Veterans MBL bill would increase support to entrepreneurs

Credit unions recognize that financial inclusion and access to capital for entrepreneurs are critical to ensuring the growth and development of vibrant small businesses, CUNA wrote to the House Small Business Committee Wednesday. The committee conducted a hearing on supporting veteran-owned small business.

CUNA reiterated its support for the bipartisan Veteran Member Business Loan Act (S. 539), introduced in March.

“This Senate legislation, introduced by Sen. Dan Sullivan, R-Alaska, and Sen. Mazie Hirono, D-Hawaii, would expand business lending opportunities for veteran business owners and veteran entrepreneurs,” the letter reads. “Specifically, the Veteran Member Business Loan Act would exempt from the credit union member business lending cap loans made to veteran-owned small businesses. The bill would cover business loans made to veterans who served on active duty and were discharged or released under conditions other than dishonorable. We hope that House companion legislation will soon be introduced.”