Last week, Representative Sharice Davids introduced the bipartisan Successful Entrepreneurship for Reservists and Veterans (SERV) Act with Representatives Mark Alford and Herb Conaway. Passed by the U.S. House in 2023, the bill aims to support veteran entrepreneurs by identifying challenges they face when starting a business. It also seeks to enhance outreach and promotion of existing veteran-focused small business programs, ensuring better access to resources, capital, and credit.

Davids, whose mother served in the U.S. Army for 20 years, is committed to addressing these barriers and improving support systems for veteran business owners.

The SERV Act takes three key steps to support veteran entrepreneurs:

• GAO Report on Credit Access: Directs the Government Accountability Office (GAO) to study how veteran and reservist small business owners access credit, including an analysis of common credit sources and the impact of deployment and military duties on financial opportunities.
• SBA Task Force Action Plan: Requires the Small Business Administration’s Interagency Task Force on Veterans Small Business Development to create a strategy for promoting existing programs that help veterans transition into business ownership.
• Annual Congressional Reporting: Mandates the task force to report annually to Congress on its appointments and outline its outreach efforts for veterans, service-disabled veterans, reservists, and their spouses.

Despite the entrepreneurial skills gained through military service, veteran business ownership has declined significantly in recent decades. Only 4.5% of the 3.6 million veterans who served since 9/11 have started a business, compared to 50% of World War II veterans and 40% of Korean War veterans. This drop is largely due to difficulties in accessing credit, adjusting to civilian life, and overcoming stigmas associated with physical disabilities and post-traumatic stress disorder.

Davids’ office also helps military and veteran constituents access VA health care and benefits and acts as a facilitator between federal, state, and local agencies. For more information on how veterans can receive assistance, constituents are encouraged to visit Davids’ website or call her office at (913) 621-0832.