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: Sen. Kennedy, John [R-LA]
Target Audience
Population: People living in rural areas reliant on local small businesses
Estimated Size: 57000000
- The bill focuses on rural-area small businesses, indicating an impact primarily on those who own or operate such businesses.
- Small business capital formation is crucial for job creation and economic development in rural areas.
- Rural areas often face unique challenges such as limited access to capital, fewer financial services, and lower population density, making this bill relevant to overcoming those challenges.
- The Advocate for Small Business Capital Formation will help identify and report on these challenges, potentially influencing policy solutions and funding allocations.
Reasoning
- The policy appears to target rural small businesses, suggesting the impact will be most felt by business owners and their employees in these areas.
- Given the budget, the policy's reach will need to be carefully managed to ensure as widespread an impact as possible within rural communities.
- While the core impact will be financial and business-oriented, personal and community wellbeing could be significantly affected by changes in employment and economic stability.
- It's important to include perspectives from those not directly owning businesses to gauge trickle-down effects.
Simulated Interviews
Farm Shop Owner (Iowa)
Age: 45 | Gender: male
Wellbeing Before Policy: 6
Duration of Impact: 10.0 years
Commonness: 12/20
Statement of Opinion:
- I'm hopeful this policy can make getting loans easier, which would help us upgrade our equipment and hire more workers.
- If they can streamline reporting, it'd make a big difference for us.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 6 |
| Year 2 | 8 | 6 |
| Year 3 | 8 | 5 |
| Year 5 | 8 | 6 |
| Year 10 | 9 | 5 |
| Year 20 | 8 | 5 |
Entrepreneur (Texas)
Age: 34 | Gender: female
Wellbeing Before Policy: 5
Duration of Impact: 5.0 years
Commonness: 10/20
Statement of Opinion:
- More access to capital would help us expand into new markets.
- Currently, our growth is limited by how much we can afford to innovate.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 5 |
| Year 2 | 7 | 5 |
| Year 3 | 7 | 5 |
| Year 5 | 8 | 5 |
| Year 10 | 7 | 5 |
| Year 20 | 6 | 5 |
Retail Store Manager (Montana)
Age: 29 | Gender: other
Wellbeing Before Policy: 7
Duration of Impact: 3.0 years
Commonness: 15/20
Statement of Opinion:
- If our suppliers can access more capital, it might help reduce costs.
- It seems more aimed at business owners rather than employees like me.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 7 |
| Year 2 | 7 | 6 |
| Year 3 | 7 | 6 |
| Year 5 | 6 | 5 |
| Year 10 | 6 | 5 |
| Year 20 | 5 | 5 |
Cattle Rancher (Nebraska)
Age: 52 | Gender: male
Wellbeing Before Policy: 6
Duration of Impact: 10.0 years
Commonness: 8/20
Statement of Opinion:
- I think this could stabilize some financial unpredictability we face.
- With easier funding, we could better secure necessary resources.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 6 |
| Year 2 | 7 | 6 |
| Year 3 | 7 | 6 |
| Year 5 | 8 | 6 |
| Year 10 | 8 | 5 |
| Year 20 | 7 | 5 |
Retired (Alabama)
Age: 65 | Gender: female
Wellbeing Before Policy: 6
Duration of Impact: 0.0 years
Commonness: 18/20
Statement of Opinion:
- I don't see this affecting me directly, but perhaps it could help my children find better job opportunities here.
- Making rural life more sustainable is important to me.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 6 |
| Year 2 | 6 | 6 |
| Year 3 | 6 | 6 |
| Year 5 | 6 | 6 |
| Year 10 | 6 | 6 |
| Year 20 | 6 | 6 |
Construction Business Owner (Kentucky)
Age: 40 | Gender: male
Wellbeing Before Policy: 5
Duration of Impact: 8.0 years
Commonness: 8/20
Statement of Opinion:
- If the policy really opens more doors for funding, it could allow us to grow much faster.
- Navigating the current financing options is a real challenge.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 5 |
| Year 2 | 7 | 5 |
| Year 3 | 8 | 5 |
| Year 5 | 8 | 4 |
| Year 10 | 7 | 5 |
| Year 20 | 6 | 5 |
Independent Consultant (Maine)
Age: 60 | Gender: female
Wellbeing Before Policy: 7
Duration of Impact: 5.0 years
Commonness: 9/20
Statement of Opinion:
- This could make my work more impactful as better funding could allow real sustainability improvements for my clients.
- Hopefully, it won't just be a report, but lead to actionable steps.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 7 |
| Year 2 | 8 | 6 |
| Year 3 | 8 | 6 |
| Year 5 | 8 | 6 |
| Year 10 | 7 | 5 |
| Year 20 | 6 | 5 |
Small Business Investor (Georgia)
Age: 50 | Gender: male
Wellbeing Before Policy: 7
Duration of Impact: 7.0 years
Commonness: 5/20
Statement of Opinion:
- This policy might increase the viability of more investment opportunities.
- My concern is that policy recommendations take too long to implement.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 7 |
| Year 2 | 7 | 7 |
| Year 3 | 8 | 7 |
| Year 5 | 8 | 6 |
| Year 10 | 8 | 6 |
| Year 20 | 7 | 5 |
High School Teacher (Tennessee)
Age: 28 | Gender: female
Wellbeing Before Policy: 7
Duration of Impact: 3.0 years
Commonness: 12/20
Statement of Opinion:
- I teach about these types of policies, so it's interesting to see economic theories potentially coming to life around us.
- Not likely to change my personal circumstances, but impacts the curriculum.
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 | 6 |
| Year 10 | 7 | 6 |
| Year 20 | 6 | 5 |
Community Outreach Coordinator (New Mexico)
Age: 48 | Gender: male
Wellbeing Before Policy: 6
Duration of Impact: 5.0 years
Commonness: 10/20
Statement of Opinion:
- This could highlight and hopefully address some issues we continuously face.
- If businesses thrive, it might reinforce community programs as well.
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 | 7 | 6 |
| Year 10 | 7 | 5 |
| Year 20 | 6 | 5 |
Cost Estimates
Year 1: $8000000 (Low: $6000000, High: $10000000)
Year 2: $8120000 (Low: $6100000, High: $10200000)
Year 3: $8240000 (Low: $6200000, High: $10400000)
Year 5: $8480000 (Low: $6400000, High: $10800000)
Year 10: $8960000 (Low: $6800000, High: $11400000)
Year 100: $16000000 (Low: $13000000, High: $19000000)
Key Considerations
- SEC's ability to effectively gather and analyze data for identifying rural business challenges.
- The actual impact on rural economies depends on the effective implementation and follow-up of report findings.
- Long-term economic benefits can't be guaranteed solely by the report, as succeeding policy actions are crucial.