Senators Hirono, Sullivan Introduce Legislation to Expand Commercial Lending for Veteran Business Owners

Statement

Earlier today, Senators Mazie K. Hirono (D-Hawaii) and Dan Sullivan (R-Alaska) introduced the Veterans Members Business Loan Act (S. 2834), which would expand commercial lending for veteran business owners and entrepreneurs through local credit unions. Specifically, the bill would exempt credit unions' business loans to veterans from current statutory caps on member business lending. The bill covers loans made to veterans who served on active duty and were discharged or released under conditions other than dishonorable. There are approximately 11,000 veteran-owned businesses in Hawaii.

"Veteran business owners and entrepreneurs play an important role in Hawaii's economy. The Veterans Members Business Loan Act will help to help make entrepreneurship an option for more veterans as they transition back to civilian life, or give established veteran-owned businesses access to capital to grow and create more local jobs," Senator Hirono said. "I thank my colleague, Senator Sullivan, for working with me to introduce this important legislation as we mark Veterans and Military Families Month."

"Our veterans have sacrificed so much to serve our country and it is important that they are afforded every opportunity to succeed after leaving the military,"Senator Sullivan said. "Service members develop broad expertise across numerous areas while in the military, learning skills that can provide tremendous value to the economy. This bill eliminates common barriers of entry for veteran entrepreneurs to ensure they have access to the capital and resources they need to establish businesses and succeed in their ventures."

S. 2834 is the companion to similar legislation introduced earlier this year in the U.S. House of Representatives by Representatives Vicente Gonzalez (D-Texas-15), Paul Cook (R-Calif.-8), Tulsi Gabbard (D-Hawaii-2), and Don Young (R-Alaska-AL).