Small Business Loans - New Financing Bill May Still Disappoint Some

Several key people from The American Legion have issued reactions to the Small Business Jobs and Credit Act of 2010 which was recently passed by Congress. Although they were very supportive of this latest piece of legislation which is set to provide a much needed boost to small businesses across the United States by improving the availability of credit to small businesses as well as providing tax breaks to small businesses, these individuals from The American Legion were disappointed by the failure of this bill to specifically address the concerns of small businesses owned by service-disabled military veterans.

Joe Sharpe, the Director of The American Legion’s Economic Commission commented on the Small Business Jobs and Credit Act and his concerns with it: “The Small Business Jobs and Credit Act is a terrific piece of legislation in its purpose, but it does very little, if anything, to correct the sorry circumstances facing service-disabled, veteran-owned small businesses today. We are not asking for preferential treatment, but simply some legislative language that levels the playing field. Without going into minute detail, let’s just say the current wording does not do the job.”

Although government regulations specifically state that three percent of all appropriate government contracts should be awarded to small businesses which are owned by service-disabled military veterans, only around 1.5% of these contracts are currently awarded to such small businesses. In response to this situation, Jimmie Foster, the National Commander of The American Legion, issued the following statement: “Historically, the federal government has done very poorly with regards to implementing veteran preference rules on contracts.  This time, from our point of view, things must be different. When implementation of this law is accomplished, veteran-owned businesses must finally be able to gain the recognition – and contracts – they deserve.  The American Legion will campaign hard to make sure that happens.”