Saturday, August 1, 2015
U.S. Government Wants to Help Veterans Start Their Own Businesses
The G.I. Bill, a law that was established by the U.S. government in 1944, is being reviewed as a source of funding for veterans who want to start their own businesses. The move is being initiated by means of a three-year pilot program through the Small Business Administration (SBA).
The G.I. Bill
The G.I. Bill was created to provide benefits for returning World War II veterans, or G.I.s. This included low-cost mortgages and financial assistance to further their education at a college, high school or vocational school. Every veteran who had been on active duty during the war years for at least 120 days is eligible for the benefits. But only half of all veterans use the benefits, according to a recent survey by The Bunker, a startup incubator for veterans. Less than half finish their education.
How the government wants to help
The Senate has proposed that veterans be allowed to use these benefit funds to help them start their own businesses. Called The Veterans Entrepreneurial Transition (VET) Act, the initiative will go a long way to help one million veterans transition back into their communities during the next 5 years. It's also going to create more jobs and improve the economy.
According to The Daily Caller, a Washington D.C.-based news and opinion website, about 9 percent of all small businesses are owned by veterans, and veterans are about 45 percent more likely to start their own businesses.
Do you think the Senate should move forward with this proposal?
Read more by visiting www.congress.gov/bill/111th-congress/house-bill/114