November 10, 2017

Kaine Co-Sponsors Veterans Small Business Ownership Improvements Act

WASHINGTON, D.C.Ahead of Veterans Day on Saturday, U.S. Senator Tim Kaine (D-VA), co-chair of the Senate Military Family Caucus and a member of the Senate Armed Services Committee, is co-sponsoring the Veterans Small Business Ownership Improvements Act. This bill would authorize new entrepreneurship training initiatives and improve existing programs for members of the armed forces, veterans, and their families.

“This legislation would give our veterans and military family members the training they need to launch a small business and succeed as entrepreneurs,” Kaine said. “Servicemembers and their spouses come out of the service with a wide range of skills and this bill will help them apply those skills as small business owners, and ultimately help grow the economy.”

The Veterans Small Business Ownership Improvements Act would:

·       Enhance the “Boots to Business Program,” the “Women Veterans Business Training Program,” and the “Business Training Program for Service Disabled Veterans” to better provide eligible individuals with the knowledge and tools to launch a small business.

·       Modify the Veterans’ Business Outreach Center to provide financial assistance to educational institutions and veterans' nonprofit organizations that institute projects benefiting veteran-owned small businesses.

·       Establish a “Veterans Business Owners Initiative Pilot Program” to provide grants to nonprofit entities that foster small business peer support groups.

·       Direct the Small Business Administration to establish an online mechanism that serves as a one-stop online resource for veterans regarding all of the entrepreneurial development programs of the Administration.

Veteran entrepreneurs are significant contributors to the economy, employing over 5.7 million workers nationwide. However, many servicemembers transitioning from the military do not have some of the necessary background to start and sustain a business and have had difficulty accessing existing programs administered by the federal government. The Veterans Small Business Ownership Improvements Act would help facilitate the transition of servicemembers to civilian employment and benefit the economy.