GREATER Act Growing Regional Entrepreneurship and Access To Economic Resilience Act
This legislation is anticipated to have a significant impact on rural economic landscapes by facilitating coordinated efforts to assist small businesses. The requirement for the covered officials to report on their collaborative activities within two years post-enactment aims to create accountability and transparency. Through the establishment of agreements, these federal bodies will be better equipped to align resources and strategies catering specifically to the needs of small businesses in rural areas, potentially leading to enhanced job creation and sustained economic growth.
House Bill 2728, titled the 'Growing Regional Entrepreneurship and Access To Economic Resilience Act' or 'GREATER Act', is designed to enhance support for rural entrepreneurs in specific U.S. regions, namely the Appalachian and Delta regions. The bill mandates the Small Business Administration (SBA), alongside the Appalachian Regional Commission and the Delta Regional Authority, to develop a memorandum of understanding aimed at fostering economic development through entrepreneurship. By formalizing collaboration among these federal and regional entities, the bill seeks to create a structured approach towards rural economic challenges.
While the bill has garnered support for its intentions to boost rural entrepreneurship, some stakeholders may express concerns regarding its implementation. Notably, the effectiveness of federal and regional collaboration will hinge on the commitment and resources allocated by each agency involved. Critics may also point out that without sufficient funding and active engagement from local communities, the intended benefits may not fully materialize. Furthermore, the reliance on memoranda of understanding raises questions about the enforceability of commitments made by the involved agencies, necessitating careful consideration as the bill moves forward.