Bill Overview
Title: Expanding Access to Capital for Rural Job Creators Act
Description: This bill requires the Advocate for Small Business Capital Formation within the Securities and Exchange Commission to report on issues encountered by rural-area small businesses.
Sponsors: Rep. Axne, Cynthia [D-IA-3]
Target Audience
Population: Rural small business owners and their employees
Estimated Size: 60000000
- The bill focuses on rural-area small businesses, indicating they are the primary target population.
- Rural areas often have smaller populations compared to urban areas, but they may have a significant number of small businesses relative to their population size.
- Globally, a large portion of the world's population resides in rural settings, and a significant portion of economic activity in many countries is generated by small businesses.
- Access to capital is a critical issue for rural businesses worldwide, and improving it could have broad effects.
Reasoning
- The policy targets rural small business owners and their employees, so the interviews should reflect a mix of these demographics.
- While the bill aims to improve conditions for small businesses, not every rural resident or business owner will experience a high impact, so there's a range of impacts represented.
- Given the budget constraints, the policy cannot significantly affect all rural small business owners, thus the impacts are more pronounced for those heavily reliant on capital access.
- The policy could have different durations of impact; for some, it might have immediate effects while for others, it might take longer for benefits to materialize.
Simulated Interviews
Farm Equipment Supplier (Iowa)
Age: 45 | Gender: female
Wellbeing Before Policy: 6
Duration of Impact: 10.0 years
Commonness: 8/20
Statement of Opinion:
- Having better access to capital would allow me to expand my product offerings and hire more staff.
- I hope it helps navigate seasonal financial challenges better.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 6 |
| Year 2 | 8 | 6 |
| Year 3 | 8 | 6 |
| Year 5 | 9 | 6 |
| Year 10 | 9 | 5 |
| Year 20 | 9 | 5 |
Organic Farmer (Kansas)
Age: 32 | Gender: male
Wellbeing Before Policy: 5
Duration of Impact: 15.0 years
Commonness: 10/20
Statement of Opinion:
- Access to capital could help invest in better equipment and organic certifications.
- I feel this policy could put rural businesses like mine on an even playing field.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 5 |
| Year 2 | 6 | 5 |
| Year 3 | 7 | 5 |
| Year 5 | 8 | 5 |
| Year 10 | 8 | 5 |
| Year 20 | 8 | 5 |
Retired (Montana)
Age: 60 | Gender: male
Wellbeing Before Policy: 7
Duration of Impact: 0.0 years
Commonness: 5/20
Statement of Opinion:
- I don't see this policy affecting me much personally as I'm retired.
- Could benefit my grandchildren if they start businesses here.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 7 |
| Year 2 | 7 | 7 |
| Year 3 | 7 | 7 |
| Year 5 | 7 | 7 |
| Year 10 | 7 | 7 |
| Year 20 | 7 | 7 |
Tech Consultant (Texas)
Age: 26 | Gender: female
Wellbeing Before Policy: 8
Duration of Impact: 0.0 years
Commonness: 15/20
Statement of Opinion:
- My job relies on digital infrastructure; this policy seems focused on more traditional businesses.
- I support rural businesses but don't see immediate benefits to my personal situation.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 8 |
| Year 2 | 8 | 8 |
| Year 3 | 8 | 8 |
| Year 5 | 8 | 8 |
| Year 10 | 8 | 8 |
| Year 20 | 8 | 8 |
Restaurant Owner (Alabama)
Age: 54 | Gender: male
Wellbeing Before Policy: 5
Duration of Impact: 10.0 years
Commonness: 12/20
Statement of Opinion:
- Access to more funds could help renovate and improve our menu.
- I'm cautiously optimistic but need to see concrete changes.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 5 |
| Year 2 | 6 | 5 |
| Year 3 | 7 | 5 |
| Year 5 | 7 | 5 |
| Year 10 | 7 | 5 |
| Year 20 | 7 | 5 |
Craft Store Owner (West Virginia)
Age: 41 | Gender: female
Wellbeing Before Policy: 6
Duration of Impact: 20.0 years
Commonness: 9/20
Statement of Opinion:
- Better capital access could help promote local events and reach broader markets.
- It might finally ease some financial pressure.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 6 |
| Year 2 | 8 | 6 |
| Year 3 | 8 | 6 |
| Year 5 | 9 | 6 |
| Year 10 | 9 | 6 |
| Year 20 | 9 | 5 |
Freelance Writer (Wyoming)
Age: 29 | Gender: other
Wellbeing Before Policy: 7
Duration of Impact: 3.0 years
Commonness: 6/20
Statement of Opinion:
- I might cover the impacts of this policy in my work, but personally, it doesn't change much for me.
- Interested in how it plays out for local businesses I report on.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 7 |
| Year 2 | 7 | 7 |
| Year 3 | 7 | 7 |
| Year 5 | 7 | 7 |
| Year 10 | 7 | 7 |
| Year 20 | 7 | 7 |
Local Craft Beverage Distributor (Maine)
Age: 39 | Gender: female
Wellbeing Before Policy: 6
Duration of Impact: 5.0 years
Commonness: 7/20
Statement of Opinion:
- Policy could lower barriers to fund expansion efforts.
- Hope it aligns well with other local development initiatives.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 6 |
| Year 2 | 7 | 6 |
| Year 3 | 8 | 6 |
| Year 5 | 8 | 6 |
| Year 10 | 8 | 6 |
| Year 20 | 7 | 5 |
B&B Owner (North Dakota)
Age: 48 | Gender: male
Wellbeing Before Policy: 6
Duration of Impact: 12.0 years
Commonness: 8/20
Statement of Opinion:
- More capital access could enhance guest experiences and increase stay durations.
- Eager to see if the policy helps in tackling slow vacation seasons.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 6 |
| Year 2 | 7 | 6 |
| Year 3 | 7 | 6 |
| Year 5 | 8 | 6 |
| Year 10 | 8 | 6 |
| Year 20 | 8 | 5 |
Florist (Georgia)
Age: 52 | Gender: female
Wellbeing Before Policy: 5
Duration of Impact: 6.0 years
Commonness: 11/20
Statement of Opinion:
- Access to reasonable loans could help maintain supply levels and expand.
- Worried about whether it will reach businesses like mine.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 5 |
| Year 2 | 6 | 5 |
| Year 3 | 6 | 5 |
| Year 5 | 6 | 5 |
| Year 10 | 5 | 5 |
| Year 20 | 5 | 5 |
Cost Estimates
Year 1: $2500000 (Low: $2000000, High: $3000000)
Year 2: $2500000 (Low: $2000000, High: $3000000)
Year 3: $2500000 (Low: $2000000, High: $3000000)
Year 5: $0 (Low: $0, High: $0)
Year 10: $0 (Low: $0, High: $0)
Year 100: $0 (Low: $0, High: $0)
Key Considerations
- The administrative focus of the bill means no direct large-scale financial spending or savings.
- The long-term success of the bill heavily depends on the actionability of the report findings and subsequent policies.
- The extent of benefit from the bill likely varies greatly among rural businesses depending on existing economic conditions and infrastructure in different areas.