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New law will help small-business owners

President Bush signed into law an expansion of small-business help for veterans and reservists on Thursday.

The bipartisan initiative, now Public Law 110-186, creates new grants and loan programs aimed specifically at small businesses harmed by mobilization of reservists who are either owners or key employees, and it extends help for small-business owners, including veterans’ business outreach centers that would play a greater role in transition counseling for people being released from active duty.

One of the new initiatives is a pre-deployment loan that would allow Guard or reserve members who own small businesses to borrow money to help keep their businesses going while they are away — before they suffer financial problems.

Sen. John Kerry, D-Mass., one of the chief sponsors of the legislation, said he hopes the changes are a tangible improvement for veterans and reservists. “It means they will have access to real tools to help them start or grow a small business,” Kerry said. “Our veterans who put their lives on the line for our national security deserve economic opportunity when they come home, and this bipartisan achievement is one small way we can repay them for their hard work and sacrifice.”

The chief Republican cosponsor, Sen. Olympia Snowe of Maine, said the weakening state of the economy underscores why small businesses need help when they are harmed by Guard and reserve members being called to duty.

Added Rep. Robert Altmire, D-Pa., chief sponsor of the House version of the bill, “Now it will be easier for reservists who are small-business owners to attain loans that are vital to keeping their businesses afloat during their deployments.”