Senate Passes Bennet-Backed Veterans Entrepreneurship Act

Bipartisan Bill Waives SBA Loan Fees for Veterans

Washington D.C. - Colorado U.S. Senator Michael Bennet celebrated the Senate passage of the Veterans Entrepreneurship Act. The bipartisan bill will support veteran entrepreneurship and veteran-owned small businesses by increasing access to credit through the Small Business Administration (SBA). 

"Our small businesses are the backbone of our economy and our veterans have unique skills to start and lead new ventures," Bennet said. "By making it easier for veterans to access the capital necessary to start a business we can better support veterans and create new jobs in communities across the state."

The bill permanently makes SBA loans less expensive for veterans in the Express loan program by waiving loan fees. The bill will support veteran entrepreneurship by providing additional fee waivers for veteran-owned small businesses. It will also require reviews of existing SBA programs to better serve veterans before and after deployment, women veterans, National Guard members, and reservists‎.

Bennet cosponsored the Senate version of the bill, which was introduced by Senator Jeanne Shaheen (D-NH). Cosponsors include Kelly Ayotte (R-NH), Maria Cantwell (D-WA), Deb Fischer (R-NE), Mazie Hirono (D-HI), Angus King (I-ME), Gary Peters (D-MI), and Chris Coons (D-DE).

The bill is supported by the American Legion, the National Guard Association of the U.S., the Military Officers Association of America, the Green Beret Foundation and others.

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