ABA yesterday wrote to Sens. Mazie Hirono (D-Hawaii) and Mike Rounds (R-S.D.) in support of the Veteran Small Business Export Promotion Act (S. 1056), which would waive up-front fees for veterans applying for the U.S. Small Business Administration’s export-specific loans of $150,000 or less. The bill would formally codify current SBA policy, which saves veterans and lenders up to $4,000 in SBA fee relief per loan.
“ABA believes that this legislation would provide certainty to veteran entrepreneurs and help remove barriers to capital for the over 2.4 million veteran-owned businesses nationwide,” the association said, adding that the bill would help support 35,000 jobs nationally at no cost to taxpayers.