Shaheen Introduces Bills to Eliminate Financial Barriers for Veteran Entrepreneurs
(Washington, DC) – This week, U.S. Senator Jeanne Shaheen (D-NH), a senior member of the U.S. Senate Small Business Committee, introduced two bills with Small Business Committee Ranking Member Ed Markey (D-MA) to reduce costs and expand access to credit for veterans, military reservists and their spouses looking to start or grow their small businesses. The Veteran Entrepreneurship Empowerment Act would address financial barriers to the Small Business Administration’s (SBA) two main lending programs and directs SBA to collect and publicize data on services provided to veterans. The Heroes Business Opportunity Act would ensure veterans have the tools they need to access credit.
“This week we celebrated Veterans Day, and as part of our commitment to those brave men and women, we must ensure veterans have the resources they need to find economic security after their service has ended,” said Senator Shaheen. “These two commonsense pieces of legislation would give New Hampshire’s many veteran entrepreneurs an important leg up as they look to launch or expand their small businesses.”
Specifically, the Veteran Entrepreneurship Empowerment Act would decrease down payment requirements, eliminate fees on small business loans under $1 million, and direct the Small Business Administration (SBA) to collect and publicize data on reservists and military spouses utilizing lending and entrepreneurial development programs administered by the SBA. The Heroes Business Opportunity Act would waive SBA’s Guaranty Fee (also known as the Upfront Fee) for 7(a) loans up to $1 million made to veteran-owned small businesses.
As the former Chair of the U.S. Senate Small Business Committee, Shaheen has championed efforts to support New Hampshire’s small businesses and entrepreneurs. Shaheen has led efforts to help mitigate the harmful effects of President Trump’s trade war and has traveled across the state to visit impacted Granite State small businesses. Earlier in the year, Shaheen helped introduce bipartisan legislation, Creating Access to Necessary American-Canadian Duty Adjustments (CANADA) Act, that would exempt United States-owned small businesses from the sweeping tariffs imposed on Canadian products.
Senator Shaheen also spearheads efforts in the Senate to support veterans and military families. Recently, Shaheen secured a number of priorities in the Fiscal Year (FY) 2026 Military Construction, Veterans Affairs and Related Agencies (MilCon-VA) Appropriations bill that passed the Senate, including to help veterans better access health care like substance use disorder treatment. In 2022, Shaheen worked to include provisions and helped pass the historic PACT Act, which expanded health care for veterans who were exposed to burn pits and other toxic substances. Each year, Shaheen leads the bipartisan Senate resolution with Senator Tom Cotton (R-AR) to recognize an annual National Warrior Call Day, which encourages Americans to reach out and build meaningful relationships with both those currently serving and veterans and will take place on November 17, 2024.
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