Congress has finally completed action on the 2007 Farm Bill. The legislation was vetoed by President Bush, but an override of his veto is expected. The package, (H.R. 2419, H. Rpt. 110-627) contains several small provisions that could expand Federal support for rural entrepreneurs. New research funding programs received a boost. The Agriculture and Food Research Initiative—authorized to spend up to $700 million per year—will provide competitive grants to universities and other organizations doing research in high-priority areas. Research spending for biofuels and renewable energy also receives a big boost of $1 billion in new funds. The bill funds a new $15 million Rural Entrepreneur program that will provide low cost loans (of up to $50,000) to establish small businesses in rural areas. It also authorizes a new Rural Collaborative Investment Program that will aid rural regions in developing new collaborative economic development strategies. Finally, the bill authorizes several new and existing regional development authorities. Specifically, the bill provides authorization for the Delta Regional Authority, the Northern Border Regional Economic Development Commission, the Northern Great Plains Regional Authority, the Southeast Crescent Regional Commission, and the Southwest Border Regional Commission.

Learn more about the provisions of the 2007 Farm Bill (H.R. 2419, H. Rpt. 110-627) on the US House of Representatives’ Committee on Agriculture website.

Provided by: National Dialogue on Entrepreneurship