,,ii #aai? ,,congress #a/ ,session ,s4 #caga ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,novemb] #aj1 #bjbe ,mr4 ,m>key 7= himself & ,mrs4 ,%ahe57 introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ,small ,bus9ess & ,entrepr5eur%ip ,a ,,bill ,to waive ! gu>antee fee = c]ta9 bus9ess loans made to vet]ans & sp\ses ( vet]ans1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,vet]an ,entrepr5eur%ip ,emp[]m5t ,act4 #b4 ,f9d+s ,congress f9ds ! foll[+3 7#a7 ,accord+ to ! ,d',aniello ,in/itute = ,vet]ans & ,milit>y ,families ,augu/ #bjbe report entitl$ ,a ,framework = ,advanc+ & ,/r5g!n+ ! ,vet]an ,entrepr5eur ,ecosy/em-- 7,a7 vet]ans are m likely to own bus9esses ?an non-vet]ans2 7,b7 vet]an-own$ bus9esses are less likely to close or fail ?an non-vet]an own$ bus9esses2 & 7,c7 ! top b>ri] to entrepr5eur%ip li/$ by vet]an & milit>y sp\se entrepr5eurs is a lack ( access to capital or f9anc+4 7#b7 ,accord+ to ! ,f$]al ,res]ve's #bjbe ,small ,bus9ess ,cr$it ,survey-- 7,a7 only #dh p]c5t ( majority vet]an own$ firms report$ hav+ suffici5t f9anc+ = _! bus9esses1 comp>$ to #eg p]c5t ( non-vet]an own$ firms2 & 7,b7 #be p]c5t ( majority vet]an own$ firms1 & #bi p]c5t ( p>tially vet]an own$ firms1 7 d5i$ f9anc+ comp>$ to #bj p]c5t ( non-vet]an own$ firms4 7#c7 ,accord+ to ! ,gov]nm5t ,acc\ntability ,(fice's #bjbe report entitl$ ,f9ancial ,lit]acy & ,small ,bus9ess ,l5d+1 ,res\rces ,available to ,milit>y-,affiliat$ ,p-- 7,a7 frequ5t moves1 transition f active duty1 & difficulties e/abli%+ cr$it & =m+ bus9ess relation%ips pres5t b>ri]s to access+ capital = vet]an entrepr5eurs2 & 7,b7 vet]an entrepr5eurs (t5 lack p]sonal />tup funds or suffici5t bus9ess income necess>y = access+ capital4 #c4 ,fee waiv] 7a7 ,small ,bus9ess ,act ,section #g7;a7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77 is am5d$-- 7#a7 9 p>agraph 7#ah7-- 7,a7 9 subp>agraph 7,a71 9 ! matt] prec$+ clause 7i71 by /rik+ ,) respect & ins]t+ ,except z provid$ 9 subp>agraph 7,c71 ) respect2 & 7,b7 by add+ at ! end ! foll[+3 7,c7 ,exception 7i7 ,9 g5]al ,not)/&+ subp>agraph 7,a71 ! ,adm9i/ration may n collect a gu>antee fee "u subp>agraph 7,a7 ) respect to a loan gu>ante$ "u ?is subsection if-- 7,i7 ! loan is n made "u p>agraph 7#cf7 or 7#cg72 7,,ii7 ! loan is made to a small bus9ess conc]n own$ by a vet]an or sp\se ( a vet]an2 & 7,,iii7 ! def]r$ p>ticipation %>e ( ! total loan am\nt is n m ?an #a1jjj1jjj4 7ii7 ,def9ition ,9 ?is subp>agraph1 ! t]m vet]an or sp\se ( a vet]an means-- 7,i7 a vet]an2 7,,ii7 