WASHINGTON, D.C. – The U.S. Senate has passed a bill cosponsored by U.S. Senator Angus King (I-Maine) that would help veterans start and grow small businesses. The Veterans Entrepreneurship Act, which passed the Senate unanimously on Friday, would waive the upfront guarantee fees on SBA Express Loans for military veterans and military reservists, making it easier and less costly to access the vital capital necessary to start a business.

“Those who have sacrificed so much in defense of our nation should not have to struggle to access the capital they need to start a small business,” Senator King said. “They should have every opportunity to pursue their dreams and become one of the millions of entrepreneurs across this country whose business forms the backbone of our economy. By making it less costly for veterans to obtain the capital they need, the Veterans Entrepreneurship Act will empower the Small Business Administration to better serve the brave men and women who have served us.”

Critically, the bill would waive upfront guarantee fees for veterans applying for SBA Express loans and also improve current SBA programs designed to assist veterans by focusing on pre-deployment financial counseling and emergency assistance. Removing these fees will make it cheaper for military veterans and military reservists to borrow and help get more small business loans into the hands of veterans.

The U.S. House of Representatives is expected to pass this same version of the Veterans Entrepreneurship Act, after which the legislation would go to the President’s desk for signature to become law.

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