SERV Act

This bill aims to help veterans, Reservists, and their spouses who run or want to start small businesses. It makes the Small Business Administration (SBA) share more information about its veteran programs and orders a deep look at how well these owners can get loans and credit.

Key points:

• Who is affected: Veterans, Reservists, and their spouses who own or plan to start small businesses.
• What changes: Each year, the SBA must send Congress a report about the veterans interagency task force and a plan to spread the word about programs like Veteran Business Outreach Centers, Boots to Business (and Reboot), the Service-Disabled Entrepreneurship Development Training Program, the Veteran Institute for Procurement, the Women Veteran Entrepreneurship Training Program, and Veteran Women Igniting the Spirit of Entrepreneurship. This report is delivered with the SBA’s annual budget materials.
• Credit access study: Within one year of the law taking effect, the Government Accountability Office must report on how these small business owners access credit. The review covers where they get loans, how their default rates compare to other small businesses, what federal lending programs exist, gaps and obstacles they face, how deployment affects credit history, and how aware they are of federal help .
• Cost: The bill does not authorize new spending to carry out these changes.