The Rural Innovation and Small Business Expansion Act requires the Small Business Administration, the Appalachian Regional Commission, and the Delta Regional Authority to sign an agreement within 120 days to jointly support rural entrepreneurship and small businesses in Appalachia and the Delta region. The three agencies will coordinate their efforts to expand business assistance, work with other federal agencies as needed, and can establish reimbursement arrangements to improve efficiency. The bill primarily affects small business owners and entrepreneurs in rural Appalachian and Delta communities who would benefit from increased coordinated support. Within two years of the agreement's signing, the agencies must report to Congress on how many businesses they assisted, potential opportunities to expand their capacity, and plans for future collaboration. The legislation does not specify direct funding amounts but authorizes the agencies to work together using existing resources and reimbursable agreements.
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