IL U.S. House District 13 - Rodney Davis issued the following announcement on Mar. 9.
U.S. Representative Rodney Davis (R-IL) has introduced the Rural Investment in America Act, legislation that creates a loan program to incentivize new investments and jobs in rural America.
“The past few years have shown us just how important it is to make our economy more independent from China,” said Rep. Davis. “If we are serious about making more goods in America and protecting our economy from Chinese supply chain threats, we need to step up and do something about it. The ‘Rural Investment in America Act’ encourages manufacturers to invest in rural America and create good-paying jobs. My legislation will help make the goods we need most right here in Illinois and elsewhere across our country so we can protect our economy from foreign threats.”
H.R. 6975, the Rural Investment in America Act, would provide enhanced lending authority to the Small Business Administration (SBA) to provide loans to businesses who manufacture key critical infrastructure goods in rural industrial parks in the United States by offering partial loan forgiveness to cover payroll, permitting, and other capital costs associated with site development when long-term jobs are created in these areas.
To qualify for the program, a business must establish a new presence in a rural area industrial park or expand an existing site in such area that manufactures critical infrastructure goods. An applicant becomes eligible for loan forgiveness when they meet 75 percent or more of their job creation goals within their comprehensive business plan submitted to the SBA within 5 years of loan origination, and upon determination that these funds were used properly.
Industrial parks in the 13th District include Taylorville and Litchfield.
This legislation builds on Rep. Davis’ work to manufacture more goods in America and solve the supply chain crisis exacerbated by the Biden Administration’s tax and spend policies that are driving inflation and high costs. In December, Rep. Davis introduced the Critical Infrastructure Manufacturing Feasibility Act, which seeks to identify how supply chain issues can be mitigated and how more goods, along with jobs, can be created in America. That legislation passed the House in February.
Original source can be found here.