Investing in Rural Manufacturing Act

Investing in Rural Manufacturing Act

This bill authorizes the Small Business Administration to make loans for certain costs to businesses that manufacture goods essential to critical infrastructure sectors in rural areas. Businesses that meet at least 75% of their job creation goals under such loans may receive partial loan forgiveness.

The Investing in Rural Manufacturing Act, also known as Bill 118 hr 414, is a piece of legislation introduced in the US Congress with the aim of supporting and promoting manufacturing in rural areas of the country. The bill seeks to provide funding and resources to help rural manufacturing businesses grow and thrive.

One of the key provisions of the bill is the establishment of a grant program that would provide financial assistance to rural manufacturing businesses for the purpose of expanding their operations, investing in new technologies, and creating jobs in their communities. The grants would be awarded on a competitive basis, with priority given to businesses that demonstrate a commitment to creating sustainable and high-quality jobs in rural areas.

In addition to the grant program, the Investing in Rural Manufacturing Act also includes provisions for technical assistance and training programs to help rural manufacturing businesses improve their operations and increase their competitiveness in the global marketplace. The bill also calls for the development of a national strategy for promoting rural manufacturing, with a focus on supporting small and medium-sized businesses in rural areas. Overall, the Investing in Rural Manufacturing Act is aimed at revitalizing and strengthening the manufacturing sector in rural America, with the goal of creating economic opportunities and improving the quality of life for residents of rural communities. The bill has received bipartisan support in Congress and is currently being considered for passage.