Veteran Business Opportunities and the Stimulus Package

The new stimulus package opens up many lending opportunities for veterans. Sometimes the ideal opportunity when you transition to civilian life doesn't include working for someone else. Veterans, National Guard, Reservists and their spouses have another option to consider---owning a business. The stimulus bill will temporarily increase the SBA’s guarantee on surety bonds from $2 million to $5 million. It will allow small businesses to bid on bigger projects.

The Small Business Administration has pointed out some major things that can pertain to veterans and the many business opportunities available to them.

• $375 million for temporary fee reductions or eliminations on SBA loans and increased SBA guaranteed shares, up to 90 percent for certain loans

• $255 million for a new loan program to help small businesses meet existing debt payments

• $30 million for expanding SBA’s Microloan program, enough to finance up to $50 million in new lending and $24 million in technical assistance grants to microlenders

• $20 million for technology systems to streamline SBA’s lending and oversight processes

• $15 million for expanding SBA’s Surety Bond Guarantee program

• $25 million for staffing up to meet demands for new programs

• $10 million for the Office of Inspector General

The bill also authorizes refinancing for certain SBA loans so borrowers can expand their businesses on favorable terms, and expands leverage capability for Small Business Investment Companies.

These things are all important ideas to keep in mind when you are thinking about the business opportunities available to you.

To find out more information check out sba.gov.