Arkansas Lawmakers Ask Small Business Administration to Maintain Vital Program for Family Poultry Farms
Nov 20 2018
WASHINGTON – U.S. Senators John Boozman and Tom Cotton along with U.S. Representatives Rick Crawford, French Hill, Steve Womack and Bruce Westerman pressed the U.S. Small Business Administration (SBA) to reverse a proposed rule that would harm Arkansas poultry farmers’ ability to access vital funding for their operations.
The delegation sent a letter to SBA Administrator Linda McMahon urging the agency to revise the proposed rule, which if implemented would impose unworkable eligibility requirements on poultry farmers who rely on SBA’s 7(a) loan program. The 7(a) program provides loan guarantees to assist small businesses in obtaining credit.
“Poultry is the largest segment of Arkansas's agricultural industry, creating and supporting over 150,000 jobs including thousands of family farms. Access to capital is one of the most significant barriers to entry for farming, which is why Congress specifically included agriculture in the SBA's mandate. This proposed rule would jeopardize the livelihood of thousands of small family farms and small businesses across Arkansas,” the lawmakers wrote.
To view the full text of the letter sent to the Small Business Administrator, click here.