On December 8, U.S. Senator Roger Wicker (R-MS) unveiled bipartisan legislation that would invest $ 250 million annually in a new five-year federal grant program to support economic development in low-income, rural and rural communities. minority in the United States.
âThe coronavirus pandemic has hit small businesses in local communities across the country,â said Senator Wicker, a senior member of the U.S. Senate Commerce, Science and Transportation Committee. âThis legislation would support the economic development of main streets in small towns in America and Mississippi.
âIt would also empower rural, low-income and minority-owned businesses through direct funding and technical assistance,â he added.
The Revitalizing Small and Local Businesses Act, S. 3340, which Senator Wicker co-sponsored alongside the bill’s sponsor, U.S. Senator Alex Padilla (D-CA), would create a new competitive grant program through the ‘Economic Development Administration (EDA) for nonprofits, district businesses and Main Street organizations that provide assistance to small businesses in urban and rural communities, according to a summary of the bill provided by the legislators.
If enacted, S. 3340 would authorize $ 250 million for the grant program over the next five years to fund community initiatives to help small businesses identify resources and develop skills to retain and create jobs, says the summary.
In addition, the bill would require national nonprofits applying for grants to work with local nonprofit or public partners and economic development partners, according to the summary.
Several state and national business leaders have endorsed S. 3340, including Brantley Snipes, executive director of Main Street Greenwood; David Jackson, Executive Director of Delta Housing Development Corp .; and Marla Bilonick, President and CEO of the National Association of Latino Community Builders.
Section 3340 has been referred for review to the United States Senate Committee on the Environment and Public Works.