Event at veteran-owned small business coincides with National Small Business Week
(WASHINGTON, D.C.) - U.S. Senator Jeanne Shaheen (D-NH), Ranking Member of the Senate Small Business and Entrepreneurship Committee, visited Able Ebenezer Brewing Company in Merrimack today, to highlight National Small Business Week and the resources available by the Small Business Administration (SBA) to small businesses and entrepreneurs.
“Small businesses like Able Ebenezer are the backbone of New Hampshire’s economy,” said Shaheen. “This veteran-owned business is making delicious beer and creating jobs in a new and fast-growing industry. It is exciting to see Army veterans making the transition from serving as ‘brothers in arms’ overseas to ‘brothers in business’ here in New Hampshire. I want to make sure that entrepreneurs across the state are able to take advantage of the resources offered by the Small Business Administration, like Able Ebenezer was able to do, whether they are just getting started or looking towards the next stage of growth.”
Able Ebenezer Brewing Company is a veteran owned small business that opened its doors in 2014 and took advantage of the Patriot Express loan guarantee program through the SBA. The SBA Express loan program provides streamlined loan approvals for both banks and small businesses. The SBA is currently waiving fees for veteran-owned small businesses on Express loans between $150,000 and $350,000 for FY15 (which are typically 3 percent of the loan).
Senator Shaheen last month introduced the Veterans Entrepreneurship Act, which would make these waivers permanent for veterans. The bill also requires the SBA to review existing veterans support programs to enhance their reach to veteran-owned small businesses. In particular, it requires that the SBA look at pre-deployment financial counseling for Guard and Reserve Members, outreach to women veterans entrepreneurs, and an underutilized program designed to help small business owners get access to credit when an essential employee is called up for active duty. The Senate Small Business Committee recently voted unanimously to refer the bill to the full Senate for consideration.