Washington, DC – Today, Congresswoman Jackie Walorski (R-IN) and Congresswoman Julia Brownley (D-CA) announced the recent introduction of the Veteran Entrepreneurs Act, legislation to help support veteran entrepreneurs by reducing barriers to starting a small business.
“Our nation’s veterans are leaders and innovators,” said Congresswoman Jackie Walorski. “Who better to start businesses, create jobs, and grow our economy than those who bravely served our country? This bipartisan legislation will uplift our local small business community, and it will equip servicemembers to achieve the American Dream that they fought to protect. I am grateful to work with my colleagues on both sides of the aisle to help provide the support our veterans earned.”
“Our servicemembers gain invaluable experience and skills during their service that can be highly beneficial to establish business ventures for these men and women when they transition to civilian life,” said Congresswoman Julia Brownley. “The Veteran Entrepreneurs Act will help our nation’s veterans access the resources they need to be successful in the current job market by lowering upfront costs for veterans operating small businesses. I am proud to co-author this bipartisan legislation with Congresswoman Walorski to help more veterans achieve their dream of becoming entrepreneurs and small business owners, while growing our local economies in communities across our country.”
Over 5 percent of all small businesses are franchises, and veterans make up nearly 15 percent of all franchise owners. The Veteran Entrepreneurs Act lowers up-front costs for veterans opening a franchise by cutting red tape and creating a tax credit to cover 25 percent of initial franchise fees, breaking down the financial barriers to entry that prevent many veterans from owning their own small business.
The text of the bill is available here.