Reps Introduce Veterans Member Business Loan Act
Rep. Tulsi Gabbard and Congressmen Vicente Gonzalez (TX-15), Don Young (AK-At Large) and Paul Cook (CA-08) have together introduced the bipartisan Veterans Member Business Loan Act that would exclude veterans’ loans from the statutory credit union member business loan cap. The bill would also amend the Federal Credit Union Act to exclude extensions of credit made to veterans from the definition of a member business loan, thus increasing veterans’ access to loans for small business purposes from a credit union. This would cover loans to any veteran who served on active duty and was discharged or released under conditions other than dishonorable.
“In 2018, the national unemployment rate for military veterans was 3.5%. We can and must do more to empower our veterans as they transition from military to civilian life,” said Rep. Gabbard. “The Veterans Member Business Loan Act will create opportunities for more veterans to start their own businesses and help reduce unemployment among their fellow veterans as well as in the communities in which they live.”
“It is important to create economic opportunities for veterans and increase access to capital for small business formation,” Congressman Gonzalez said. “I am proud to join Congressmen Cook and Young and Congresswoman Gabbard to expand loan opportunities for our nation’s veterans. I thank the Credit Union National Association for lending their support and ensuring that the brave men and women of the U.S. Armed Forces are successful after service.”
“It is critical that our servicemembers are equipped with the tools they need to find success in their transition to civilian life,” said Congressman Don Young. “Starting a successful small business is a dream for many of our veterans. The Veterans Member Business Loan Act helps empower our veterans to pursue their goals of entrepreneurship by eliminating arbitrary caps on the business loans they need to enter the marketplace. I am proud to partner with Representatives Gonzalez, Cook, and Gabbard on this important effort to provide economic opportunity to our veterans – not only in Alaska – but across the nation.”
“It’s important that we do all we can to help our veterans as they transition to civilian life,” Congressman Cook said. “I’m honored to join with Representatives Gonzalez, Gabbard, and Young to introduce this legislation which will ensure that our veterans have greater access to capital so they can be successful in starting their own businesses.”
“This bipartisan legislation will make it easier for America’s veterans to access capital and invest in themselves and their communities,” Credit Union National Association’s President and CEO Jim Nussle said. “Credit unions proudly serve tens of millions of active duty and veteran members and fully support veteran entrepreneurs and their families. We thank Reps. Gonzalez, Gabbard, Cook and Young for their leadership on this issue, and look forward to engaging with lawmakers as this bill moves through the legislative process.”