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Legislative bills

Bipartisan Effort to Support Veteran Small Business Owners Passes House with Overwhelming Support

Strategic Insights

— 2 min read

In a bipartisan effort to support veteran small business owners, the U.S. House of Representatives passed the SERV Act, a legislation co-sponsored by Representatives Sharice Davids (D-KS-03) and Mark Alford (R-MO-04). The bill aims to study the barriers faced by veterans when starting a business and promote existing veteran-focused small business programs. Despite a significant decrease in the number of veterans starting their own businesses over the last few decades, with only 4.5% of veterans who have served since September 11, 2001 launching a company, the legislation seeks to address challenges such as accessing credit, transitioning to civilian life, and overcoming stigmas around physical disabilities and post-traumatic stress disorder.

Key Takeaways:

  • The SERV Act, co-sponsored by Representatives Sharice Davids (D-KS-03) and Mark Alford (R-MO-04), aims to support veteran small business owners by studying barriers and promoting existing programs.
  • Only 4.5% of veterans who have served since September 11, 2001 have launched a business, down from 50% of World War II veterans and 40% of Korean War veterans.
  • The number of veterans starting businesses has decreased drastically over the last few decades due to challenges such as accessing credit, transitioning to civilian life, and overcoming stigmas around physical disabilities and post-traumatic stress disorder.
  • The legislation seeks to address these challenges by providing a "one-stop shop" for resources and information about existing programs for veteran entrepreneurs.
  • Representatives Davids and Alford introduced the SERV Act in 2019 and reintroduced it in July 2023, with the bill passing the House in both instances.
  • The SERV Act aims to streamline capital and counseling for veteran entrepreneurs and promote existing small business resources.
  • Roughly 25% of veterans report difficulties transitioning back to civilian life, highlighting the need for support for veteran entrepreneurs.

Statistics:

  • 4.5% of veterans who have served since September 11, 2001 have launched a business (compared to 50% of World War II veterans and 40% of Korean War veterans).
  • The number of veterans starting businesses has decreased drastically over the last few decades.
  • 25% of veterans report difficulties transitioning back to civilian life.

Sources:

  • Kansas Rep. Sharice Davids' office press release.
  • Kansas City Star: "KS Democrat and MO Republican team up to pass bill to help veterans start businesses"
  • KSHB: "Alford, Davids lead bipartisan support for SERV Act in Washington, D.C."
  • KCUR: "LISTEN: A Missouri Republican and Kansas Democrat team up to help veterans become business owners"
  • KCTV News: "Veterans who serve our country need jobs when they come back home."
  • Kansas Reflector: "Davids, Alford lead bipartisan effort for bill aimed at helping veterans launch small businesses"
  • KWCH: "Some members of Congress are working to help veteran small business owners succeed."

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