U.S. Sen. Shelley Moore Capito (R-WV) and U.S. Rep. John Katko (R-NY) applauded passage on Oct. 1 by the U.S. House of Representatives of their bipartisan, bicameral bill to reduce lending barriers for small businesses seeking capitalization grants through the U.S. Economic Development Administration’s (EDA) Revolving Loan Fund Program.
The Reinvigorating Lending for the Future (RLF) Act of 2020, S. 4075, which Sen. Capito sponsored in June with lead cosponsor U.S. Sen. Ben Cardin (D-MD), now heads to the president’s desk to be signed into law.
“Access to working capital is critical for small businesses right now, particularly those in rural areas and those recovering from coronavirus. This bipartisan bill works to address that issue and the red tape surrounding dispersing aid,” Sen. Capito said. “I look forward to President Trump signing it into law soon.”
Rep. Katko in June cosponsored the same-named H.R. 7388 with bill sponsor U.S. Rep. Collin Peterson (D-MN) in their chamber.
“At a time when our community continues to face significant financial uncertainty due to the COVID-19 pandemic, this legislation takes important steps to remove red tape that can often hinder accessibility of loans through this program,” said Rep. Katko. “Working with both Republicans and Democrats in Congress, I will continue to promote economic development in underserved areas and ensure programs like the Revolving Loan Fund Program are responsive to our community’s evolving needs.”