Press Releases
Finstad, Craig Introduce Legislation to Boost Rural Development, Promote Rural Manufacturing
January 20, 2023
WASHINGTON, D.C. – Today, Congressman Brad Finstad (MN-01) and Congresswoman Angie Craig (MN-02) introduced the bipartisan Investing in Rural Manufacturing Act to incentivize investment in rural manufacturing through the creation of a forgivable loan program within the Small Business Administration. To qualify for the loan, a business must establish or expand its manufacturing presence in a rural area.
The legislation provides the Administrator of the Small Business Administration with enhanced lending authority to grant loans to businesses who manufacture key critical infrastructure goods in rural areas by offering partial loan forgiveness to cover payroll, permitting, and other capital costs associated with site development when long-term jobs are being generated.
“The Investing in Rural Manufacturing Act encourages the best of American manufacturing to invest in rural America by creating new, good-paying jobs in our communities,” said Rep. Finstad. “This is an opportunity to boost our local economies while expanding our manufacturing base right here at home.”
"Rural Minnesota manufacturers are critical to our regional and national economy, and our bipartisan legislation will give more rural businesses the support they need to get off the ground and create jobs. I’m proud to join Rep. Finstad to introduce the Investing in Rural Manufacturing Act, and I will continue to work across the aisle to support rural Minnesotans in Congress,” said Rep. Angie Craig.
The legislation provides the Administrator of the Small Business Administration with enhanced lending authority to grant loans to businesses who manufacture key critical infrastructure goods in rural areas by offering partial loan forgiveness to cover payroll, permitting, and other capital costs associated with site development when long-term jobs are being generated.
“The Investing in Rural Manufacturing Act encourages the best of American manufacturing to invest in rural America by creating new, good-paying jobs in our communities,” said Rep. Finstad. “This is an opportunity to boost our local economies while expanding our manufacturing base right here at home.”
"Rural Minnesota manufacturers are critical to our regional and national economy, and our bipartisan legislation will give more rural businesses the support they need to get off the ground and create jobs. I’m proud to join Rep. Finstad to introduce the Investing in Rural Manufacturing Act, and I will continue to work across the aisle to support rural Minnesotans in Congress,” said Rep. Angie Craig.
