Senate passes Kennedy bipartisan bill to help small businesses secure capital, create jobs in rural America
Sep 07 2023
WASHINGTON – Sen. John Kennedy (R-La.) today applauded the Senate’s passage of the Expanding Access to Capital for Rural Job Creators Act, which Sen. Tina Smith (D-Minn.) co-led and a bipartisan group of senators cosponsored. The legislation would help eliminate the hurdles small businesses in rural areas disproportionately face when they try to access capital.
“Louisiana depends on the jobs that small businesses create. The president should sign this important legislation when it comes to his desk so that business owners and entrepreneurs across America can access the capital they need to support rural economies,” said Kennedy.
The legislation would expand access to capital for small businesses in rural communities by amending the Securities Exchange Act of 1934. It would require the Securities and Exchange Commission for Small Business Capital Formation to submit an annual report on the unique challenges rural businesses face when trying to secure investments. Congress could, in turn, use these annual reports to weigh legislative action to expand small businesses’ access to capital.
Kennedy previously introduced the Expanding Access to Capital for Rural Job Creators Act in the 117th Congress. Accessing funding is key for entrepreneurs to start and expand their businesses while adding to the job market throughout rural America.
Sens. Gary Peters (D-Mich.), Raphael Warnock (D-Ga.), Shelley Moore Capito (R-W.Va.) and Jacky Rosen (D-Nev.) also cosponsored the legislation.
Bill text is available here.