House Passes Pappas Bipartisan Legislation to Support Rural, Small Business Owners

Washington, D.C. – Yesterday the House passed a bipartisan piece of legislation, co-led by Congressman Pappas, to support rural, small business owners. The Expanding Access to Rural Job Creators Act helps small business owners and rural entrepreneurs across New Hampshire access the capital they need. This legislation expands the purview of the Securities and Exchange Commission's (SEC) Office of the Advocate for Small Business Capital Formation to include small businesses in rural areas. Specifically, the bill would require the SEC to work on identifying and overcoming the unique challenges of rural business owners and entrepreneurs.

"I'm pleased that this bipartisan legislation aimed at helping New Hampshire's rural small businesses passed the House. Small businesses drive the Granite State's economy, but half of rural small businesses struggle to receive the capital they need," said Congressman Pappas. "By passing legislation that expands the mission of the Office of the Advocate for Small Business Capital Formation, we are requiring Washington to listen to the concerns of small business owners I hear from across New Hampshire and take action. I will continue working across the aisle to ensure our businesses have the tools and resources they need to succeed and create more good paying jobs in every corner of our state."

Small businesses across New Hampshire employ nearly 50% of the state's private workforce and generated more than 9,000 new jobs in 2016. However, rural entrepreneurs and small business owners still face unique challenges in accessing capital, and only 49% receive the full amount of the financing they seek nationally.

Congressman Pappas introduced this legislation along with Reps. Cindy Axne (D-IA), Nydia Velázquez (D-NY), Alex Mooney (R-WV), Denver Riggleman (R-VA), and John Rose (R-TN). A companion version of this legislation was also introduced in the Senate by Senators Doug Jones (D-AL) and John Kennedy (R-LA).