DOWNING’S BIPARTISAN BILL TO EXPAND CAPITAL ACCESS FOR RURAL JOB CREATORS PASSES SENATE, HEADS TO PRESIDENT’S DESK

WASHINGTON, D.C. - This week, the U.S. Senate passed H.R. 1190, Congressman Troy Downing's bipartisan Expanding Access to Capital for Rural Job Creators Act. The legislation would help rural small businesses overcome barriers to accessing capital.

The bill updates the Securities Exchange Act of 1934 by requiring the SEC's Office of the Advocate for Small Business Capital Formation to report annually on the unique challenges rural businesses face when seeking investment. These reports will give Congress better information as it considers ways to improve access to capital for rural job creators.

"Rural small businesses are essential to communities across Montana, but too many still face unnecessary barriers when trying to access capital," said Congressman Downing. "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."

"Rural small businesses shouldn't have to work twice as hard just because of their ZIP code," said Congresswoman Janelle Bynum (OR-05), the bill's co-lead. "The Senate passing this bill gets us one step closer to changing that. Rural entrepreneurs have the ideas and the hustle. They deserve a fair shot to grow them into something bigger."

Senator John Kennedy (R-LA.) led the U.S. Senate companion bill to passage.

"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 Senator Kennedy.

Read the bill HERE.

Background:

• The SEC's Office of the Advocate for Small Business Capital Formation is required to identify problems that small businesses face when securing access to capital and submit an annual report to Congress.
• Currently, the Office's list of applicable entities are minority-owned, women-owned, and disaster-stricken small businesses.
• This legislation would require the SEC's Office of the Advocate for Small Business Capital Formation to add rural small businesses to its list of applicable entities.

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