By Debbie Gregory.
President Obama recently signed an act that will encourage and equip veterans who want to start their own small businesses. To help navigate financial barriers, the new law waives the upfront guarantee fee for veterans applying for 7(a) express loans through the Small Business Administration (SBA), thus helping recently discharged service members and other veterans with opportunities to start new businesses.
With 21 million veterans living in the United States, the unemployment rate among this population is substantially higher than the national average. Because of this challenging statistic, more veterans are exploring self-employment opportunities.
The bill, introduced by House Small Business Committee Chairman Steve Chabot (R-OH), has received praise from lenders and veterans alike.
“Our veterans are as entrepreneurial minded as anyone else in the world,” said Chabot. “Think about all that’s required to launch a new business: strategic planning, tactical expertise, dogged perseverance, and the ability to adjust plans to overcome new challenges at a moment’s notice. This is the American warfighter. Making sure they can access the resources needed to start their own business and build up the communities they’ve protected will do more than just create jobs – it will help them successfully transition into civilian life.”
Rich Bradshaw, President of Specialized Lending at United Community Bank, Blairsville, GA said, “As a lender, a veteran, and an Air Force Academy graduate, helping veterans make a life for themselves and their families once they return home from service is very personal to me. With more veterans returning to American soil, it is essential we do everything we can to bring down barriers to obtaining access to capital as they come back from doing everything they can to protect our country. Waiving fees for veteran 7(a) borrowers encourages them to open small businesses, create jobs, and boost the economy.”
According to the Small Business Administration, an estimated 10% of all small businesses across the US are veteran-owned.
||Are you a Veteran owned business, looking for opportunities to expand? Are you
registered in the free online databases required to do business with the
government? Are you wondering if government contracting is a way to
grow your business?
If so, please register for Veteran Owned Business
Certification on Thursday, Aug 27, 2015 10:00 AM MDT at:
You may also call Andrea Lewis, 307-772-7372, Deb Farris, 307-261-6503, or email firstname.lastname@example.org or email@example.com with questions or
to register. This free webinar will educate attendees on the requirements and
benefits of obtaining a veteran-owned or service disabled veteran-owned
certification for government contracting opportunities. It will also cover the
basic process that business owners will go through in obtaining the
certification and will help attendees prepare the required documentation.
After registering online, you will receive a confirmation email containing
information about joining the webinar. This webinar is brought to you by the Wyoming Procurement Technical Assistance Center
(PTAC) and the U.S. Small Business Administration (SBA).
The Veteran and Military Business Owners Association (VAMBOA) is a non-profit business trade association that promotes and assists Veteran Business Owners, Service Disabled Veteran Owned Businesses (SDVOB) and Military Business Owners. Small businesses are the backbone of our economy and responsible for job generation. That is why VAMBOA provides its members with Business Coaching, Contracting Opportunities, a Blog that provides information, Networking contacts and other resources. Membership is FREE to Veterans. Join Now!