Rep. Veasey Introduces the Diverse Small Businesses Empowerment Act to Grow Women, Veteran and Minority Small Businesses

Nov 27, 2018
Press Release

Washington, D.C. – On November 28th, Congressman Veasey will introduce the Diverse Small Businesses Empowerment Act to permanently cut the upfront Small Business Administration (SBA) loan fees and eliminate economic barriers institutionally faced by women, minorities and veteran small business owners. Additionally, this bill will provide targeted economic growth to a diverse group of American entrepreneurs and break down barriers that inhibit progress for minority-owned small businesses.

“Diversity and strength is the engine of American innovation and economic success,said Congressman Veasey. “If we want to see growth in the business sector, we need to remove the financial barriers minority-owned small businesses face and create more good-paying jobs in North Texas. This bill will level the playing field, and foster growth for more minority-owned businesses in communities across the country.” 

In the Dallas Fort Worth Metroplex, over 250 businesses owned by veterans, women and minorities have already benefited from a variety of SBA loan programs. This bill seeks to expand the successes of this program nationally, and commit to uplift and fortify our local business owners in communities across the country. The Diverse Small Business Empowerment Act has also been endorsed by the Small Business Majority organization, Latin Business Association, Irving Hispanic Chamber of Commerce, the National Veteran Small Business Coalition, Fort Worth Metropolitan Black Chamber of Commerce, the National Veteran-Owned Business Association, and Toyota of Irving.

"Congressman Veasey's proposed legislation is a welcomed step towards cost reduction for small business," said Marcus E. Knight, a veteran and small business owner of Knight Waste Services in North Texas. “SBA has been instrumental for our business. This legislation will expand opportunities for more businesses to benefit from the SBA.” 

“Necesitamos  representantes que pongan las bases para ayudar a nuestras pequeñas empresas,” dijo Santos el dueño de Santos Trucking en Dallas. “El plan del congresista Veasey es un excelente primer paso para ayudar a los propietarios de pequeñas empresas a expandirse y fortalecer sus negocios en Dallas y en todo el país.” 

Translated: “We need lawmakers to lay out the foundation to help our small businesses,” said Gonzalo Santos, owner of Santos Trucking in Dallas. “Congressman Veasey’s plan is a great first step in helping small business owners expand and make their businesses stronger in Dallas and around the country.” 

More specifically the Diverse Small Businesses Empowerment Act 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.