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Bill

S 3171

Veteran Entrepreneurship Empowerment Act

119th Congress Introduced by Ed Markey and 1 co-sponsor

The Veteran Entrepreneurship Empowerment Act waives guarantee fees on loans up to $1M for veterans and their spouses, boosting access to capital for small businesses.

Introduced in Senate
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WeVote Research Nonpartisan
Bill Summary · S 3171

Summary of Bill S. 3171: Veteran Entrepreneurship Empowerment Act

Purpose and Intent

The Veteran Entrepreneurship Empowerment Act (S. 3171) aims to support veteran entrepreneurs and the spouses of veterans by waiving the guarantee fee for certain business loans. The bill seeks to enhance access to capital for these individuals, addressing a significant barrier to entrepreneurship identified in various reports.

Key Provisions

  1. Fee Waiver for Business Loans:

    • The bill amends the Small Business Act and the Small Business Investment Act of 1958 to eliminate the guarantee fee for loans made to small business concerns owned by veterans or their spouses.
    • The waiver applies to loans not exceeding $1,000,000.

  2. Definition of Eligible Borrowers:

    • The term "veteran or spouse of a veteran" includes:
      • Veterans
      • Individuals eligible for the Transition Assistance Program
      • Members of reserve components of the Armed Forces
      • Spouses of the above individuals
      • Surviving spouses of service members who died while on active duty or due to service-connected disabilities.

  3. Impact on Small Business Administration (SBA) Operations:

    • The SBA will not collect guarantee fees for qualifying loans, thereby reducing the financial burden on veteran-owned businesses.

Background and Findings

The bill is grounded in findings from several reports indicating that:
- Veterans are more likely to own businesses than non-veterans.
- Veteran-owned businesses have a lower failure rate compared to non-veteran businesses.
- A significant barrier to entrepreneurship for veterans and military spouses is a lack of access to financing, with many reporting insufficient funding and higher denial rates for loans.

Affected Parties

  • Veterans and Spouses: The primary beneficiaries of this legislation will be veterans and their spouses who seek to start or expand small businesses.
  • Small Business Community: The bill aims to foster a more robust entrepreneurial ecosystem for veterans, potentially leading to increased economic activity and job creation.

Legislative Process

  • Introduced: November 10, 2025
  • Current Status: The bill has been read twice and referred to the Committee on Small Business and Entrepreneurship for further consideration.

Conclusion

The Veteran Entrepreneurship Empowerment Act represents a significant step towards empowering veterans and their spouses in the business sector by alleviating financial barriers to accessing essential capital. By waiving guarantee fees for qualifying loans, the legislation aims to promote entrepreneurship and economic growth within the veteran community.

Compiled from official sources — confirm details with the bill’s official record.

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