Hearing of the House Small Business Committee - Opening State of Rep. Velázquez, Hearing on Continuing to Serve: From Military to Entrepreneur

Hearing

Every year more than 200,000 of our nation's heroes make the transition out of our military. Some pursue employment opportunities, others go back to school, or learn a new trade. And some decide to pursue the American dream and launch a small, innovative business. For these returning servicemembers, the Small Business Administration can play a key role to help turn their small business dreams into a reality.

Through their commitment to serving our country, veterans develop an unwavering mindset that often makes them uniquely suited to take on the challenges of staring a new business. They are leaders, doers, and remarkably driven.

Today's veterans are the most educated and technologically trained service members ever, and often, they have firsthand exposure to the government procurement process. This means we have a sector of the population that is primed to be the innovators and business owners of tomorrow. And they have the potential to strengthen our nation's economy, create jobs, and drive economic growth.

Yet, despite the rich tradition of owning small businesses, starting and running a business can be challenging. Veterans, like other entrepreneurs, face many obstacles. Finding affordable access to capital, getting products to market, developing a network, and finding new customers can prove to be steep undertakings.

Even more troubling, we have witnessed the share of new veteran entrepreneurs decline steadily from 12.49 percent in 1996 to 4.16 percent in 2016. Clearly, more needs to be done to help our nation's veterans launch, grow, and succeed in entrepreneurship.

For that reason, I am committed to improving the Small Business Administration's programs to ensure they are effectively serving our nation's heroes. I am pleased to support a number of these measures -- from lending to contracting to training and counseling -- that will make it easier, not harder, for our veterans to get their business up and running.

With approximately 2.5 million veteran-owned businesses generating over $1 trillion, it's clear for many men and women leaving the service that entrepreneurship provides a promising path to continue serving their country, creating jobs in their local communities, while supporting their families.

I am pleased that we will have an opportunity at today's hearing to hear from several veteran entrepreneurs about their firsthand experiences with these programs. It is my hope they can highlight for us what they found beneficial, where improvements can be made, and identify gaps in how these services reach veterans.

I'm excited to hear from our witnesses today on the things Congress should take on to better reach existing veteran business owners and possible solutions that create new pathways to empower veterans and military families who want to start or grow their business.

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