President Bush has signed legislation aimed at expanding business opportunities for veterans and helping military reservists keep their businesses alive while they are on active duty.
The bill would allow self-employed reservists to apply for SBA loans before they are deployed. It would increase to $2 million the maximum amount of loans available to business owners who suffer economic losses while on active duty, and extend the deadline for applying for those loans. SBA would also be authorized to make loans of up to $50,000 for reservists without requiring collateral.
The legislation also includes measures designed to help veterans start new businesses.
The Military Reservist and Veteran Small Business Reauthorization and Opportunity Act was sponsored by Rep. Jason Altmire, D-PA, and Senators John Kerry, D-MA, and Olympia Snowe, R-ME.
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|Title Annotation:||Washington Insider|
|Date:||Feb 22, 2008|
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