Bill > S3171

This bill aims to support veteran and military spouse entrepreneurs by providing several key financial assistance measures. Specifically, the bill waives guarantee fees for business loans up to $1,000,000 made to small businesses owned by veterans, their spouses, or surviving spouses of service members. The bill also reduces equity injection requirements for veteran-owned businesses by at least 5 percentage points, making it easier for veterans to secure startup or business ownership loans. The legislation is motivated by findings that veterans are more likely to own businesses but face significant barriers to accessing capital, including challenges with establishing credit and securing financing. Additionally, the bill requires the Small Business Administration to collect and publish data on veteran participation in loan programs and entrepreneurial development resources like small business development centers and Veteran Business Outreach Centers. The broad definition of "veteran" includes active duty service members, reserve component members, those in transition assistance programs, and their spouses, demonstrating a comprehensive approach to supporting military-affiliated entrepreneurs.

Business and Industry

https://www.congress.gov/bill/119th-congress/senate-bill/3171/all-info