Submitted by United States Senator John Kennedy of Louisiana
MADISONVILLE, LA (July 26, 2024) – Senator John Kennedy (R-La.), a member of the Small Business Committee, joined Senator Jeanne Shaheen (D-N.H.) in introducing the Coordinated Support for Rural Small Businesses Act.
The legislation would direct the Small Business Administration (SBA) to designate an Assistant Administrator for its Office of Rural Affairs and codify cooperative efforts between the SBA and the U.S. Department of Agriculture (USDA) to improve support for rural small businesses.
“Louisiana’s small businesses provide good paying jobs to folks throughout our state and support local economic growth. I’m glad to introduce this bipartisan bill alongside Sen. Shaheen to continue our investments in rural America,” said Kennedy.
“Rural small business owners rely on the SBA and USDA for critical resources to run and grow their businesses. This bipartisan legislation strengthens existing programs and ensures dedicated attention to the needs of rural small business owners. In New Hampshire, our rural small businesses often overcome incredible challenges in order to grow and create jobs. I am proud to work across the aisle and take another step forward to help rural small businesses prosper,” said Shaheen.
The Coordinated Support for Rural Small Businesses Actwould direct SBA and USDA to convene working groups to:
- Identify synergies among the two agencies’ loan programs, including both large programs like 7(a) and smaller microloan programs.
- Assess where SBA and USDA can coordinate in delivering resources through lenders, resource partners like Small Business Development Centers and others.
- Coordinate SBA’s Small Business Investment Company program and USDA’s Rural Business Investment Company program.
- Share best practices among the two agencies, rural economic development groups and others, and evaluate how cooperatives can access SBA programs.
- Collaborate on technical assistance with procurement, exporting and innovation.
The bill text is available here.
