Senators File Legislation Aimed at Increased Rural Investment

WASHINGTON, DC – A bipartisan group of U.S. Senators has introduced legislation that would incentivize capital improvements in rural America. The Rural Capital Access Act, introduced by Senators John Thune (R-SD), Jeanne Shaheen (D-NH), and Deb Fischer (R-NE) would improve the Small Business Investment Company’s (SBIC’s) ability to invest in rural businesses and encourage greater participation in the Rural Business Investment Company (RBIC) program. The SBIC program was established in 1958 to provide investment capital to small businesses across the nation and currently serves 300 licensed operations today. The Small Business Administration (SBA) is authorized to provide up to $4 billion in federally-backed leverage each fiscal year to these SBICs to help supplement their investments in small businesses. The RBIC program was created by the 2002 Farm Bill to specifically help small businesses located in rural areas access investment capital.
(SOURCE: All Ag News)