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Congressman Mooney Introduces The Expanding Access to Capital for Rural Job Creators Act

WASHINGTON – Congressman Alex X. Mooney, Congressman Henry Cuellar, and Congressman Chris Pappas introduced the “Expanding Access to Capital for Rural Job Creators Act” to survey the problems small businesses in rural areas face when attempting to access capital.

Access to capital is essential to the economic health and growth of rural communities. West Virginia’s small business owners create jobs and strengthen the local economy,” said Congressman Alex X. Mooney. “Rural communities face a wide variety of difficulties when it comes to getting the funding they need to launch a small business. This bill would make it easier for rural small businesses to navigate bureaucracy and grow their businesses.”

Small businesses, and the entrepreneurs behind them, are the backbone of South Texas’ economy,” said Congressman Henry Cuellar. “Rural economies like ours face unique challenges, including a lack of access to capital. I helped introduce the Expanding Access to Capital for Rural Job Creators Act to help rural small businessowners access the capital they need to start and grow their businesses. Job creation remains a priority of mine in Congress; this Act will ensure we continue to create good-paying jobs across the 28th District of Texas, and the country. I thank my colleagues, Rep. Alex Mooney and Rep. Chris Pappas, for working with me across party lines to bring federal resources to rural small businesses.”

New Hampshire’s small businesses are the backbone of our economy, but half of small businesses are unable to access the capital they need,” said Congressman Chris Pappas, a small business owner and Co-Chair of the bipartisan Small Business Caucus. “This bipartisan legislation will expand the Office of the Advocate for Small Business Capital Formation to include rural small businesses, ensure that the concerns of rural businesses are heard, and ultimately deliver New Hampshire’s rural businesses the tools and resources they need to thrive.”

Rural small businesses are vital to American communities, but they are often forgotten about in national economic policy,” said Small Business Investor Alliance (SBIA) President Brett Palmer. “We thank Reps. Mooney, Cuellar, and Pappas for championing access to capital for rural small businesses and supporting opportunity for all Americans.”

Rural small businesses often experience unique challenges obtaining capital to launch or expand their businesses. This legislation would require the Securities and Exchange Commission to submit an annual report on the capital challenges rural small businesses face and enable Congress to determine if legislative action is needed. Current law requires reports for challenges encountered by minority-owned small businesses, women-owned small businesses, and small businesses affected by natural disasters.

This bill passed the U.S. House in the 116th and 117th Congress with broad, bipartisan support.