BPW Foundation Supports Expanded Small Business Loans for Veterans
Posted by sherrysaunders on July 30, 2010
This will also help the growing number of Women Veterans
Business and Professional Women’s (BPW) Foundation expressed their support for Senator Mark Pryor’s (D-AR) efforts to expand small business opportunities for all veterans, including women. “Any steps we can take to ensure that our veterans have access to funds to help them start their own businesses are essential,” said BPW Foundation CEO Deborah L. Frett.
According to the Bureau of Labor Statistics, as of 2009, about 1.9 million of the nation’s veterans had served during what is called the Gulf War era II (since 2001.) Eighteen percent of those veterans are women. The unemployment rate among those veterans was 10.2 percent last year, with women experiencing a higher unemployment rate of 11.5 percent.
In a letter to Senator Pryor supporting his amendment to the Patriot Express Loan Program (SA 4485) in the Small Business Lending Fund Act of 2010 (H.R. 5297), Frett wrote, “BPW Foundation is a national research and education nonprofit that supports women veterans’ transition into the workplace as well as supporting opportunities for women veterans to become business owners.”
“Senator Pryor’s amendment, which expands upon the existing Patriot Express Pilot Loan Initiative set to expire after December 31, 2010, will benefit women veterans and encourages talented veterans, men and women to consider business ownership. It provides the opportunity for all veterans, including women, to obtain guaranteed loans from an express lender to serve as business funding. Access to capital is a key tool in the start-up and growth of small businesses,”
“This program will provide women veterans with a quicker and easier method to obtain guaranteed funding for business purposes. Women make up 15 percent of the active military and are a growing segment of the veteran population. Upon fulfillment of their patriotic duty, these women face the challenge of successfully transitioning into civilian life and the workforce. One career option is for women veterans to use their valuable military experience in a small business setting,” Frett concluded.