Bipartisan Bill Introduced to Boost Support for Rural Small Businesses

U.S. Senators Jeanne Shaheen (D-NH) and John Kennedy (R-LA) have introduced the bipartisan Coordinated Support for Rural Small Businesses Act. This legislation directs the U.S. Small Business Administration (SBA) to designate an Assistant Administrator for its Office of Rural Affairs and formalizes ongoing cooperative efforts between the SBA and the U.S. Department of Agriculture (USDA) to enhance support for rural small businesses.

Chair Shaheen emphasized the importance of this bill, noting that rural small business owners depend on both the SBA and USDA for essential resources. The legislation aims to strengthen existing programs and ensure focused attention on the unique needs of rural small businesses. Senator Kennedy echoed this sentiment, highlighting the economic contributions of small businesses in Louisiana and the importance of continued investment in rural America.

Alan Hoskins, Chairman of The National Rural Lenders Association, praised the bill for enhancing the relationship between the SBA and USDA and improving access to credit for rural businesses.

The Coordinated Support for Rural Small Businesses Act includes several key directives:

Expanding outreach to rural lenders and small businesses about SBA and USDA programs.

Forming working groups to identify synergies between the agencies’ loan programs, such as the SBA’s 7(a) and microloan programs.

Assessing opportunities for coordination in delivering resources through lenders and resource partners like Small Business Development Centers (SBDCs).

Coordinating SBA’s Small Business Investment Company (SBIC) program with USDA’s Rural Business Investment Company (RBIC) program.

Sharing best practices among the agencies and rural economic development groups and evaluating cooperative access to SBA programs.

Collaborating on technical assistance related to procurement, exporting, and innovation.

The SBA and USDA have signed a Memorandum of Understanding to formalize their collaborative efforts, working together to find solutions to the challenges faced by rural small businesses.

Chair Shaheen has been instrumental in securing resources for rural communities in New Hampshire. Recently, she secured $6.5 million in Congressionally Directed Spending for rural development and additional funds for various projects, including a biotech entrepreneurial ecosystem and a rural home healthcare initiative. Shaheen has also supported the Northern Border Regional Commission (NBRC), securing over $4 million for economic, educational, and community development projects in rural areas across New Hampshire.

The bipartisan legislation introduced by Shaheen and Kennedy aims to provide robust support to rural small businesses, leveraging the combined resources and expertise of the SBA and USDA to foster economic growth and resilience in rural communities.

Image: Envato

This article, "Bipartisan Bill Introduced to Boost Support for Rural Small Businesses" was first published on Small Business Trends