U.S. Rep. Stephanie Murphy, D-Fla., is teaming up with one of the leading conservatives in Congress to help veterans launch small businesses.
Murphy teamed up with U.S. Rep. Dave Brat, R-Va., who garnered national attention for defeating then U.S. House Majority Leader Eric Cantor, R-Va., in the Republican primary, to bring out the “Veteran Small Business Export Promotion Act.” Murphy’s and Brat’s proposal extends a current federal program which was set up in 2013 to help veterans start and expand small businesses by exempting veterans pursuing loans of $150,000 or less from SBA export programs, including Export Express, Export Working Capital and International Trade loans, from the 3 percent up-front fees.
Murphy said on Tuesday that this would help veterans looking to launch small businesses.
“Making it easier for veterans to grow their businesses not only helps to boost our economy and create jobs, but also ensures that more of our service men and women will have a successful transition to civilian life,” said Murphy. “By simply codifying the existing practice of exempting veterans from paying fees in order to participate in SBA’s export loan programs, this bill will allow thousands of veteran-owned businesses to invest more of their hard-earned money towards the growth of their enterprise. Our country has a long-standing tradition of recognizing and rewarding the heroism and sacrifice of our veterans, and supporting their entrepreneurial aspirations is chief among the ways that we can show our gratitude.”
“When the men and women who have served our country return home to their local communities, many take the leadership skills and training they acquired in the military and start a small business,” Brat said. “Often the biggest hurdle these veteran entrepreneurs face is access to capital to start and grow their businesses. This bill will codify current SBA practices and ensure over 76,000 veteran-owned small businesses in Virginia have the opportunity to utilize SBA’s export loan programs and are exempted from the up-front fees.”
U.S. Sen. Mike Rounds, R-SD, and U.S. Sen. Mazie Hirono, D-Hawaii, have offered a similar proposal in the Senate. The legislation is backed by the American Legion, the National Veteran-Owned Business Association, the National Small Business Association, the Small Business Exporters Association and other groups.
U.S. Rep. Stephanie Murphy, D-Fla., has teamed up with key Republicans on Capitol Hill to support a bill they hope will provide more federal subcontracts for small businesses.
This is not the first time Murphy and Brat have worked together. Back in March, Murphy, the top Democrat on the House Contracting and Workforce Subcommittee despite being a freshman, paired up with Brat and U.S. Rep. Steve Knight, R-Calif., to unveil a proposal amending the Small Business Act to give “clear job description to Commercial Marketing Representatives at the Small Business Administration and help small businesses better compete for subcontracts.”
READ MORE FROM SUNSHINE STATE NEWS
Abuses Force Citizens' to Increase Rates in 3 South Florida Counties
Marco Rubio, Ben Cardin Want Trump Administration to Get Tough With Egypt on Human Rights
