Pappas Reintroduces Legislation to Support Rural Small Businesses
Today, Congressman Chris Pappas (NH-01), a small business owner and Co-Chair of the bipartisan Small Business Caucus, reintroduced the Expanding Access to Capital for Rural Job Creators Act alongside Representatives Alex Mooney (WV-02) and Henry Cuellar (TX-28) to examine problems small businesses in rural areas face when they attempt to access capital.
"New Hampshire's small businesses are the backbone of our economy, but half of small businesses are unable to access the capital they need," said Congressman Pappas. "This bipartisan legislation will expand the Office of the Advocate for Small Business Capital Formation to include rural small businesses, ensure that the concerns of rural businesses are heard, and ultimately deliver New Hampshire's rural businesses the tools and resources they need to thrive."
Small businesses across New Hampshire employ nearly 50% of the state's private workforce. 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. This legislation would improve their access to capital, in turn helping New Hampshire's small businesses grow and thrive. Specifically, this legislation would expand 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 and would require the SEC to work on identifying and overcoming the unique challenges of rural business owners and entrepreneurs.
“Rural small businesses are vital to American communities, but they are often forgotten about in national economic policy,” said Small Business Investor Alliance (SBIA) President Brett Palmer. “We thank Reps. Mooney, Cuellar, and Pappas for championing access to capital for rural small businesses and supporting opportunity for all Americans.”
This bill has been praised by rural business leaders in New Hampshire, and passed the U.S. House in the 116th and 117th Congress with broad, bipartisan support.