Gibbs, House Passes Veterans Entrepreneurship Act
WASHINGTON, DC – Congressman Bob Gibbs applauds his colleagues on the passage of a series of bills focused on helping small businesses and veterans. On Monday evening, the House of Representatives passed H.R. 2499, the Veterans Entrepreneurship Act, which directs the Small Business Administration (SBA) to eliminate the fees made to loan applications from veterans.
After passage of H.R. 2499, Congressman Gibbs said, “The men and women who bravely served our nation in the military deserve our thanks. Servicemen and servicewomen learn much of the skillsets required to start and manage a business. As our veterans transition back to civilian life and look for assistance in realizing their entrepreneurial dreams, the SBA ought to make it easier for them to achieve those dreams.”
H.R. 2499 does not affect discretionary spending since the SBA Administrator has discretionary power to waive fees. This bill directs the Administrator waive those fees for veteran applicants. In 2014, only 4 percent of the 7(a) applications were from veterans. By eliminating application fees, greater access to credit and capital should result in more veterans creating small businesses via SBA loans.
Also considered and passed this evening was the Small Business Investment Company Capital Act, which increases the cap on what a small business investment company can draw from to support the starting or expanding of small businesses. This program helps attract private funding to be leveraged for investment in America’s small businesses.