Congressman Mark Alford (MO-04) introduced the Successful Entrepreneurship for Reservists and Veterans (SERV) Act on July 10, 2023. The bipartisan legislation seeks to boost veteran entrepreneurship, reflecting the growing recognition of the value veteran business owners bring to the U.S. economy.
The SERV Act commissions the Government Accountability Office to study and report on the ability of veteran and reservist small business owners to access credit, a critical resource for growth and sustainability. Moreover, the legislation mandates the Interagency Task Force on Veterans Small Business Development to develop and report an action plan for promoting available programs to veterans.
Rep. Alford addressed his commitment to veterans’ welfare in his statement: “As members of Congress, we have the duty to protect and support our nation’s veterans.” The Congressman shared how Taylor Burks’s testimony at a Small Business Committee hearing earlier this year highlighted ways the Committee and the Small Business Administration can better support those who served the nation.
Describing the SERV Act as a “first step” in improving services for veteran entrepreneurs, Rep. Alford added, “It is a win for our districts, a win for veterans, and a win for our country.” The Congressman is co-leading the act with Rep. Davids (D-KS), who represents a neighboring district, demonstrating the bipartisan support for this crucial issue.
The SERV Act’s implications for small business owners who are veterans or reservists are significant. By addressing access to credit—a key challenge many such business owners face—it seeks to empower them to grow and sustain their ventures. Furthermore, by tasking the Interagency Task Force with developing an action plan, the legislation aims to enhance awareness and usage of existing resources and programs dedicated to veterans.
As such, the SERV Act reflects the government’s ongoing commitment to ensure that those who served the country in the military have the support and resources they need when they transition to the business world. The bipartisan nature of the Act underscores the collective political will to promote and facilitate veteran entrepreneurship.
As the SERV Act moves through Congress, veteran and reservist business owners will be watching closely. With its potential to reshape the landscape of veteran entrepreneurship, the Act could usher in a new era of support and recognition for these crucial contributors to the U.S. economy. The SERV Act’s introduction marks a major stride in recognizing veterans’ value to the small business sector and ensuring they have the resources to succeed.
Small Business Deals