Iowa Congresswoman Cindy Axne says a bill that passed by a large margin in the U.S. House will would ensure financial resources are available to grow small businesses.
“Rural entrepreneurs have a tougher go at accessing capital than folks starting up businesses in our urban areas,” Axne says. “As a matter of fact, that’s what the data shows. According to surveys of businesses led by the Federal Reserve Bank, rural small businesses are less likely to grow than their urban counterparts, and nearly half of rural small businesses show sufficient financing.”
The West Des Moines Democrat says the bill would also ensure rural entrepreneurs and small business owners have a seat at the table as federal policy makers consider new rules that govern investment and capital. “So, it sets rural entrepreneurs aside for a special understanding of how their businesses operate, so we hope that we’re going to have better tax rates, policies, etc., that can help rural businesses access capital,” according to Axne.
Axne, a member of the House Financial Services Committee, says there are several business in the Third Congressional District she represents that are facing these challenges. She says getting enough young workers is another obstacle. “A lot of your people want to be entrepreneurs,” she says. “So, we’re having a harder time retaining people in our rural areas. One of the other difficulties is infrastructure with broadband, and infrastructure in general. So, those are all issues that rural entrepreneurs face.”
The Expanding Access to Capital for Rural Job Creators Act passed on a 413-to-7 vote. Congressional delegations from Iowa, Nebraska and Missouri supported the bill. Democrat Doug Jones of Alabama and Republican John Kennedy of Louisiana have introduced a companion version in the U.S. Senate.
(By Mike Peterson, KMA, Shenandoah)