U.S. Senators John Boozman of Arkansas and Steve Daines of Montana, along with Community Development Finance Caucus co-chairs Senators Mike Crapo of Idaho and Mark Warner of Virginia, introduced a bipartisan bill on Mar. 20 aimed at strengthening Community Development Financial Institutions (CDFI) Fund operations.
The Access to Fair Financing for Opportunity and Resilient Development (AFFORD) Act seeks to help small businesses, community banks, and credit unions in underserved and rural areas by improving access to capital. Supporters say the measure will expand economic opportunity in regions such as Arkansas.
“Small businesses and the communities they serve rely on the support of local lenders that underpin our regional and national economy,” said Boozman. “Increasing access to capital and encouraging economic opportunity — especially in rural and underserved areas — is a commonsense and bipartisan way to increase entrepreneurialism and prosperity in Arkansas and beyond.”
The AFFORD Act proposes extending the CDFI Bond Guarantee Program so smaller CDFIs can participate, while also reauthorizing the CDFI Liquidity Enhancement Program to boost lending capacity. The bill has attracted cosponsors from both parties across several states.
Boozman has a record of advocating for Arkansas farmers, ranchers, veterans’ care, as well as supporting economic policies that promote job growth according to his official website. He serves on multiple Senate committees including Agriculture, Nutrition, Forestry; Appropriations; Environment; Public Works; Veterans’ Affairs; Rules; Administration; demonstrating his involvement in key policy areas according to his official biography.
Born in Fort Smith, Arkansas, Boozman graduated from Northside High School before earning an optometry degree from Southern College of Optometry. He co-founded a family-owned eye care business in Northwest Arkansas with a commitment to healthcare and small business according to his official website. Together with his wife Cathy, he raised three daughters and has four grandchildren according to his official biography.
The introduction of this legislation reflects ongoing efforts by lawmakers like Boozman—who was elected as U.S. senator from Arkansas—to improve financial opportunities for those living outside major urban centers according to the official website.
