Lower Bucks Today

Congressman Brian Fitzpatrick, Congressman Vicente Gonzalez, Senator Dan Sullivan, and Senator Mazie Hirono have introduced the Veterans Member Business Loan Act. This bipartisan initiative aims to ease lending restrictions and improve access to capital for veteran-owned small businesses.

Rep. Fitzpatrick stated, "Our veterans have given their all to protect our nation, and as they shift to leading businesses within our communities, supporting them isn't just an option—it's our imperative." He highlighted that 60% of veteran-owned businesses face larger financing gaps than civilian counterparts. The act seeks to eliminate restrictive lending caps and provide essential capital access.

Rep. Gonzalez emphasized his commitment to increasing economic opportunities for veterans: “I will always fight to increase economic opportunities, especially for our veterans who have given so much to protect our freedoms.” He believes the act will level the financial playing field for South Texas veterans.

Senator Sullivan remarked on the value of military skills in the economy: “Service members develop broad expertise while in the military, learning skills that can provide tremendous value to our economy.” The bill is intended to remove barriers for veteran entrepreneurs across Alaska and beyond.

Senator Hirono noted the significant role of veteran businesses in Hawaii's economy: “By promoting commercial lending for these businesses through credit unions, the Veterans Member Business Loan Act will give businesses increased access to capital.”

Anthony Hernandez from DCUC stressed the importance of this support: "Supporting their transition to successful business ownership is more than a financial issue; it’s a way to honor their service."

Carrie Hunt from America’s Credit Unions expressed support for exempting loans made to veterans from certain caps: “We look forward to a speedy passage of this critical piece of legislation.”

A study by SBA’s Office of Advocacy found that veterans are 45% more likely than non-veterans to be self-employed. However, accessing capital remains a challenge for many veterans. The new legislation aims to address these issues by providing additional sources of capital.