A pair of lawmakers have introduced a measure they said seeks to expand Small Business Investment Companies (SBIC) efforts to invest in rural small businesses.
The Rural Capital Access Act, presented by Reps. Dave Joyce (R-OH) and Jared Golden (D-ME) also targets bolstering participation in the Rural Business Investment Company (RBIC) program.
“Small businesses are the lifeline of the Buckeye economy, employing more than 2.2 million Ohioans,” Joyce said. “Unfortunately, small businesses located in rural areas of our state face unique challenges in accessing capital. It’s critical that we do everything possible to ensure these businesses don’t get left behind as we work to recover from the pandemic.”
Joyce said the legislation would improve access to investment capital for rural businesses while offering opportunities for new businesses to grow regardless of location.
Officials said the SBIC program began in 1958 to provide investment capital to small businesses across the nation while the RBIC program was created in 2002 to aid rural small businesses with investment capital access.
“Small businesses are the key to rebuilding the economy and getting people back to work in rural communities like the ones I represent,” Golden said. “The Rural Capital Access Act will help rural small businesses get the capital they need to open or expand, hire more workers and contribute to their local economy. I’m proud to work across the aisle with Congressman Joyce to make progress for American small businesses.”