Veteran Entrepreneurship Empowerment Act

This bill would stop the Small Business Administration (SBA) from charging guarantee fees on certain SBA-backed business loans of up to $1,000,000 made to businesses owned by veterans, reservists, service members leaving active duty, or their spouses and certain surviving spouses. It would lower by at least 5 percentage points the minimum amount of their own money these borrowers must invest for startup or change-of-ownership 7(a) loans, and set a 5 percent minimum borrower contribution for veteran-owned businesses in the 504 loan program. The SBA would also have to encourage lenders to lower these investment requirements. The SBA would have to publish data on these groups' use of its loan programs and report their participation in its business training and counseling programs.

Full text and official record on Congress.gov

Sponsors

• Edward J. Markey Democrat sponsor
• 1 cosponsors