Davids’ Bipartisan Bill to Support Veteran Entrepreneurs Advances Out of Committee
Today, the U.S. House Small Business Committee unanimously approved Representative Sharice Davids’ bipartisan legislation to help veteran small business owners and entrepreneurs succeed. Alongside Representative Mark Alford (R-MO-03), Davids introduced the SERV Act to study the barriers veterans face when starting a business and improve the availability of existing veteran-focused small business programs for access to resources, capital, and credit. The bill now heads for a vote on the House floor, where it passed in 2019 with broad bipartisan support.
“As the daughter of a veteran, I have seen firsthand the challenges our veterans face after exiting the service. Rep. Alford and I introduced the SERV Act to help eliminate those barriers, especially for folks looking to start their own business and take care of their family,” said Davids. “I am glad my Republican and Democrat colleagues on the Small Business Committee recognize the importance of lifting up our veteran entrepreneurs and am hopeful for further bipartisan support when the bill comes up for a vote on the House floor.”
“Earlier today, I was proud to work with my colleagues on the Small Business Committee to pass the Successful Entrepreneurship for Reservists and Veterans (SERV) Act out of committee with overwhelming bipartisan support,” said Representative Mark Alford (MO-03). “The steps taken in the SERV Act will move us closer to sparking veteran entrepreneurship. Congresswoman Davids and I will not stop until this legislation is signed into law.”
WATCH: Davids speaks on her SERV Act during today’s U.S. House Small Business Committee Markup
“Entrepreneurship and small businesses embody the American Dream that our nation’s veterans and reservists have fought hard to preserve," said Vincent J. Troiola, National Commander, American Legion. "Those who have served our nation honorably should have access to all resources necessary to succeed in their post-service careers. The American Legion applauds Rep. Sharice Davids and Rep. Mark Alford for leading the way toward more veterans and reservists’ achieving their entrepreneurial dreams by identifying opportunities and promoting resources with the Small Business Administration through H.R. 4480, the SERV Act.”
While military experience provides transferable entrepreneurial training and skills, the number of veterans starting their own business has decreased drastically over the last few decades. Today, only 4.5 percent of the more than 3.6 million veterans who have served since September 11, 2001 have launched a company. In contrast, the number of World War II and Korean War veterans who went on to operate a business was 50 and 40 percent, respectively. Reasons for this decline include challenges accessing credit, transitioning to civilian life, and overcoming stigmas around physical disabilities and post-traumatic stress disorder.
To improve accessibility to resources available for veteran small business owners, the Successful Entrepreneurship for Reservists and Veterans Act, or SERV Act:
- Commissions a Government Accountability Office (GAO) report on the ability of veteran and reservist small business owners to access credit.
- This includes a new analysis on common sources of credit and how deployment and other military responsibilities affect veterans' and reservists' credit.
- Requires the U.S. Small Business Administration’s Interagency Task Force on Veterans Small Business Development to develop an action plan for outreach and promotion of the many programs available to veterans looking to transition into the business world.
- Requires the task force to report annually to Congress on its appointments and outline its plan for outreach on the many programs available to veterans, service-disabled veterans, reservists, and their spouses.
Davids, whose mother served in the U.S. Army for 20 years, has worked hard to ensure Kansas veterans are supported after returning home from active duty. Most recently, she helped pass the Honoring our PACT Act, which expands Department of Veterans Affairs' (VA) health care eligibility to 3.5 million American veterans exposed to burn pits and toxic airborne hazards while deployed. Davids' office also helps military and veteran constituents with casework and acts as a facilitator between federal, state, and local agencies. For more information on how veterans can receive assistance, constituents are encouraged to visit Davids' website or call her office at (913) 621-0832.