As brave American men and women continue to serve around the world, the Committee on Small Business and Entrepreneurship recognizes the economic hardships that small businesses can suffer as owners and key employees are deployed. The Committee is also responsible for overseeing assistance for helping veterans start or expand a business once they return home.
In the last 30 years, veterans were more likely to start their own business than non-veterans, with in 2004 about 22 percent of veterans saying they had started or were considering starting their own business.
The Small Business Administration (SBA) is charged with coordinating efforts to provide business training and counseling services to veterans, as well as offering loans to small businesses facing economic hardships because their owner or employees are serving overseas. In 2008, the Committee helped to establish the Office of Veteran Business Development, an interagency task force. The purpose of the task force is to help reduce loan fees for veterans, increase business training and counseling, improve the Military Reservist Economic Injury Disaster Loan Program by extending the deadline and creating a pre-deployment loan approval process.
In times of war, our soldiers fight for America and our nation supports their efforts. When our soldiers return, that support should continue as their willingness to serve remains strong.