US Sens. Mazie K. Hirono (D-Hawaii) and Mike Rounds (R-S.D.), each members of the Senate Veterans’ Affairs Committee, reintroduced the Veterans Small Business Export Promotion Act Thursday, July 18, 2019.
The bill would amend the Small Business Act to waive up-front guarantee fees for veterans and their spouses participating in the Small Business Administration’s (SBA’s) export promotion loan programs.
“Veteran-owned businesses are vital to Hawai‘i’s economy,” Sen. Hirono said. “However, a number of our veterans, including those transitioning to civilian life, face barriers to accessing the capital needed to start and grow a business. Our legislation would provide long-term relief on SBA loans that support entrepreneurship and job creation. I look forward to continuing to work together to make opportunities like these available for our veterans.”
SBA has previously waived up-front guarantee fees for veterans applying for its Export Express, Export Working Capital and International Trade loan programs, which provide access to capital for veterans and their spouses so that they can start and grow their businesses, as well as expand into new markets abroad. The Veterans Small Business Export Promotion Act would make this policy permanent to provide certainty for those veterans.
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The Veterans Small Business Export Promotion Act is also supported by the National Small Business Association and the Small Business Exporters Association.
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