Senate lawmakers on Tuesday approved provisions aimed at helping veterans and reservists keep their businesses afloat, during or after deployment.
The provisions, passed unanimously as an amendment to the Defense Department authorization bill, will secure greater funding for the Small Business Administration's Office of Veteran Business Development, while allowing the agency to offer loans to veteran entrepreneurs without requiring collateral.
It will also create a task force to access the procurement, franchising, and capital needs of veteran entrepreneurs, as well as a permanent advisory committee on veterans business affairs, among other initiatives.
"This bipartisan amendment will provide critical resources to business development programs for our veterans and reservists and hold federal agencies accountable," Sen. John Kerry (D-Mass.), the chairman of the Senate Committee on Small Business and Entrepreneurship, said in a statement.