Congressman John Carter, R-Round Rock, last week co-sponsored the Veteran-Owned Small Business Promotion Act of 2009.
The act seeks to reinstate a program that provides loans to small businesses for a number of reasons, including: financing plant construction, conversion or expansion; financing the purchase of equipment, facilities or supplies; or supplying working capital.
"Veterans have served our country honorably, and veteran-owned small businesses contribute greatly to our economy, so it is logical that we provide them loans to continue and expand their operations," Carter said. "It's a vital program to many Central Texans."
Small business owners who are veterans and have a disability rated at 10 percent or more are eligible for the loans, which have a maximum amount of $500,000.
"Offering loans to our service members can help our economy grow and can help veterans achieve their business goals," Carter said.
The act also allows the secretary of Veteran Affairs to subsidize a lender by half a percent.