SALT LAKE CITY, Utah (ABC4 News) – Senator Mitt Romney and other U.S. Senators introduced legislation Thursday which would enhance support for rural communities, family farms, and small businesses during the pandemic.
The Rural Equal Aid Act would provide relief to rural small businesses by expanding assistance Congress previously provided for certain existing Small Business Administration loans to Rural Development program loans within the United States Department of Agriculture.
“Small businesses and community organizations are vital to the health and livelihoods of Utah’s rural communities, and they have faced great hardship over the last several months,” Senator Romney said. “Our legislation will help them receive the support they need to keep their doors open and get through this pandemic.”
The Rural Equal Aid Act will expand subsidies to community facilities like hospitals, libraries, child care, community centers, fire stations, and town halls. The Act also will assist businesses and nonprofits a chance to expand in rural areas.
The Act will also include Intermediary Relending. These loans are no more than $250,000 made through small local intermediaries to borrowers who are unable to get credit elsewhere but need capital to expand their business.