How Rural Businesses Benefit from Investing in America
We’ve written a lot about various programs passed during the Biden administration, including the Bipartisan Infrastructure Law, the CHIPS and Science Act, and the Inflation Reduction Act (IRA). While these efforts were designed to support small businesses and communities country-wide, they’ve had a huge impact on those living in America’s most rural communities. Rural places have a unique set of needs when it comes to successful business ownership; population density is lower, commutes to retail establishments can be longer, etc. That’s why it’s so impressive that the Investing in America Agenda includes programs tailored specifically to rural spaces. Let’s walk through a few of them today.
Energy Upgrades
A lack of resources and remote locations are among the reasons rural areas face such challenges when it comes to their energy grid. To tackle this antiquated energy infrastructure, the Bipartisan Infrastructure Law provides $8.8 billion for two new Home Energy Rebate programs to be distributed to households by State Energy Offices and Indian Tribes. Additionally, it provides $3.5 billion towards the Weatherization Assistance Program (WAP), aimed at assisting low-income households in enhancing their home’s energy efficiency. The IRA also created or extended over 20 tax credits to businesses and individuals to expedite the move toward clean energy: for instance, 30 percent of the cost of installing solar panels, and up to $7,500 for households to buy an electric car.
Grant Opportunities
Accessing capital without taking on a ton of debt is something underserved communities are constantly battling with. This poses a significant challenge for small business owners looking to open operations, expand, or even get the word out through sometimes costly marketing measures. To address this, the Investing in America Act makes most of its funding opportunities grant-based. “This strategy is expected to empower entrepreneurs, fostering innovation and economic growth in regions that have traditionally struggled to attract investment,” according to BNN.com.
Regional Commissions
By investing $1.38 billion in its six federally chartered regional commissions (the Appalachian Regional Commission, Delta Regional Authority, Northern Border Regional Commission, Denali Commission, Southeast Crescent Regional Commission, and Southwest Border Regional Commission), the Bipartisan Infrastructure Law will support these commissions and their efforts to support rural business development, improved workforces, and expanded tourism.
For additional information on investments being made in rural America, check out Rural.gov. You’ll find a host of resources, news, even an informative blog—all geared toward businesses and individuals in our most rural areas.
Our expert loan consultants at ARF Financial are well versed in all things finance, and we’re here to help you navigate the complex world of small business ownership (and all the questions that come with it). Whether it’s new legislation from Washington or a hot trend in marketing, we’ve got you covered. Read up on our loan consulting team today and learn more about what makes ARF Financial your best choice in small business loans.
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