WASHINGTON--(BUSINESS WIRE)--The Rural Jobs Coalition today announced that the Georgia Agribusiness and Rural Jobs Act (GARJA) was adopted by the Council of State Governments’ (CSG) Shared State Legislation (SSL) Committee. This meaningful legislation was intended to create jobs and stimulate economic expansion in rural Georgia by improving access to capital for growth-oriented small businesses.
“The Georgia Rural Jobs Act ensures that our rural areas – many of which have not recovered from the 2008 recession – receive much-needed private investment to grow small business, create jobs and drive economic expansion,“ said Georgia State Representative Jason Shaw. “It also assures accountability, results and transparency among all fund participants. With this program, we’re helping to create a better environment for rural Georgians and their families to grow and prosper, by investing in our local businesses and communities.”
The Shared State Legislation committee meets twice a year to review legislation adopted in the states, selecting legislation that offers an innovative way to address a widespread issue among states. Selected legislation is then included in the annual SSL volume and posted on the CSG website.
“Many small businesses in rural areas across the country – including Georgia – have been left with little access to the investment capital they need to grow and thrive,” said Ab Basu, executive director of the Rural Jobs Coalition. “But through legislation like the GARJA, we can encourage capital formation in rural communities before their core employers – small businesses – leave, taking good jobs away from members of the community. We are pleased to see that this legislation has been adopted by the CSG, through its Shared State Legislation program, helping other states shape their own programs.”
The Georgia program is designed as a true public-private partnership, where state-approved private sector fund managers make growth investments in rural Georgia businesses – growing jobs and creating stronger communities. Businesses must be in one or more rural Georgia counties – defined as 50,000 residents or less – and have fewer than 250 employees, ensuring only rural small businesses can participate.
The legislation also requires that all private fund managers demonstrate through a third-party economist that their proposed investments will have a positive economic impact on the state of Georgia. Tax credits awarded under the program cannot be claimed until the authorized private capital is fully invested in qualified small businesses, and credits can be recaptured by the state if a fund falls out of compliance.
About the Rural Jobs Coalition (RJC)
The Rural Jobs Coalition is a nonpartisan organization formed for small businesses by small businesses to highlight to lawmakers the message that the rural economy matters.
About the Council of State Governments (CSG)
Founded in 1933, The Council of State Governments is our nation’s only organization serving all three branches of state government. CSG is a region-based forum that fosters the exchange of insights and ideas to help state officials shape public policy. This offers unparalleled regional, national and international opportunities to network, develop leaders, collaborate and create problem-solving partnerships.
About the Shared State Legislation (SSL) Committee
The Council of State Governments' SSL program is both a member-driven process and an annual publication detailing topics of current importance to the states. The CSG SSL Committee, comprised of state officials, meets twice annually to review legislation adopted in the states. The committee then selects legislation to be included in the annual SSL volume. These volumes are published online and in print for dissemination to state leaders and staff.