Successful Entrepreneurship for Reservists and Veterans Act

Floor Speech

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Ms. DAVIDS of Kansas. Mr. Speaker, I thank the gentlewoman from New York (Ms. Velazquez) for yielding.

Mr. Speaker, I rise today to speak in strong support of the Successful Entrepreneurship for Reservists and Veterans Act, or the SERV Act, which I introduced alongside my friend and colleague from Missouri (Mr. Alford).

The SERV Act not only honors our veterans; it honors their service. It empowers our veterans to embark on a new chapter as entrepreneurs and small business owners.

My mom served in the Army for 20 years. My grandfather served, as well. Through them, I learned so much about service, about leadership, and certainly about the dedication to country.

Our veterans have defended our freedoms from so many things and with unwavering commitment. We absolutely owe it to them to provide the support that they need to achieve personal and professional success as they return home.

The SERV Act is a testament to that commitment that we have to the brave veterans that have served, and it is necessary because veterans do face distinct barriers when transitioning to civilian life, specifically when starting a business.

Those challenges can include overcoming stigmas around physical disability or post-traumatic stress disorder, as well as difficulty accessing credit. It forces small businesses to sometimes turn to alternative lenders, which can be predatory or more expensive than traditional sources. While those challenges exist for all potential entrepreneurs and our small business owners, it can be especially difficult for our veterans who often have trouble accruing credit necessary to attract and attain capital.

These barriers have led to a 35 percent decrease in veterans starting small businesses since World War II, and the U.S. Small Business Administration currently works closely with the VA and the Department of Defense on several excellent programs that we heard about from my colleague, Mr. Alford, specifically designed to help our veterans transition to civilian life and entrepreneurship, but those programs are not always as easy to find as they should be.

The SERV Act recognizes those unique challenges and works to address them directly, fostering economic growth at the local level and harnessing the immense potential that our veteran communities have.

One key provision of this legislation is the commission of a Government Accountability Office report on the ability of veterans and reservists to access capital and credit, which are crucial building blocks to opening a business.

This report would include analysis on common sources of credit and how deployment of credit impacts our servicemembers and their individual credit.

Moreover, the bill requires an Interagency Task Force at the SBA to develop an action plan for greater outreach of programs that already exist for veterans transitioning into the business world. That task force would report its findings annually to Congress on how the SBA can better support veterans, service-disabled veterans, reservists, and their families.

The district I represent in Kansas includes a large rural population, and we know that businesses with fewer than 500 employees account for a majority of our rural establishments and employers.

By supporting our veteran entrepreneurs and making it easier for them to start small businesses, we are boosting local economies in both urban and rural settings. I often say that due to the specialized training and learned skill set, there are few people that are as well suited to start and operate a small business as our veterans.

The SERV Act is going to help those folks who served in uniform do just that. By providing enhanced access to SBA resources and programs, we are investing in the entrepreneurial spirit of our veterans. We are fostering economic growth. We are strengthening our communities.

Mr. Speaker, I urge my colleagues, alongside my friend, Mr. Alford, on both sides of the aisle to stand united in support of this crucial legislation which did pass the House in a largely bipartisan way in the last Congress.

Let us send a powerful message to our veterans that we appreciate their service, their sacrifice, and that we are dedicated to helping them succeed in their endeavors, both while serving and after they hang up their uniform.

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