Last night, the House of Representatives passed H.R 298, 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. I am glad the House resoundingly passed this bill which will make it easier for rural small businesses to navigate bureaucracy and grow their businesses. I hope the Senate takes up this measure promptly.”
Rep. Mooney added, “I want to thank my Democrat colleagues Rep. Henry Cuellar, Rep. Chris Pappas, and Rep. Leger Fernandez for joining me in sponsoring this legislation to support our rural small businesses.”
“Small businesses, and the entrepreneurs behind them, are the backbone of the South Texas economy,” said Congressman Henry Cuellar. “Rural economies like ours face unique challenges, including a lack of access to capital. That is why I introduced the Expanding Access to Capital for Rural Job Creators Act to help rural small business owners 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 Rep. Alex X. Mooney, Rep. Chris Pappas, and Rep. Teresa Leger Fernandez for working with me across party lines to bring federal resources to rural small businesses. I urge the Senate to swiftly consider this legislation.”
“I’m thrilled to see this legislation to help rural business owners access the capital they need pass the House in a strong bipartisan vote today,” said Congressman Chris Pappas. “New Hampshire’s small businesses are the backbone of our economy, and this legislation to expand the Office of the Advocate for Small Business Capital Formation will ensure that the concerns of rural businesses are heard. I urge the Senate to quickly take up this legislation, so we can deliver all of New Hampshire’s small businesses the tools and resources they need to thrive.”
“In New Mexico, rural businesses help our communities thrive. Small places can do big things,” said Rep. Leger Fernández. “I’m committed to helping our rural entrepreneurs access the investment and growth opportunities they need. This bill gets the government to put its money where its mouth is and level the playing field for our rural communities. Our rural workers and small business owners matter.”
“In rural areas, every small business and entrepreneur counts. They are the lifeblood of the local economy, and their success is critical to the success of their community,” said Chairman of the House Financial Services Committee, Patrick McHenry.
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.