WASHINGTON, D.C. – The U.S. Senate Committee on Small Business and Entrepreneurship today welcomed legislation supported by U.S. Senator Angus King (I-Maine) that would help veterans start and grow small businesses. The Veterans Entrepreneurship Act, which was introduced by Senator Jeanne Shaheen (D-N.H.), cosponsored by King, and considered by the Committee today during a hearing, would permanently remove fees for SBA Express Loans under $350,000 for veterans, making it easier to access the vital capital necessary to start a business.

“I’m encouraged by the Committee’s consideration of our bill and thrilled it received such a positive response from my colleagues and veterans alike,” Senator King said. “Veterans have sacrificed beyond measure in their service to our country, so when it comes to them starting a small business when they return home, Congress and the Small Business Administration should be working seamlessly to give them every opportunity and make it as easy as possible to start, grow, and succeed as business-owners.”

Dan Proulx, Jr. of New Hampshire, who is a service-disabled veteran small business owner in his position as Member Manager at Monument Construction which does business in Maine and New Hampshire, testified before the Committee in favor of the King-Shaheen bill.

Specifically, the bill would permanently eliminate fee waivers for veterans applying for SBA Express loans under $350,000 and also improve current SBA programs designed to assist veterans by focusing on pre-deployment financial counseling and emergency assistance. Of all SBA loans that go to veterans, 73 percent are $350,000 and below. Permanently removing these fees will make it cheaper to borrow and help get more small business loans into the hands of veterans.

In May, Senator King and Senator Richard Burr (R-N.C.) also introduced legislation that would make it easier for service-disabled veterans to do business with the federal government by eliminating confusing differences between veterans contracting programs at the Department of Veterans Affairs and the U.S. Small Business Administration. Earlier this month, King and Burr urged Senator Cantwell (D-Wash.) and Senator Risch (R-Idaho), who are Chairman and Ranking Member of the Small Business Committee respectively, to consider their bill. To read the letter, click HERE.

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