Rural Innovation Stronger Economy (RISE) Reauthorization Act of 2024

This bill reauthorizes and expands the Rural Innovation Stronger Economy (RISE) grant program, which provides funding to support economic development in rural communities. It directly affects small rural towns (especially those with fewer than 20,000 residents, and at least 10% of funds targeting communities under 10,000) by requiring grants to focus on local opportunities and networks rather than industry clusters. Key provisions include increasing annual funding to $50 million for 2025-2029 (up from $10 million annually through 2024), mandating diverse industry representation, and requiring state rural development offices to approve grant recipients. The program aims to strengthen local economies through targeted grants for community-driven initiatives.