Did you know that 99% of businesses in Iowa are small businesses and that these small businesses employee half of Iowa’s work force?
But there’s a problem ➡️ These mostly rural small businesses have reported finding it difficult to secure enough capital to kickstart their operations. With inflation driving costs up, I’m working to ensure that these job creators have the support they need.
Here’s my bipartisan solution ➡️ I just introduced the Rural Microentrepreneur Assistance Act to help these small businesses cut through burdensome red tape. My bill improves a USDA loan program intended to support rural small businesses by:
- Adjusting the loan limit based on inflation
- Empowering small businesses to use the loans for start-up costs, including construction or retail needs
- Removing a burdensome rule that required businesses to find a second funding source
Bottom line ➡️ I will never stop championing Iowa’s small businesses. This legislation is a strong step forward as we work to connect small businesses in our rural communities with opportunities to grow, expand, and reach their full potential.