Business groups and other veteran advocacy groups are pressing Congress to pass a Veterans Member Business Loan Act that they claim will relieve veteran-owned small business enterprises of capital access challenges. 

By pushing this act through Congress, they claim it will modernize lending opportunities to enable veteran business owners to access funds to establish their enterprises in competitive markets.

The first supporters of veteran-owned businesses stated that, while they are very successful and contribute greatly to the economy, they often have to face the most restrictive lending criteria, thus already placing them at a disadvantage against their non-veteran competitors. 

The proposed legislation would seek to level these playing fields by creating more inclusive loan programs and strengthening support structures through public-private partnerships.

Industry stakeholders are also highlighting various discussions that have taken place within various platforms, like the VetVC Summit, where there were talks from notable entrepreneurs in impact banking regarding the significance of well-designed finance solutions that serve veteran-led business ventures. 

The call to pass the Veterans Member Business Loan Act emerges in the context of efforts to improve opportunities in the construction industry sector for traditionally underrepresented groups. 

Meanwhile, at the state level, as Contrator News has investigated, the vast majority of agencies lack programs that help promote veteran and disabled veteran-owned businesses.