Rep. Janelle Bynum introduces bipartisan bill focused on helping rural small businesses find funding

BEND, Ore. (KTVZ) -- Rep. Janelle Bynum, D-Ore., has introduced a bill that would require the SEC to annually report on the issues "rural small businesses" face when trying to acquire capital.

The report currently only requires the SEC to report on businesses stricken by a natural disaster or owned by a woman or a member of a minority.

Bynum, who represents many areas of Central Oregon, introduced the "Expanding Access to Capital for Rural Job Creators Act", which has so far garnered support from four Democrats and eight Republicans.

According to Bynum, accessing capital is one of the hardest obstacles rural small businesses have to overcome.

Her new bill aims to change a technicality in how the Securities and Exchange Commission (SEC) files an annual report to Congress on the issues small businesses face when trying to find funding.

Right now, that report, by law, only includes small businesses that are either, women-owned, minority-owned, or stricken by a natural disaster. Bynum's bill would change this to also include rural small businesses.

Bynum tells KTVZ News she believes the annual reports will create awareness and give Congress the information it needs to create change.

Knowing where rural small businesses go to acquire capital, whether it be a local bank, credit union, or online, it's information that can help Congress navigate the challenges these types of businesses face, according to Bynum.

So why weren't rural small businesses included in these reports in the first place? According to Bynum, it's because nobody advocated for them in the past: "If you're not in the population center, if you're not with the cool kids and sometimes people don't see you, they don't think you exist."

With Republicans and Democrats already sponsoring the bill, Bynum is hopeful it will pass, adding, "As much as you might read in the media or see on TV, there are glimmers of hope."