TOPEKA, Kan. (KSNT) – Kansas Governor Laura Kelly signed a new bill to help with economic recovery in Kansas Thursday morning.

The bill, Senate Bill 15, allows banks to offer low-interest loans to people struggling to recover from the pandemic.

During a press conference, the governor said the loans will mainly be going to rural and agricultural communities across the state.

“It’s going to spur business growth, it’s going to create jobs, and it’s going to provide financial relief for our farmers and ranchers.”

The bill also provides incentives for developers to build homes in rural communities.

The governor mentioned that this is important as the state suffers from a housing shortage, especially in rural areas.

“This is another tool to goes toward economic recovery,” Kelly said.

State treasurer Lynn Rogers joined the governor at the signing.

Rogers said the new law allocates $60 million in loans from the state’s Pooled Money Investment Board, PMIB, which is comprised of money available from the State General Fund and hundreds of other state funds deposited with the treasurer’s office.

Watch the full bill signing below:

Senate Bill 15 will Enact the Kansas economic recovery loan deposit program, updating field of membership requirements of credit unions and allowing privilege tax deductions on agricultural real estate loans and single family residence loans