles small businesses in rural areas disproportionately face when they try to access capital.

“Small businesses are vital to job creation in Louisiana’s rural communities. This bill would help these business owners and entrepreneurs get the capital they need to get their businesses off the ground, and that serves their local economies,” said Kennedy.

“Access to capital is essential to the economic health and growth of rural communities in Minnesota and across the country. Rural small businesses often face disproportionate obstacles when trying to secure capital to develop and grow their businesses. This legislation would help rural small businesses overcome these hurdles and strengthen our rural economies,” said Smith.

This legislation would expand access to capital for small businesses in rural communities by amending the Securities Exchange Act of 1934. It would require the Securities and Exchange Commission for Small Business Capital Formation to submit an annual report on the unique challenges rural businesses face when trying to secure investments. Congress could, in turn, use these annual reports to weigh legislative action to expand small businesses’ access to capital.

Kennedy previously introduced the Expanding Access to Capital for Rural Job Creators Act in the 117th Congress. Starting and expanding many businesses hinges on accessing funding, and growing businesses expands the job market throughout rural America.

Sens. Gary Peters (D-Mich.), Raphael Warnock (D-Ga.), Shelley Moore Capito (R-W.Va.) and Jacky Rosen (D-Nev.) also cosponsored the legislation.

Bill text is available here.

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