Speaker Boehner Signing Veterans Entrepreneurship Act

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Washington, July 28, 2015 | comments
On Tuesday morning, H.R. 2499, the Veterans Entrepreneurship Act, was signed into law. This bill waives upfront fees for veterans applying for 7(a) express loans through the Small Business Administration (SBA) to help returning warfighters start new businesses and create jobs.

There are over 21 million veterans living in the United States. Sadly, the unemployment rate among those that have served in active duty since September 2001 is substantially higher than the national average.

The Veteran Entrepreneurship Act seeks to address this reality by making it easier for a veteran or spouse of a veteran to obtain the private capital needed to start a business. The legislation does this by waiving the upfront guarantee fee for a Small Business Administration 7(a) express loan – all at no cost to the taxpayer.

This bill has been praised by veterans and lenders alike:

"As a lender, a veteran, and an Air Force Academy graduate, helping veterans make a life for themselves and their families once they return home from service is very personal to me. With more veterans returning to American soil, it is essential we do everything we can to bring down barriers to obtaining access to capital as they come back from doing everything they can to protect our country.  Waiving fees for veteran 7(a) borrowers encourages them to open small businesses, create jobs, and boost the economy.”  
-Rich Bradshaw, President of Specialized Lending at United Community Bank

"The 7(a) lending industry feels compelled to be part of the answer to help the SBA loan programs become more accessible to our veterans. NAGGL applauds Chairman Chabot and members of the Small Business Committee for introducing H.R. 2499 to help improve the lives of our nation's heroes."
-Tony Wilkinson, President & CEO of the National Association of Government Guaranteed Lenders

I am pleased to report that my legislation to boost veteran entrepreneurship was signed into law this morning. This bill...

Posted by Rep. Steve Chabot on Tuesday, July 28, 2015
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