Senator Rosen Also Urged Appropriators to Prevent Small Business Administration from Denying Loans to Legally Operating Cannabis Small Businesses

WASHINGTON, DC – U.S. Senator Jacky Rosen (D-NV) is leading nearly two dozen of her colleagues in two letters to Senate appropriators urging them to allow nonprofit child care providers access to the same U.S. Small Business Administration (SBA) loan products as for-profit child care providers, and requesting $40 million in funding for the U.S. Department of Agriculture’s Rural Business Development Grant (RBDG) program, a $3 million increase over the prior year. Senator Rosen also sent a letter urging appropriators to include language preventing the SBA from excluding from its loan and entrepreneurship programs legally operated cannabis small businesses in Nevada and across the country.

“As you begin drafting the Fiscal Year 2023 (FY23) Financial Services and General Government Related Agencies Appropriations Bill, we respectfully request that you include report language to allow non-profit child care providers access to the same U.S. Small Business Administration (SBA) loan products as for-profit child care providers,” wrote the Senators in support of non-profit child care providers. “Access to quality, affordable child care has a direct impact on the broader workforce, especially for women. Increasing access to capital for non-profit child care providers is an important piece of the puzzle to expand the availability of high-quality child care for working families.”

“As the Subcommittee develops the Fiscal Year (FY) 2023 Agriculture, Rural Development, Food and Drug Administration, and Related Agencies Appropriations bill, we urge you to include $40 million for the USDA’s Rural Business Development Grant (RBDG) program,” wrote the Senators in support of the Rural Businesses Development Grant program. “RBDG supports the development and growth of rural small and emerging businesses with fewer than 50 employees and less than $1 million in gross revenues. This funding is especially critical now as communities across the country recover from the economic impacts of the pandemic.”

“As you begin drafting the Fiscal Year 2023 (FY23) Financial Services and General Government Related Agencies Appropriations Bill, we respectfully request that you include bill language prohibiting the U.S. Small Business Administration (SBA) from denying loan applications for the 7(a) Loan Guarantee Program, Disaster Assistance Program, Microloan Program, and 504/Certified Development Company Loan Program to legally operating cannabis small businesses in states that have legalized cannabis sale and use,” said Senator Rosen in support of legally operated cannabis small businesses. “Consequently, small businesses in states with some form of legal cannabis must choose between remaining eligible for SBA financing and support and participating in or doing business with a rapidly-growing and legal industry.”

The full text of the letter in support of non-profit child care providers can be found here.

The full text of the letter in support of the Rural Businesses Development Grant program can be found here.

The full text of the letter in support of legally operated cannabis small businesses can be found here.

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