Today, the Senate Small Business and Entrepreneurship Committee, which is chaired by U.S. Senator Jeanne Shaheen (D-NH), hosted a hearing to discuss the challenges facing rural small businesses and the federal support they have received, specifically through the U.S. Department of Agriculture (USDA) and the Small Business Administration (SBA). Senator Joni Ernst (R-IA), who is the ranking member of the committee, helped lead the hearing, which included testimonies from both Deputy Secretary of Agriculture Grant Menke and First Community Bank President and CEO Verlin “Gus” Barker. In her opening remarks, Ernst said many rural small business owners in Iowa feel left behind by the current administration.
Ernst said the storms that tore through the state this year highlighted why those business owners feel that way.
Iowa Deputy Secretary of Agriculture Grant Menke said farming families in particular got hit hard by the inequities present in both the USDA and SBA loan programs, the latter of which farmers are not eligible for to begin with.
In the place of federal support, community banks have stepped up to provide loans and other support to rural businesses and farms impacted by this year’s storms. First Community Bank President and CEO Verlin “Gus” Barker said the support that can be offered by local community banks is unmatched by any other source.
For more on today’s hearing, visit sbc.senate.gov.
