WASHINGTON, D.C. – Today, Congressman Brian Fitzpatrick (PA-1), Congressman Vicente Gonzalez (TX-34), Senator Dan Sullivan (AK), and Senator Mazie Hirono (HI) joined forces to introduce the Veterans Member Business Loan Act—a bipartisan, bicameral initiative designed to remove outdated lending restrictions and expand access to capital for veteran-owned small businesses, ensuring they have the tools to succeed and thrive.

"Our veterans have given their all to protect our nation, and as they shift to leading businesses within our communities, supporting them isn't just an option—it's our imperative," said Rep. Fitzpatrick. "With 60% of veteran-owned businesses facing more significant financing gaps than their civilian counterparts, the Veterans Members Business Loan Act is a critical step forward in helping them thrive by eliminating outdated and restrictive lending caps and enhancing access to essential capital. This measure does more than offer support—it is a tribute to their service and provides them with the tools they need to succeed while enriching our communities and strengthening our economy." 

“I will always fight to increase economic opportunities, especially for our veterans who have given so much to protect our freedoms,” said Rep. Gonzalez. “The Veterans Member Business Loan Act is a common-sense bill that will champion South Texas veterans, equal the financial playing field, and empower them to achieve their American dream by investing into themselves and into their communities.   

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

“Veteran businesses play a significant role in the economy in Hawaii and across the country,” said Senator Hirono. “By promoting commercial lending for these businesses through credit unions, the Veterans Member Business Loan Act will give businesses increased access to capital, helping them to grow and expand while supporting the community. As they transition to civilian life, it is critical to provide our veterans with these kinds of resources to enable their success. I will continue to advocate for this legislation during the 119th Congress.” 

Anthony Hernandez, DCUC President and CEO, emphasized the broader significance of the VMBL Act: "Our veterans have dedicated their lives to safeguarding our nation, our national security, and our way of life. Supporting their transition to successful business ownership is more than a financial issue; it’s a way to honor their service and contributions. DCUC thanks each of the sponsors for recognizing the importance of supporting our veterans in the true spirit of bipartisan collaboration.” 

“The veteran community is one that demonstrates the value of grit, determination, and leadership in communities all across America. Credit unions take great pride in helping those who seek out the American dream of owning a business. At America’s Credit Unions, we support Senators Dan Sullivan and Mazie Hirono and Representatives Brian Fitzpatrick and Vicente Gonzalez for their reintroduction of the bipartisan Veterans Members Business Loans Act that would exempt loans made to veterans from the credit union member business lending (MBL) cap. We look forward to a speedy passage of this critical piece of legislation,” said Carrie Hunt, America’s Credit Unions Chief Advocacy Officer 

A study from the Small Business Administration’s (SBA) Office of Advocacy found that military service is strongly correlated with a higher probability of self-employment, with veterans being 45 percent more likely than non-veterans to be self-employed.  

Unfortunately, according to the Institute of Veteran Military Families, “accessing capital is a top challenge in starting and growing a business for 75 percent of surveyed veterans.” While veteran and non-veteran owned businesses request financing and capital at almost identical rates, veterans obtain less money than non-veterans. ?Additionally, veteran-owned businesses also apply for financing at higher rates than non-veteran owned businesses. Yet, veterans see lower approval rates across the top three sources of credit by 10 percent compared with non-veterans.  

The Veterans Member Business Loan Act would correct this shortfall, allowing an additional source of capital and ensuring veteran entrepreneurs are set up for success.

To view the full bill text, click here.

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