US Congressman representing Iowa’s Third District Zach Nunn has put together legislation to help rural small businesses. 

The bill introduced is called “The Rural Microentrepreneur Act,” which will work to remove limits  on the loans and grants that the US Department of Agriculture (USDA) Rural Microentrepreneur Assistance Program provides and ensure the program can fully support rural small businesses. He explains what this legislation is all about. 

“An inflation adjustment to the maximum loan limit, allowing a small business to get the financing they need. It would also empower small businesses to use these loans for real estate or construction costs, actual tangible things that are going to make a huge impact in our community. And last, it would eliminate the requirement that’s currently there at the USDA that loans be 75-percent less of overall cost. This would actually make them available for folks who need it up to 100-percent of the cost so they could get it done. And with the farm bill negotiations ongoing, I’ve made this a priority to support the investment in our communities.”

Nunn says that currently the USDA Rural Microentrepreneur Assistance Program only allows loans that are limited to 75-percent of the small business project cost up to $50,000. He says the loans are only restricted to certain start-up costs like new equipment and facility improvements. He notes this bill has bipartisan support from representative Angie Craig from Minnesota.