Following World War II, nearly 50% of veterans went on to become business owners — but today that number is less than 10%.
In effort to understand the decline in small business ventures by former service members, U.S. Reps. Sharice Davids (D-Kansas) and Mark Alford (R-Missouri), both members of the House Small Business Committee, co-sponsored the Successful Entrepreneurship for Reservists and Veterans Act (SERV Act).
The legislation passed the U.S. House on Tuesday night.
The SERV Act will study the challenges veterans and reservists face while navigating small business startups, and will create a singular location for veteran entrepreneurial resources.
"We'll have almost like a one-stop shop situation for our veterans. So that they're not having to look in five different places for these resources," said Davids.
Davids previously introduced the SERV Act in 2019. The bill passed through the House with bipartisan support but did not pass the Senate.
"This is helping veterans and I dare anyone to say that veterans don't need help starting businesses," said Alford.
- U.S. Rep. Sharice Davids, D-KS
- U.S. Rep. Mark Alford, R-MO
