Sending Office: Honorable Marc A. Veasey
Co-Sponsor of the “Diverse Small Businesses Empowerment Act”
Co-sponsors: Rep. Takano, Rep Jackson Lee, Rep. E.B. Johnson, Rep. Thompson, Rep. Brown, Rep. Grijalva, Rep. Gonzalez, Rep. Raskin, Rep. Correa, Rep. Sires, Rep. Napolitano, Rep. Clarke,
Rep. Cohen, Rep. Norton, Rep. Wilson, Rep. Serrano, Rep. Castor.
Endorsing Organizations: Small Business Majority,
The Latin Business Association, Irving Hispanic Chamber of Commerce,
National Veteran Small Business Coalition, Fort Worth Metropolitan Black Chamber of Commerce, National Veteran-Owned Business Association.
While women, veterans, and minorities represent the largest share of new small business start-ups in the country, they still face tremendous institutional barriers. To help address this problem, I am introducing legislation to cut the upfront fees for certain
small business loans, making it easier for small business start-ups to access the loans without paying high guarantee fees.
Specifically, the bill would:
- Permanently eliminate the Small Business Administration (SBA) guarantee fee for any loan made under $125,000 for veterans, minorities, and women;
- Permanently cut in half the guarantee fee charged to veteran, women and minority-owned business start-up loans between $125,000-350,000;
- Permanently eliminate the guarantee fee for women and minority-owned businesses for SBA Express Loans. This fee has previously been eliminated for veteran-owned small businesses, and expanding it to women and minorities will help open small business opportunities.
Small business growth and entrepreneurship has historically been the engine of American innovation and economic prosperity. When Americans of all stripes are provided the resources and capital to bring their dreams to fruition, they create jobs and accumulate
wealth. However, the economic reality is that women, minorities, and veterans are significantly and disproportionately underrepresented in access to capital to start and fund small businesses. This bill would bring much-needed access to small business owners
who would otherwise be left behind.
I hope you will join me in supporting this legislation to guarantee a pro-small business agenda for all Americans.
To cosponsor or for questions, please contact Zahraa Saheb in my office at
Member of Congress
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