Scholten Works to Support Veteran Entrepreneurs During Joint Hearing with Veterans Affairs Committee

Summary

Press release dated July 23, 2024 on a joint hearing of the House Small Business Committee Subcommittee on Contracting and Infrastructure and the House Veterans Affairs Subcommittee on Economic Opportunity, which examined the state of veteran entrepreneurship in the United States. Ranking Member Hillary Scholten highlighted the importance of veteran entrepreneurs to the economy and how Congress can improve access to capital and entrepreneurial development resources. The release says veterans own approximately 1.7 million businesses, nearly all small, and that former service members often face obstacles in accessing capital, using resources and finding mentors. Scholten is quoted citing studies that over half of veteran-owned businesses do not receive the financing they request.

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Scholten Works to Support Veteran Entrepreneurs During Joint Hearing with Veterans Affairs Committee
Source(print): https://democrats-smallbusiness.house.gov/news/documentprint.aspx?DocumentID=4865

Scholten Works to Support Veteran Entrepreneurs During Joint Hearing with Veterans Affairs Committee 

 democrats-smallbusiness.house.gov 

 Cmte Small Business (D) 

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 Scholten Works to Support Veteran Entrepreneurs During Joint Hearing with Veterans Affairs Committee 

 Washington ,
 July 23, 2024 
 -

 Washington, D.C.— Today, the House Small Business Committee Subcommittee on Contracting and Infrastructure held a joint hearing with the House Veterans Affairs Subcommittee on Economic Opportunity examining the current state of veteran entrepreneurship in the United States. During the hearing, Ranking Member Hillary Scholten (D-MI) highlighted the importance of veteran entrepreneurs to the overall economy and how Congress can bolster access to capital and entrepreneurial development resources available to former servicemembers. 
 
“We all know that small businesses are the backbone of America’s economy, and veteran-owned small businesses make up a critical part of that foundation,” said Ranking Member Scholten. “The work these entrepreneurs do - all after serving our nation in the armed forces - is nothing short of remarkable. Moreover, the impact of these small businesses in our communities highlight the need for our government to support them.” 
 
Veterans own approximately 1.7 million businesses, nearly all of which are small businesses. Research shows that veterans are especially qualified to start and run their own businesses, as they, throughout their service, learned how to make good decisions in chaotic environments and are natural leaders, confident, and driven. 
 
Unfortunately, former service members frequently encounter significant obstacles in accessing capital, utilizing available resources, and finding suitable mentors. Additionally, some data indicate that younger veterans are not pursuing entrepreneurship at the same rates as previous cohorts. 
 
During the hearing, members examined the federal programs that serve veteran entrepreneurs and discussed the ways that Congress can increase support for veteran entrepreneurs. Veteran business owners also shared their challenges and discussed policies that could help their businesses prosper. 
 
“As with many entrepreneurs, access to capital remains a top issue for veteran-owned small businesses. Studies have shown that over half of veteran-owned businesses don’t receive the amount of financing that they request,” continued Ranking Member Scholten. “These realities, combined with the downward trend of young veterans pursuing entrepreneurship, highlight an area where more support from Congress may be needed.” 
 
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