Pappas’s Legislation to Support Rural Small Businesses Passes House
Today, Congressman Chris Pappas (NH-01), a small business owner and Co-Chair of the bipartisan Small Business Caucus, released the following statement after his Expanding Access to Capital for Rural Job Creators Act passed the House. His bipartisan legislation would examine problems small businesses in rural areas face when they attempt to access capital.
"I’m thrilled to see this legislation to help rural business owners access the capital they need pass the House in a strong bipartisan vote today,” said Congressman Chris Pappas. “New Hampshire's small businesses are the backbone of our economy, and this legislation to expand the Office of the Advocate for Small Business Capital Formation will ensure that the concerns of rural businesses are heard. I urge the Senate to quickly take up this legislation, so we can deliver all of New Hampshire’s small 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.
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.