Ranking Member Markey Introduces Legislation to Reduce Costs for Veteran Entrepreneurs

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(Washington, November 11) - Ranking Member Edward J. Markey (D-Mass.), alongside Senator Jeanne Shaheen (D-N.H.), this week introduced the Veteran Entrepreneurship Empowerment Act to eliminate financial barriers for veterans, military reservists, and their spouses looking to start or grow their small businesses. The legislation would decrease down payment requirements, eliminate fees on small business loans under $1 million, and direct the Small Business Administration (SBA) to collect and publicize data on services provided to veterans.

The Veteran Entrepreneurship Empowerment Act was introduced prior to Veterans Day and during National Veteran Small Business Week, which honors the sacrifices of veterans and their families and highlights resources available for veteran entrepreneurs. In Fiscal Year 2025, veteran entrepreneurs received nearly 3,500 loans totaling $1.5 billion through the SBA's 7(a) and 504 loan programs.

"This week, we honor the service and sacrifice of our nation's veterans and their families and reaffirm our commitment to ensuring a smooth transition to civilian life," said Ranking Member Markey. "Entrepreneurship is a natural path for our brave service members, but high entry costs can be a barrier to their small business success. This legislation would lower the cost of small business loans for veterans and their families, making it more affordable for them to move from military service to Main Street."

"On behalf of our 1.5 million members, The American Legion strongly supports the Veteran Entrepreneurship Empowerment Act, which removes financial barriers that too often stand between veterans and their pursuit of the American Dream," said Dan K. Wiley, National Commander of the American Legion. "Veterans have proven leadership, discipline, and dedication-traits that are invaluable to entrepreneurship. By expanding access to capital and ensuring data transparency for veterans, reservists, and military spouses, this bill honors their service and strengthens The American economy. The American Legion believes that when we empower veterans to build businesses, our communities and nation not only succeed, but we fortify the very foundation of The American Dream they once fought to protect."

"Veterans bring the same determination, leadership, and mission focus that defined their service to building small businesses back home," said Mary Kaszynski, Director of Government Relations for VoteVets. "Yet too often, financial barriers stand in the way of Veterans who have already given so much to our nation. By significantly reducing fees and expanding access to credit for veteran-owned small businesses, the Veteran Entrepreneurship Empowerment Act removes key obstacles and unlocks opportunity. Our country owes it to Veterans not just to thank them, but to ensure they have every chance to succeed in civilian life. This legislation honors that commitment in a tangible, impactful way. We applaud Senator Markey's leadership and encourage all Members to join us in supporting this important effort."

"The Veteran Entrepreneurship Empowerment Act meaningfully reduces barriers for veteran-owned small businesses by waiving guarantee fees and lowering equity injection requirements: critical steps toward expanding access to capital and opportunity," said Ray Toenniessen, Deputy Executive Director of the D'Aniello Institute for Veterans and Military Families (IVMF). "We're encouraged by the bill's emphasis on data-driven oversight and accountability, ensuring its impact is both measurable and sustainable. This legislation reflects a smart, responsible investment in the economic success of veterans and their families."

"The National Veteran Small Business Coalition strongly supports the goals of the Veteran Entrepreneurship Empowerment Act," said Scott Jensen, Chief Executive Officer for the National Veterans Small Business Coalition. "Access to affordable capital remains one of the greatest barriers to Veteran business ownership. By permanently waiving SBA loan guarantee fees and reducing equity requirements for Veterans and military spouses, this bill takes meaningful steps to level the playing field and empower those who have served our nation to continue serving through entrepreneurship. We look forward to working with Congress and the Small Business Administration to ensure these reforms are implemented effectively and equitably for the Veteran small business community."

"National Guardsmen are deeply rooted in our communities - as employers, neighbors, and business owners who invest locally," said retired Major General Francis M. McGinn, President of the National Guard Association of the United States (NGAUS). "This bill unleashes the entrepreneurial drive of veteran small business-owners and encourages even deeper connections to the people we serve. We applaud Senator Markey and the Small Business Committee for their work to improve economic opportunities for those who have given our nation so much."

Permalink: https://www.sbc.senate.gov/public/index.cfm/2025/11/ranking-member-markey-introduces-legislation-to-reduce-costs-for-veteran-entrepreneurs