Rep. Velázquez Demands Support for Rural Small Businesses and Office of Rural Affairs

Enhancing the Office of Rural Affairs

• 🎯 Legislation to enhance the Office of Rural Affairs is supported, with commendations for those committed to making it operate more effectively.
• 🔑 The office has been a priority since 2019, with efforts to ensure resources were devoted to it, as it had been largely vacant for 15 years.

Importance of Rural Small Businesses

• ⚡ Rural small businesses are identified as powerful drivers of economic growth across various sectors including agriculture, tourism, manufacturing, and energy.
• ⚠️ Despite their importance, they receive disproportionately fewer SBA loans and resources compared to their urban counterparts.

Addressing Disparities in Lending

• 📊 In FY2025, only 16% of 7A loans and 13% of 504 loans were allocated to rural areas, highlighting a significant gap.
• 📣 The legislation aims to send a message that rural America must be taken care of by lenders and companies involved in 7A and 504 loans.

Codifying a Permanent Advocate

• 🏛️ By codifying the Office of Rural Affairs, the goal is to ensure rural entrepreneurs have a permanent advocate at the SBA.
• ✅ This advocate will help entrepreneurs overcome persistent challenges they face.
• 💡 The speaker urges colleagues to vote yes, emphasizing that challenges and gaps have been identified, and now it is time to act.