Sens. John Kennedy (R-La.) and Tina Smith (D-Minn.) introduced the Expanding Access to Capital for Rural Job Creators Act on January, 13 to examine problems small businesses in rural areas face when they attempt to access capital.
“Louisiana’s small business owners create jobs and strengthen rural economies. This bill takes a key step in overcoming the hurdles small businesses face in getting the capital they need to pay their bills, make payroll and meet needs in their communities,” 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.
The Expanding Access to Capital for Rural Job Creators Act would require the Securities and Exchange Commission Office of the Advocate for Small Business Capital Formation to submit an annual report on the unique challenges small businesses in rural areas face when trying to secure capital. Sufficient capital is key for starting or expanding many businesses, which expands the job market throughout rural America.
Text of the Expanding Access to Capital for Rural Job Creators Act is available here.