The SERV Act (Successful Entrepreneurship for Reservists and Veterans Act) would require new reporting from two government bodies to improve transparency around veteran entrepreneurship programs and access to credit for veteran-owned small businesses. Specifically, it directs the Small Business Administration (SBA) to include in its annual budget justification a report on the Veterans Interagency Task Force—covering who sits on the task force, what it has done, and a plan for outreach to veterans through programs like Veterans Business Outreach Centers and related initiatives. It also commissions the Comptroller General (GAO) to produce a comprehensive, national assessment within one year of enactment on how easily “covered individuals” (veterans, service-disabled veterans, Reservists, and their spouses) can obtain credit, including sources, default rates, available federal programs, gaps, obstacles, the effect of military duties on credit histories, and awareness of federal aid. The bill makes no new funding available (CUTGO compliance) and largely expands reporting and oversight rather than creating new programs or changing existing authorities.
Key Points
- 1Adds a new reporting requirement for the SBA to include in its budget documents a report on the Veterans Interagency Task Force, including appointments, activities, and a plan to promote veteran-focused programs (e.g., VBOCs, Boots to Business, Boots to Business Reboot, Service-Disabled Entrepreneurship Development Training Program, Veteran Institute for Procurement, Women Veteran Entrepreneurship Training Program, and Veteran Women Igniting the Spirit of Entrepreneurship).
- 2Requires the GAO to issue within one year a report on access to credit for small business concerns owned and controlled by covered individuals, examining:
- 3- sources and share of credit by source
- 4- default rates by credit source
- 5- federal lending programs available to these businesses
- 6- gaps in credit availability
- 7- obstacles to obtaining credit
- 8- how deployment/military duties affect credit history
- 9- awareness of federal credit programs
- 10Definitions of key terms:
- 11- Covered individual: veteran, service-disabled veteran, Reservist, the spouse of any of these, or the spouse of a member of the Armed Forces.
- 12- Reservist: member of a reserve component of the Armed Forces.
- 13- Applies existing Small Business Act definitions for “veteran,” “service-disabled veteran,” and “small business concern.”
- 14No new spending appropriations are authorized; the act must comply with Cut-Go (no additional amounts authorized).