an individual :o is eligible to p>ticipate 9 ! ,transition ,assi/ance ,program e/abli%$ "u section #aadd ( title #aj1 ,unit$ ,/ates ,code2 7,,iii7 a memb] ( a res]ve compon5t ( ! ,arm$ ,=ces nam$ 9 section #ajaja ( title #aj1 ,unit$ ,/ates ,code2 7,,iv7 ! sp\se ( an individual describ$ 9 subclause 7,i71 7,,ii71 or 7,,iii72 or 7,v7 ! surviv+ sp\se 7z def9$ 9 section #aja ( title #ch1 ,unit$ ,/ates ,code7 ( an individual describ$ 9 subclause 7,i71 7,,ii71 or 7,,iii7 :o di$ :ile s]v+ on active duty or z a result ( a disability t is s]vice-connect$ 7z def9$ 9 su* section74 2 & 7#b7 9 p>agraph 7#ca7-- 7,a7 by /rik+ subp>agraph 7,g72 & 7,b7 by r$esignat+ subp>agraph 7,h7 z subp>agraph 7,g74 7b7 ,small ,bus9ess ,inve/m5t ,act ( #aieh 7#a7 ,9 g5]al ,section #ejc ( ! ,small ,bus9ess ,inve/m5t ,act ( #aieh 7#ae ,u4,s4,c4 #fig7 is am5d$-- 7,a7 9 subsection 7b77#g7-- 7i7 by r$esignat+ subp>agraphs 7,a7 & 7,b7 z clauses 7i7 & 7ii71 respectively2 7ii7 by /rik+ ) respect & ins]t+ 7,a7 ,except z provid$ 9 subp>agraph 7,b71 ) respect2 7iii7 9 clause 7i77,,ii71 z s r$esignat$1 by /rik+ clause 7i7 & ins]t+ subclause 7,i72 & 7iv7 by add+ at ! end ! foll[+3 7,b7 ,not)/&+ subp>agraph 7,a71 ! ,adm9i/ration may n assess or collect any ongo+ gu>antee fee "u subp>agraph 7,a7 ) respect to a loan gu>ante$ "u ?is title if ! loan is made-- 7i7 by ! ,adm9i/ration2 7ii7 to a small bus9ess conc]n own$ by a vet]an or sp\se ( a vet]an2 & 7iii7 = n m ?an #a1jjj1jjj4 2 7,b7 9 subsection 7d77#c7-- 7i7 by /rik+ ,! ,adm9i/ration %all & ins]t+ 7,a7 ,except z provid$ 9 subp>agraph 7,b71 ! ,adm9i/ration %all2 & 7ii7 by add+ at ! end ! foll[+3 7,b7 ,not)/&+ subp>agraph 7,a71 ! ,adm9i/ration may n assess or collect any ongo+ gu>antee fee "u subp>agraph 7,a7 ) respect to a loan gu>ante$ "u ?is title if ! loan is made-- 7i7 by ! ,adm9i/ration2 7ii7 to a small bus9ess conc]n own$ by a vet]an or sp\se ( a vet]an2 & 7iii7 = n m ?an #a1jjj1jjj4 2 & 7,c7 9 subsection 7i7-- 7i7 by /rik+ ,two-,ye> ,waiv] ( ,fees--,! & ins]t+ ! foll[+3 8,waiv] ( ,fees4-- 7#a7 ,two-,ye> ,waiv] ( ,fees ,! 2 & 7ii7 by add+ at ! end ! foll[+3 7#b7 ,waiv] ( ,fees = ,vet]ans ,= a loan ( n m ?an #a1jjj1jjj made by ! ,adm9i/ration to a small bus9ess conc]n t is own$ by a vet]an or sp\se ( a vet]an1 su* small bus9ess conc]n %all be exempt f any up front gu>antee fee1 z detail$ 9 section #abj4iga7;d77#a7 ( title #ac1 ,code ( ,f$]al ,regulations1 or any successor regulation4 4 7#b7 ,con=m+ am5dm5ts ,! ,small ,bus9ess ,inve/m5t ,act ( #aieh 7#ae ,u4,s4,c4 #ffa et seq47 is am5d$-- 7,a7 9 section #ajc 7#ae ,u4,s4,c4 #ffb7-- 7i7 9 p>agraph 7#ai71 by /rik+ & at ! end2 7ii7 9 p>agraph 7#bj71 by /rik+ ! p]iod at ! end & ins]t+ 2 &2 & 7iii7 by add+ at ! end ! foll[+3 7#ba7 ! t]m vet]an or sp\se ( a vet]an means-- 7,a7 a vet]an2 7,b7 an individual :o is eligible to p>ticipate 9 ! ,transition ,assi/ance ,program e/abli%$ "u section #aadd ( title #aj1 ,unit$ ,/ates ,code2 7,c7 a memb] ( a res]ve compon5t ( ! ,arm$ ,=ces nam$ 9 section #ajaja ( title #aj1 ,unit$ ,/ates ,code2 7,d7 ! sp\se ( an individual describ$ 9 subp>agraph 7,a71 7,b71 or 7,c72 or 7,e7 ! surviv+ sp\se 7z def9$ 9 section #aja ( title #ch1 ,unit$ ,/ates ,code7 ( an individual describ$ 9 subp>agraph 7,a71 7,b71 or 7,c7 :o di$ :ile s]v+ on active duty or z a result ( a disability t is s]vice-connect$ 7z def9$ 9 su* section74 2 & 7,b7 9 section #ejc7;b7 7#ae ,u4,s4,c4 #fig7;b771 z am5d$ by p>agraph 7#a7-- 7i7 9 ! matt] prec$+ p>agraph 7#a71 by /rik+ unless-- & ins]t+ unless ! foll[+ crit]ia are met32 7ii7 by /rik+ ! semicolon ea* place x appe>s & ins]t+ a p]iod2 7iii7 9 p>agraph 7#a71 by /rik+ su* deb5ture & ins]t+ ,su* deb5ture2 7iv7 9 p>agraph 7#b71 by /rik+ necess>y & ins]t+ ,necess>y2 7v7 9 p>agraph 7#c71 by /rik+ ! int]e/ rate & ins]t+ ,! int]e/ rate2 7vi7 9 p>agraph 7#d71 by /rik+ ! aggregate & ins]t+ ,! aggregate2 7vii7 9 p>agraph 7#e71 by /rik+ ! am\nt & ins]t+ ,! am\nt2 & 7viii7 9 p>agraph 7#f7-- 7,i7 by /rik+ ! ,adm9i/ration & ins]t+ ,! ,adm9i/ration2 & 7,,ii7 by /rik+ & at ! end4 #d4 ,equity injection 7a7 ,small ,bus9ess ,act ,section #g7;a7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77 is am5d$ by add+ at ! end ! foll[+3 7#ch7 ,equity injection requirem5ts 7,a7 ,equity injection def9$ ,9 ?is p>agraph1 ! t]m equity injection means an inve/m5t by a borr[] 9 ! applicable small bus9ess conc]n1 9 ! =m & am\nt det]m9$ appropriate by ! ,adm9i/rator4 7,b7 ,equity injection requirem5ts = vet]ans 7i7 ,9 g5]al ,= a />tup or *ange ( own]%ip loan ) a def]r$ p>ticipation %>e ( ! total am\nt t is n m ?an #a1jjj1jjj to a vet]an or sp\se ( a vet]an1 ! m9imum equity injection p]c5tage requir$ "u ,/&>d ,op]at+ ,proc$ure #ej #aj1 v]sion #h1 effective on ,june #a1 #bjbe1 or any successor guidance1 %all be r$uc$ by n less ?an #e p]c5tage po9ts4 7ii7 ,requir$ p]c5tage ,if ! guidance describ$ 9 clause 7i7 does n li/ an exact p]c5tage1 ! ,adm9i/rator %all include a requirem5t to r$uce ! p]c5tage1 z calculat$ "u ! me?od us$ 9 ! guidance1 = vet]ans or sp\ses ( vet]ans 9 