U.S. Rep Chris Pappas

WASHINGTON, D.C. – This week U.S. Chris Pappas (NH-01) and Congressman Troy Downing (MT-02) reintroduced the Expanding Access to Capital for Rural Job Creators Act. This bipartisan legislation would require the Securities and Exchange Commission’s (SEC) Office of the Advocate for Small Business Capital Formation to report on capital access issues faced by rural small businesses.

“Ninety-nine percent of New Hampshire businesses are small businesses, but half of them are unable to access the capital they need to grow,” said Congressman Pappas. “This bipartisan legislation would expand the Office of the Advocate for Small Business Capital Formation to include rural small businesses, ensuring their concerns are heard and delivering the tools and resources they need to thrive. The House has worked in a bipartisan fashion to pass this bill several times now, and I will work with my colleagues to do so once again. I urge the Senate to do the same.”

“Small businesses are the backbone of our economy and the focal point of many of the rural communities that I represent,” said Congressman Downing. “This bill directs critical research and resources to a category of businesses that have been overlooked for far too long. I look forward to getting this overdue legislation across the finish line.”

Small businesses across New Hampshire employ nearly 50% of the state’s private workforce. However, rural entrepreneurs and small business owners still face unique challenges in accessing capital, and only 49% receive the full amount of the financing they seek nationally. This legislation would improve their access to capital, in turn helping New Hampshire’s small businesses grow and thrive. Specifically, this legislation would expand the purview of the Securities and Exchange Commission’s (SEC) Office of the Advocate for Small Business Capital Formation to include small businesses in rural areas, and would require the SEC to work on identifying and overcoming the unique challenges of rural business owners and entrepreneurs.

This bill has been praised by rural business leaders in New Hampshire, and passed the U.S. House in the 116th, 117th, and 118th Congress with broad, bipartisan support.