By Ann Mehlum, SBA Official
Veterans continue to contribute significantly to our Country’s small business sector. Statistics prove it - one in every 10 small businesses is Veteran owned. These businesses employ more than six million workers, and generate nearly $1.2 trillion in annual receipts.
At SBA, Administrator Maria Contreras-Sweet has championed efforts to increase loans to Veterans resulting in a 100% increase in 2015 to 3,091 7(a) loans for Veterans totaling $1.2 billion, up from $605 million in 2014.
Fervently maintaining his commitment, President Barack Obama took action to expand entrepreneurial opportunities further for Veterans and their families by permanently signing into law up-front guarantee fee relief for Veterans and military spouses on SBAExpress Loans of $350,000 and under.
Adding to that, Administrator Contreras-Sweet authorized a 50 percent reduction in up-front guarantee fees for all other 7(a) loans to Veteran owned businesses for FY 2016.
These loan programs are available to Veterans and their family members. Visitwww.sba.gov/vets for more information about resources for Veterans, service members or military spouses.
Expanding loan guarantee fee relief will help service members and their families here at the home front start and grow their businesses, create jobs, and leverage valuable skills learned in military training.
The SBA will honor the accomplishments of Veteran small business owners during National Veterans Small Business Week, Nov. 2-6. Visit the NVSBW website for details.