accordance ) clause 7i74 7,c7 ,equity injection requirem5ts g5]ally ,! ,adm9i/rator %all enc\rage l5d]s to l[] equity injection requirem5ts = loans to vet]ans or sp\ses ( vet]ans ) a def]r$ p>ticipation %>e ( ! total am\nt t is n m ?an #a1jjj1jjj4 4 7b7 ,small ,bus9ess ,inve/m5t ,act ( #aieh ,section #ejb7c77;,c7 ( ! ,small ,bus9ess ,inve/m5t ,act ( #aieh 7#ae ,u4,s4,c4 #fif7c77;,c77 is am5d$-- 7,a7 by r$esignat+ clauses 7i7 ?r\gh 7iv7 z subclauses 7,i7 ?r\gh 7,,iv71 respectively1 & adju/+ ! m>g9s accord+ly2 7,b7 by ins]t+ be=e subclause 7,i71 z s r$esignat$1 ! foll[+3 7i7 = a small bus9ess conc]n t is n own$ by a vet]an or sp\se ( a vet]an-- 2 7,c7 9 subclause 7,,iii71 z s r$esignat$1 by /rik+ clauses 7i7 & 7ii7 & ins]t+ subclauses 7,i7 & 7,,ii72 & 7,d7 by add+ at ! end ! foll[+3 7ii7 = a loan to a small bus9ess conc]n own$ by a vet]an or sp\se ( a vet]an-- 7,i7 at lea/ #e p]c5t ( ! total co/ ( ! project f9anc$1 if ! small bus9ess conc]n has be5 9 op]ation = a p]iod ( #b ye>s or less2 or 7,,ii7 at lea/ #e p]c5t ( ! total co/ ( ! project f9anc$1 9 all o!r circum/ances1 at ! discretion ( ! developm5t company4 4 #e4 ,reports 7a7 ,def9itions ,9 ?is section3 7#a7 ,budget ju/ification mat]ials ,! t]m budget ju/ification mat]ials has ! mean+ giv5 t t]m 9 section #c7;b77#b7 ( ! ,f$]al ,fund+ ,acc\ntability & ,transp>5cy ,act ( #bjjf 7#ca ,u4,s4,c4 #faja note72 7#b7 ,cov]$ p]son ,! t]m cov]$ p]son means any individual describ$ 9 section #g7;a77#ah77;,c77ii7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77#ah77;,c77ii774 7b7 ,l5d+ reports ,! ,adm9i/rator ( ! ,small ,bus9ess ,adm9i/ration %all collect & publi% on ! website ( ! ,adm9i/ration data on ! p>ticipation ( cov]$ p]sons 9 ! loan programs "u section #g7;a7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77 & title ,v ( ! ,small ,bus9ess ,inve/m5t ,act ( #aieh 7#ae ,u4,s4,c4 #fie et seq474 7c7 ,entrepr5eurial developm5t ,! ,adm9i/rator ( ! ,small ,bus9ess ,adm9i/ration %all collect & include 9 budget ju/ification mat]ials submitt$ by ! ,adm9i/rator data on ! p>ticipation ( cov]$ p]sons 9-- 7#a7 ! ,s]vice ,corps ( ,retir$ ,executives e/abli%$ "u section #h7;b77#a77;,b7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77 7#ae ,u4,s4,c4 #fcg7;b77#a77;,b772 7#b7 small bus9ess developm5t c5t]s1 z def9$ 9 section #c ( su* ,act 7#ae ,u4,s4,c4 #fcb72 7#c7 wom5's bus9ess c5t]s describ$ 9 section #bi ( su* ,act 7#ae ,u4,s4,c4 #fef72 & 7#d7 ,vet]an ,bus9ess ,outrea* ,c5t]s describ$ 9 section #cb ( su* ,act 7#ae ,u4,s4,c4 #feg;b74