“Rural small businesses are the backbone of many communities across America, but too many face challenges accessing capital. I’m glad the Senate passed our bill to make sure Congress understands those challenges and help rural job creators grow their businesses, create jobs and serve their communities.”
WASHINGTON – Sen. John Kennedy (R-La), a member of the Senate Banking Committee, today applauded the passage of his bipartisan Expanding Access to Capital for Rural Job Creators Act, which would help rural small businesses overcome barriers to accessing capital.
“Rural small businesses are the backbone of many communities across America, but too many face challenges accessing capital. I’m glad the Senate passed our bill to make sure Congress understands those challenges and help rural job creators grow their businesses, create jobs and serve their communities,” said Kennedy.
This bill would amend the Securities Exchange Act of 1934 and expand access to capital for small businesses in rural communities. It 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 rural businesses face when trying to secure investments. These reports would help Congress to weigh legislative action to expand small businesses’ access to capital.
Sens. Shelley Moore Capito (R-W.Va.), Gary Peters (D-Mich.), Raphael Warnock (D-Ga.), Tina Smith (D-Minn.) and Pete Ricketts (R-Neb.) cosponsored the bill.
Rep. Troy Downing (R-Mont.) led the U.S. House of Representatives companion bill to passage.
“Rural small businesses are essential to communities across Montana, but too many still face unnecessary barriers when trying to access capital. I’m proud of our legislation, which will help make sure rural businesses are no longer overlooked when Congress considers how to expand access to capital and support job creation,” said Downing.
“Rural small businesses – including many in West Virginia – face challenges each and every day in accessing capital. I applaud the Senate’s passage of the Expanding Access to Capital for Rural Job Creators Act, which will help many rural West Virginians overcome barriers to growing their businesses and creating jobs,” said Capito.
“Small businesses power Minnesota’s economy, and we need to make sure they have all the tools they need to succeed. This bill will give Congress concrete recommendations of how we can best support Main Street,” said Smith.
“Small businesses are at the heart of communities across Nebraska. They drive our economy. But too often, red tape and regulations force smaller companies to compete on an unlevel playing field. This bill will make it easier for small businesses to unlock available capital to thrive and grow. It’s a win for Nebraskans, and a win for Americans everywhere,” said Ricketts.
Kennedy previously introduced the Expanding Access to Capital for Rural Job Creators Act in the 117th and 118th Congresses. The Senate passed the bill in the 118th Congress, and today’s passage marks the second consecutive Congress in which the Senate has approved the legislation.
Full text of the is Expanding Access to Capital for Rural Job Creators Act available here.