Bipartisan Shaheen, Kennedy Legislation to Improve Support for Rural Small Businesses Advances out of Small Business Committee
(Washington, DC) – Today, bipartisan legislation co-led by U.S. Senators Jeanne Shaheen (D-NH), a senior member of the U.S. Senate Committee on Small Business and Entrepreneurship, and John Kennedy (R-LA) was advanced out of the U.S. Senate Committee on Small Business and Entrepreneurship (SBC). The Coordinated Support for Rural Small Businesses Act would direct the U.S. Small Business Administration (SBA) to designate an Assistant Administrator for its Office of Rural Affairs and codifies ongoing cooperative efforts between the SBA and the U.S. Department of Agriculture (USDA) to improve support for rural small businesses. The bill now heads to the full Senate for consideration.
“Small businesses are the backbone of rural communities but often face higher barriers to accessing federal programs and resources that would help them thrive,” said Shaheen. “I’m pleased that my colleagues on the Small Business Committee cleared the way for our bipartisan bill to increase coordination between federal agencies—bringing us one step closer to delivering more support for rural small businesses across the country.”
“Louisiana’s small businesses provide good paying jobs to folks throughout our state and support local economic growth. I’m glad to introduce this bipartisan bill to continue our investments in rural America,” said Kennedy.
To help rural small businesses, the Coordinated Support for Rural Small Businesses Act directs SBA and USDA to expand outreach to rural lenders and small businesses about agency programs and convene working groups to:
- Identify synergies among the two agencies’ loan programs.
- Assess where SBA and USDA can coordinate in delivering resources through lenders, resource partners like Small Business Development Centers (SBDCs) and others.
- Coordinate SBA’s Small Business Investment Company (SBIC) program and USDA’s Rural Business Investment Company (RBIC) program, as well as disaster recovery programs at both agencies.
- Share best practices among the two agencies, rural economic development groups and others, and evaluate how cooperatives can access SBA programs.
- Collaborate on technical assistance with procurement, exporting and innovation.
A one pager of the bill is available here.
As a former small business owner and now a top member of the Small Business and Entrepreneurship Committee, Shaheen fights for New Hampshire’s—and America’s—small businesses. During her time as Chair of the committee, Shaheen focused on addressing some of the biggest challenges small business owners face. Shaheen also leads the bipartisan Helping Small Businesses THRIVE Act with Kennedy that would direct SBA to create a new program that helps small businesses lock in the cost of commodities, like gasoline or lumber, in order to protect against the future volatile price of energy and other expenses. Shaheen also recently joined her Senate colleagues in introducing the Small Business Technological Advancement Act to help small business owners integrate digital tools into their businesses.
Shaheen is the top Democrat on the U.S. Senate Appropriations Subcommittee that oversees funding for USDA and leads efforts to ensure rural small businesses can access the resources they need. Shaheen has supported more than 230 New Hampshire small businesses who have received over $25 million to lower energy bills and cut costs through USDA’s Rural Energy for America Program. Shaheen recently visited a small business in Lisbon that is using funding she championed to make energy efficiency upgrades.
###