Lafayette Reporter

Sen. John Kennedy (R-La.), a member of the Small Business Committee, has joined Sen. Jeanne Shaheen (D-N.H.) in introducing the Coordinated Support for Rural Small Businesses Act.

The legislation aims to direct the Small Business Administration (SBA) to designate an Assistant Administrator for its Office of Rural Affairs and formalize cooperative efforts between the SBA and the U.S. Department of Agriculture (USDA) to enhance 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 Act would direct SBA and USDA to convene working groups with several objectives:

- 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, evaluating how cooperatives can access SBA programs.

- Collaborate on technical assistance with procurement, exporting, and innovation.

The bill text is available here.