The House Agriculture Committee has unanimously approved H.R. 3336, the Small Business Credit Availability Act, Congresswoman Vicky Hartzler’s bill to help small and rural businesses obtain loans and create jobs. The legislation revises the Dodd-Frank Financial Act to ensure small banks, credit unions and farm credit banks can continue to offer fixed-rate financing to small businesses.
“This revision of Dodd-Frank is essential to farmers, manufacturers, and small and rural businesses wanting to expand and create new jobs,” said Hartzler. “This is good news for these businesses which are often overlooked by large national banks and might not have access to competitive loans.”
“It is important that rural America be able to access credit in local communities without having to turn to national banks,” continued Hartzler. “This legislation is crafted in such a way that smaller lenders can keep lines of credit open so as to help businesses expand. It also contains a provision to help rural electric cooperatives continue to keep the lights on at affordable rates. It is imperative that Washington not stifle Heartland America.”
“Congress did not intend to burden farm credit and community banks, but these lenders face onerous red tape and substantial new costs under Dodd-Frank,” added Hartzler. “These small lenders will be exempted from many of the provisions of Dodd-Frank that could put small banks, credit unions, and farm credit institutions out of business.”
Having cleared the House Agriculture Committee, Hartzler’s bill is expected to move to the full House in the coming weeks.
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