Veterans Business Plans

Veterans business plans for 2008 have just taken a leap forward. President Bush has just signed a bill sponsored by Senators John Kerry and Olympia Snowe. It will will help U.S. veterans and reservists start and/or build upon their small businesses in many ways.
(Posted: Feb. 20, 2008)

"Our veterans who put their lives on the line for our national security deserve economic opportunity when they come home, and this bipartisan achievement is one small way we can repay them for their hard work and sacrifice," said Senator Kerry.

"For our country's 24 million veterans and 1.1 million reservists President Bush's signature on this hard fought piece of legislation is more than just ink on a piece of paper, it means they will have access to real tools to help them start or grow a small business," he added.

The law, based upon the Military Reservist and Veteran Small Business Reauthorization and Opportunity Act, is designed to help veterans' business plans become a reality. In particular it will:

Allow the SBA Administrator to offer loans up to $50,000 without requiring collateral from a loan applicant

Create a loan participation program in which veterans can receive 7 loans while paying 50 percent of the fees

Increase the authorization of appropriations for the Small Business Administration's Office of Veteran Business Development

Create an Interagency Taskforce on Veteran Small Business to focus on increasing veterans' small business success, procurement and franchising opportunities, and access to capital

Improve the Military Reservist Economic Injury Disaster Loan program by providing a longer application deadline; creating a pre-deployment loan approval process; expanding outreach and technical assistance

Make permanent the Advisory Committee on Veterans Business Affairs

Require a Government Accountability Office report on the needs of service-disabled veterans and a separate report on how to improve relations between employers and reservist employees

Require Veteran Business Outreach Centers to increase their participation in the Transition Assistance Program

Create a grant program to improve Small Business Development Centers' outreach to the veteran community

Require the Office of Veterans Business Development to create and disseminate information aimed at informing women veterans about the resources available to them.

Congratulations to our veterans. They deserve a break. Even though this isn't a lot, it is enough to put many new small business owners into our ranks. Veterans' business plans for 2008 and beyond have now increased many fold.

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