Nydia M. Velazquez: “Veterans play a significant role in the U.S. economy. They own 2.4 million businesses, employ 5.8 million people, and…”

“Veterans play a significant role in the U.S. economy. They own 2.4 million businesses, employ 5.8 million people, and have generated well over $1 trillion in receipts. Like most small businesses, access to capital is still hard to come by, yet is vital to their existence, paving the way for growth and continued job creation. As the Federal Government's main provider of small business assistance, the SBA guarantees loans to veteran-owned businesses through a number of lending programs. In 2013, the agency's 7(a) program provided over 2,000 veterans with loans, totaling $600 million. This, however, represented only 4 percent overall. In an effort to increase veteran lending volume, the SBA has waived the borrower fees paid by veterans on small-dollar and SBA Express loans. In 2014, the impact of the waiver was a mixed bag. While veterans saw a 23 percent increase in loans of $150,000 or less, the program experienced an 8 percent decrease in veteran loans overall. The initiative has had more success this year with veteran lending seeing a 20 percent increase, which is outpacing the 7(a) program's overall growth. To build on that trend, H.R. 2499 will make the fee waiver permanent for veterans who are seeking an SBA Express loan. It will reduce costs, spur more veterans to borrow, and, in turn, will grow businesses and create jobs.…”