Congressman Cuellar Expands Opportunities For Rural Small Business
Press Release
CONGRESSMAN CUELLAR EXPANDS OPPORTUNITIES FOR RURAL SMALL BUSINESSES
Last night, an amendment sponsored by Congressman Henry Cuellar passed the U.S. House of Representatives that will increase access to Small Business Administration (SBA) benefits for rural businesses. The amendment to H.R. 1332, the Small Business Lending Improvements Act of 2007, will help foster growth in rural economies.
Rep. Cuellar's amendment ensured that all rural small businesses are able to take advantage of the "Rural Lending Outreach Program" created by H.R. 1332. The program administers additional aid to small businesses in rural areas, ensuring that they are eligible for SBA benefits such as abbreviated application and documentation, as well as quick decisions on loan applications. The Cuellar amendment allows all small businesses to utilize the program regardless of their access to rural lenders.
"Rural businesses play a vital role in the communities of South Texas and across the nation. The Rural Lending Outreach Program will spur economic growth and unleash a new generation of economic development in our rural communities," said Cuellar.
The Small Business Lending Improvements Act is part of the Democrats' Innovation Agenda, designed to spur economic competitiveness and keep America at the forefront of global competition. The agenda involves partnership between the private sector and the federal government and will provide small businesses with tools to encourage entrepreneurial innovation.
"Many people think of rural businesses as only family farms. In actuality, our rural communities are ripe with opportunities for business development. By investing in our rural businesses, we will create a workforce that is dynamic and competitive," said Congressman Cuellar. "Not only will there be immediate benefits for current small business owners, but future generations will be better able to innovate and create progress."
"This bipartisan measure will make real and overdue progress for our economic community. My colleagues in the House and I are determined to enact legislation that provides real, workable solutions for the American people," said Cuellar. "The bill will now be considered by the Senate and I hope to see it move quickly through the legislative process."
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