Bipartisan Legislation Aims to Support Veteran Entrepreneurs with SERV Act

Strategic Insights -

The U.S. House of Representatives has passed the Successful Entrepreneurship for Reservists and Veterans Act (SERV Act), a bipartisan legislation introduced by Representatives Sharice Davids (D-KS-03) and Mark Alford (R-MO-04). The bill aims to study the barriers faced by veteran small business owners and improve the accessibility of existing veteran-focused small business programs. According to Representative Davids, veterans possess the entrepreneurial skills needed to succeed in business, but must be better supported in their transition from service to business. The SERV Act seeks to address the decline in veteran entrepreneurship, which has decreased from 50 and 40 percent among World War II and Korean War veterans, respectively, to a mere 4.5 percent among post-9/11 veterans.

Key Takeaways:

  • The SERV Act aims to study the barriers faced by veteran small business owners and improve the accessibility of existing veteran-focused small business programs.
  • The legislation commissions a Government Accountability Office (GAO) report on the ability of veteran and reservist small business owners to access credit.
  • The U.S. Small Business Administration's Interagency Task Force on Veterans Small Business Development is required to develop an action plan for outreach and promotion of existing programs available to veterans.
  • The task force must report annually to Congress on its appointments and outline its plan for outreach on programs available to veterans, service-disabled veterans, reservists, and their spouses.
  • Representative Davids has been a dedicated advocate for the support of Kansas veterans, helping to pass the Honoring our PACT Act, which expands Department of Veterans Affairs' health care eligibility to 3.5 million American veterans exposed to burn pits and toxic airborne hazards.
  • Davids' office helps military and veteran constituents access VA health care and benefits and acts as a facilitator between federal, state, and local agencies.

Statistics:

  • Only 4.5 percent of the more than 3.6 million veterans who have served since September 11, 2001 have launched a company.
  • The number of World War II and Korean War veterans who went on to operate a business was 50 and 40 percent, respectively.
  • The SERV Act aims to address the decline in veteran entrepreneurship, which has decreased drastically over the last few decades.

Sources:

  • Davids, S. (quoted) in "Rep. Sharice Davids: Bipartisan Legislation Aims to Help Veterans Succeed in Business." Washington, D.C.: Office of Representative Sharice Davids.
  • Alford, M. (quoted) in "Rep. Mark Alford: Bipartisan Legislation Aims to Help Veterans Succeed in Business." Washington, D.C.: Office of Representative Mark Alford.