U.S. Sen. Mike Rounds (R-SD) on July 18 introduced a bipartisan bill to waive certain fees for United States military veterans and their spouses applying for the Export Working Capital, International Trade, and Export Express small business loan programs.
Sen. Rounds cosponsored the Veterans Small Business Export Promotion Act, S. 2189, with bill sponsor U.S. Sen. Mazie Hirono (D-HI) to amend the Small Business Act to waive up-front guarantee fees for the Small Business Administration’s (SBA) export promotion loan programs. Both lawmakers are members of the U.S. Senate Veterans’ Affairs Committee.
“Our bill would help veterans transition to civilian life while also promoting entrepreneurship,” Sen. Rounds said. “We are so thankful for the sacrifices made by our veterans, and want to do all we can to make sure they have a smooth transition and a good job when they return to civilian life.”
If enacted, S. 2189 would make permanent the policy permitting the SBA to waive such fees for veterans and their spouses who apply for these SBA loan programs to access capital for starting and/or growing their small businesses, according to information provided by Sen. Rounds’ office.
“Our legislation seeks to help South Dakota veterans looking to start or grow a small business when their service is up,” said Sen. Rounds. “Small businesses are a major part of our state’s economy, in fact 99 percent of all businesses in South Dakota are small businesses. We’re also fortunate to be a state with a high population of veterans.”
S. 2189, which is supported by the National Small Business Association and the Small Business Exporters Association, has been referred to the U.S. Senate Small Business and Entrepreneurship Committee for consideration.