Senator Jerry Moran of Kansas and Representative Jeff Fortenberry of Nebraska will soon be introducing the Veteran Entrepreneurial Transition Act (VET) to the Senate. The VET Act will create a 3-year pilot program that will enable 250 veterans to use their GI Bill benefit as collateral to start a small business or purchase an existing business. Please take the time to write your Representatives in support of the Veteran Entrepreneurial Transition Act which would allow Veterans to use their GI Bill benefits to start a business.
Below is a draft language sample letter.
Dear (Senator/Representative),
I am contacting you to express my strong support for the proposed Veteran Entrepreneurial Transition Act.
This act will greatly assist the Department of Defense in making the entrepreneurial transition pathway a reality for our deserving veterans.
Our Nation benefits when we have a thriving and self-sustainable veteran community. Research shows that veteran-owned businesses perform better and stay in business longer, and they have a positive impact on communities across the country. Also, many young Americans join the military based on the positive recommendations of our veterans.
Nearly half of our Iraq and Afghanistan war veterans are not currently using their GI Bill, and the unemployment rate for this cohort of veterans has exceeded the national average for years – especially for our female veterans.
In FY2013, the Department of Defense spent $1.359B on unemployment for former military personnel.
It’s time to turn this trend around and ensure greater transition opportunities for our veterans. I believe that this can be done by enabling more of them to start small businesses.
The fact is that many of our veterans, especially those that have done the “heavy lifting” in combat on multiple tours since 9-11, simply are not inclined to return to a college classroom filled with 18-year-olds, but their military experience and accomplishments have “hardwired” them for success in small business.
Our veterans are proven, disciplined leaders who are capable of making sound decisions in complex and confusing environments. They are mission-focused and capable team-builders and small-unit leaders. While they are rich in experience and drive, almost all of them are under-capitalized when it comes to starting a business. I believe that the VET Act will provide them the collateral needed to start a business outright or provide the leverage needed to collateralize a subordinated business loan.
As a pilot program, the VET Act represents a real opportunity for 250 of our veterans. I strongly encourage all members of Congress to support this important initiative.
Thanks for your continued support of our military community,
/S/