WASHINGTON, D.C. – Today, Congressman Brad Finstad (MN-01) and Congresswoman Michelle Fischbach (MN-07) introduced the Investing in Rural America Act, legislation that would provide critical capital resources to rural communities through improvements to the Community Facilities Loan and Grant Program. Reps. Donald Davis (NC-01) and Yadira Caraveo (CO-08) are also original cosponsors of the bill. 

“With the help of Farm Credit Institutions, rural areas are able to access critical resources that help their communities thrive,” said Rep. Finstad. “Right here in the First District, state-of-the-art facilities like Lakeview Methodist Health Care Center were made possible because of financing through partnerships with Farm Credit Institutions. The Investing in Rural America Act will strengthen these institutions’ ability to partner with local lenders in providing capital to rural areas and bring increased investment to community facilities, like Lakeview, that serve the entire southern Minnesota region.” 

"Rural communities across the country are struggling to retain population, much less attract future generations. One way Congress can support them is by eliminating unnecessary regulatory barriers to capital investment, particularly on critical community facilities like hospitals, childcare centers, and senior care centers," said Rep. Fischbach. "I am proud to introduce the Investing in Rural America Act to attract private sector investment in these kinds of facilities, strengthening our rural communities and encouraging future generations to see them as home." 

“Seniors needing long-term skilled nursing care in Fairmont and greater Martin County now have a beautiful, modern, inviting, gracious space in which to live and receive nursing care,” said Deb Barnes, Adm./CEO, Lakeview Methodist Health Care Center. “Elegant sitting rooms graced with fireplaces, a large state of the art therapy room, gift shop and café make this new building a phenomenal place, and it is all due to Farm Credit’s recognition of our need and willingness to fund that need. Seniors here for decades to come will benefit from their outreach.” 

“Compeer Financial applauds Congressman Finstad for introducing the Invest in Rural America Act,” said Jase Wagner, President and CEO of Compeer Financial, a Farm Credit cooperative serving portions of Minnesota, Illinois, and Wisconsin. “Farm Credit System lending institutions such as Compeer Financial have the knowledge and resources to help communities overcome barriers to modern health care, public safety, childcare and other essential community facilities. Farm Credit, local banks, and USDA Rural Development have strengths that complement each other. They also share a common goal for rural communities – to do what they can to help them thrive. This legislation would provide the opportunity to work together to help finance the restoration of essential rural facilities.” 

"We thank Reps. Michelle Fischbach, Don Davis, Brad Finstad, and Yadira Caraveo for their commitment to rural communities and for introducing the Investing in Rural America Act," said Farm Credit Council president and CEO Todd Van Hoose. "This legislation ensures that Farm Credit, community banks and other lenders can continue to partner to ensure credit is readily available for rural hospitals, childcare centers, education and other essential rural community facilities. We look forward to working with Reps. Fischbach, Davis and Finstad and other members of the agriculture committee to have this commonsense legislation included in the upcoming Farm Bill."

Background: 

The Investing in Rural America Act encourages investment in rural communities by: 

• Restoring and codifying farm credit institutions' eligibility to finance essential rural facilities in partnership with local lenders and the U.S. Department of Agriculture's Community Facilities Loan and Grant Program,
• Placing explicit guardrails around FCI's authorities in financing essential community facilities, including a requirement to offer participation with at least one non-FCI lending institution on any potential project, and
• Requiring a report to Congress on the projects undertaken by FCIs, including the partnerships established between lending institutions for such projects.

This bill has the support of the Farm Credit Council, National Council of Farmer Cooperatives, National Association of Counties, National Rural Health Association, American Psychological Association, National Farmers Union, National Association of Community Health Centers, American Academy of Family Physicians, National Grange, and AgCountry Farm Credit Services.