This new SBA initiative really highlights the Administrations’ commitment to helping the nations’ veterans.
San Francisco, CA (PRWEB) May 27, 2013
Early last week the U.S. Small Business Administration (SBA) announced that they would be launching the SBA Veteran Pledge Initiative, a commitment to increase lending activity to U.S. Veterans by 5 percent a year over the coming 5 years. The SBA expects the initiative to help approximately 2,000 U.S. veterans obtain small business loans by increasing veteran lending by $475 million over the coming five years.
The SBA has begun this initiative in partnership with their top 20 national lending partners and an additional 100 regional lending partners. The initiative was created to address problems that veterans often face when trying to raise capital for a new small business.
“This new SBA initiative really highlights the Administrations’ commitment to helping the nations’ veterans. It is ironic that even though our nations’ veterans are willing to risk their lives, many lenders are unwilling to risk lending to veterans. I find the program to be an excellent change to this mindset,” said Terry Robinson, president of Sunovis Financial.
The new program is seen as a good compliment to the existing SBA partnership with the National Association of Development Companies that has been providing training and financing discounts to veterans who are interested in starting a small business or already have an existing business.
“Our service men and women have made incalculable contributions and sacrifices for our country, and supporting them as they pursue their dreams to start or grow their own business is one of SBA’s highest priorities,” SBA Administrator Karen Mills said.
While small businesses make up a large percentage of businesses in the U.S., veterans account for nine percent of these small businesses. Together they employ over 5 million people and contribute extensively to the U.S. economy.