Military Reservist And Veteran Small Business Reauthorization and Opportunity Act of 2007

MILITARY RESERVIST AND VETERAN SMALL BUSINESS REAUTHORIZATION AND OPPORTUNITY ACT OF 2007 -- (House of Representatives - December 05, 2007)

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Ms. VELÁZQUEZ. Madam Speaker, I yield myself as much time as I may consume.

In their service to the Nation, veterans have demonstrated strength, discipline and dedication to preserving security. At home, they have proven to be invaluable components of a strong economy.

We have already seen the impact veterans can have on the business community. Currently, approximately 22 percent of servicemembers in the United States have either purchased or started a new business. These entrepreneurs are significant contributors to job growth and expansion of local economies.

I wish to commend Congressman Jason Altmire and Congressman Vern Buchanan for their leadership in crafting this bill that will further this effort. H.R. 4253 promotes veterans' continued pursuit of self-employment and provides them with the support for growth that they deserve. It accomplishes this objective by comprehensively updating several of the Small Business Administration's programs to better meet the current needs of veteran entrepreneurs.

The bill addresses several of the impediments to veterans' success as entrepreneurs. Because servicemembers are removed from the workforce for an extended period of time, they can often then face difficulties securing capital or technical assistance upon their return from service. Additionally, while many veterans receive specialized skills during their service, it is often quite difficult transforming those skills into profitable resources. We can increase veteran entrepreneurial opportunities by creating the right tools to ensure their success.

H.R. 4253 responds to these challenges by establishing a strong role for the Federal Government to help veterans overcome obstacles to entrepreneurship. The legislation increases veterans' access to affordable capital, enhances entrepreneurial development resources, and sharpens the focus of Federal resources on this key member of the small business community.

Veterans will have improved access to capital with specially tailored initiatives in the SBA's 7(a) and disaster loan programs. This will help returning servicemen and women bridge the gap for financial capital that they need to start and grow a new endeavor. By increasing outreach assistance centers and entrepreneurial development program resources, the bill also improves access to assistance that will help veteran entrepreneurs evaluate business ideas, conduct market research, and receive technology training.

This legislation will also establish an interagency task force that will take a lead role in altering the institutional culture at the Federal level to promote increased veteran entrepreneurship. This will significantly improve the coordination of various Federal agencies' veteran service programs. Additionally, new initiatives will improve transition assistance for separating servicemembers, and provide customized support to service disabled, women veterans, and the members of the reserves. This will ensure that all sectors are considered in Federal veteran policymaking.

As new troops are added to the already 13,000 that have returned home just from Iraq and Afghanistan, it is imperative that our resources and initiatives are designed to effectively prepare them for economic success.

With their tremendous potential to thrive as entrepreneurs and their critical service for which we all greatly benefit, we must continue to work to allow these budding entrepreneurs to realize the American Dream of business ownership. I believe this bill is a major step towards realizing this goal, and I strongly support this legislation. I urge my colleagues to support H.R. 4253.

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Ms. VELÁZQUEZ. Madam Speaker, I would like to yield myself the balance of my time.

Madam Speaker, the wars in Iraq and Afghanistan have produced over 600,000 new veterans thus far and have created a serious challenge for the Nation: how to facilitate our returning servicemembers' successful transition back home and into our economy. Given the ongoing nature of these conflicts, the shift in economic opportunities and the diverse needs of returning veterans, this is an unprecedented situation that will require a major and rapid response.

To promote veterans' abilities to be productive engines of the economy, I believe we must comprehensively modernize Federal programs designed to assist this key group through self-employment opportunities. H.R. 4253 achieves this objective by obtaining the Small Business Administration programs to ensure they are customized to meet the growing needs of this sector in a changing economy.

This Nation has a clear obligation to ensure that our returning servicemembers have the assistance they need to succeed at entrepreneurship. By complementing their individual strengths with appropriate Federal resources, we can help them realize their full potential, while also growing the economy.

Madam Speaker, I want to thank the staff that worked on this bill. From the majority staff, Michael Day, Adam Minehardt and Andy Jimenez. From the minority staff, Barry Pineles and Kevin Fitzpatrick. I also want to recognize Max Goodman from Mr. Buchanan's staff and Cara Toman and Erik Komendant from Mr. Altmire's staff.

I strongly urge my colleagues to vote for H.R. 4253.

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