By Staff Reports
(Victor Valley)- Today, Rep. Paul Cook (R- Apple Valley) voted for HR 2499, the Veterans Entrepreneurship Act. This bill helps veterans who start their own small businesses by removing barriers to capital.
The Veteran Entrepreneurship Act makes it easier for veterans to get capital they need to start their own business by waiving the upfront guarantee fee on a Small Business Administration 7(a) express loan – all at no cost to the taxpayer. The 7(a) Loan Program is the Small Business Administration’s primary program for helping start-up and existing small businesses, with financing guaranteed for a variety of general business purposes.
Cook said, “California is home to 1.3 million veterans. Sadly, the unemployment rate among veterans that have served in active duty since September 2001 is substantially higher than the national average. This bill makes it easier for a veteran or the spouse of a veteran to obtain the private capital needed to start a business. Waiving fees for veteran 7(a) borrowers encourages them to open small businesses, creates jobs, and boosts the economy.”
A member of the House Natural Resources, Armed Services, and Foreign Affairs Committees, Cook served as an infantry officer and retired after 26 years as a Colonel in the U.S. Marine Corps. During his time in combat, he was awarded the Bronze Star and two Purple Heart.