NRLR Update From Washington

Thanks to the leadership of Congressman Sanford Bishop (D-GA), who chairs the House Ag Appropriations Subcommittee, loan authority for the Business & Industry Loan Program will be proposed to increase from $1 Billion in FY21 to $2 Billion in FY22.

Demand is up for government guaranteed loans. A combination of the OneRD Rule and the COVID-19 Pandemic has increased demand to $2.6 Billion this fiscal year — $1 Billion in regular FY21 funding, $1 Billon in CARES funds and $600 Million in carry-over funds.

NRLR plans to lobby with the Senate Ag Appropriations Subcommittee to raise the loan authority to $3 Billion, bringing more capital and new jobs to America’s rural communities.