|Posted:||December 5, 2022 03:17 PM|
|From:||Senator Doug Mastriano|
|To:||All Senate members|
|Subject:||Creation of the "Veteran-owned Business Loan Guarantee Program"|
|In the near future, I plan to introduce legislation to create a loan guarantee program in support of veteran-owned small businesses.
This legislation would establish the “Veteran-owned Business Loan Guarantee Program” which will provide loan guarantees to commercial lending institutions that make loans to veteran-owned businesses. The guarantee would be limited to $250,000 for any one loan.
According to a recent U.S. Census Bureau Survey, Veteran-owned businesses make up about 5.9% (337,934) of all businesses, with an estimated $947.7 billion in receipts, approximately 3.9 million employees, and about $177.7 billion in annual payroll.
This legislation would ensure that our veterans who have sacrificed so much will have access to the financial capital needed to restart their careers while opening the pathway to stronger and more prosperous businesses in Pennsylvania.
I hope you will join me as a co-sponsor.
Introduced as SB248