Loeffler Seeks to Help Rural Small Businesses Access Loans

Also Urges Administration to Eliminate Payment Limits for Farmers, Ranchers

ATLANTA, GA – U.S. Senator Kelly Loeffler (R-Ga.) today asked the Small Business Administration (SBA) to take action to help rural small businesses access loans through the Paycheck Protection Program (PPP), provided by the Coronavirus Aid, Recovery and Economic Stability (CARES) Act.
 
Loeffler asked SBA Administrator Jovita Carranza first to extend lending authority to qualified United States Department of Agriculture (USDA) approved banks, who often work closely with rural businesses, and secondly approve new lenders, including nonbank lenders, to give small businesses more options to access loans.
 
“America’s rural community is in desperate need of access to capital lending. Based on my conversations with rural lenders in Georgia, many banks remain unable to process and extend PPP funding because they are not currently recognized by SBA as an approved lender,” Loeffler wrote. “This leaves a great many rural businesses lacking in viable options for relief during this trying time. This issue is further compounded by geographical limitations physically keeping rural businesses from accessing other banks or lending opportunities. For rural businesses able to overcome these barriers, many banks are forced through statute or businesses policy to prioritize existing relationships, once again leaving rural businesses without viable options.”
 
The full text of the letter is available here.
 
Loeffler also joined 27 other senators in sending a letter to President Trump urging him to eliminate payment limits for livestock, dairy and specialty crop producers in the Coronavirus Food Assistance Program (CFAP). The letter is available here. 
 
Loeffler previously has sent additional letters on behalf of rural Georgians, including asking for additional clarity on the PPP program for farmers and a letter to USDA Secretary Perdue urging him to support Georgia specialty crop farmers who have been hurt by COVID-19. Loeffler also joined letters asking USDA to ensure timely economic relief for cotton farmers, blueberry farmers and cattle producers.