[Congressional Record Volume 149, Number 161 (Friday, November 7, 2003)]
[Extensions of Remarks]
[Page E2275]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                 INTRODUCTION OF SEEDS FOR SOLDIERS ACT

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                             HON. TOM UDALL

                             of new mexico

                    in the house of representatives

                        Friday, November 7, 2003

  Mr. UDALL of New Mexico. Mr. Speaker, I rise today to introduce the 
Seeds for Soldiers Act, a bill intended to help our veterans jumpstart 
new small businesses.
  This bill contains two main components. First, it creates a 
specialized loan program for veterans through the Small Business 
Administration. This program provides veterans with loans up to $3 
million, allows for debt refinancing, and permits borrowers to defer 
payments for up to one year without any accumulation of interest. To 
encourage lenders to provide capital, the program will carry reduced 
costs and a higher government loan guarantee
  Second, the bill establishes a vocational rehabilitation program for 
veterans specifically designed to assist in the transition out of 
service to become entrepreneurs. The program will be established within 
the existing Small Business Development Centers and will provide both 
technical and vocational assistance to assist veterans in transforming 
their skills learned in military training to areas where there is 
market demand. In addition, the program will provide the 
entrepreneurial assistance for veterans to set up their own business. 
It will provide these veterans the tools to move from the workplace to 
the marketplace. The program will authorize $25 million with minimum 
grants of $500,000.
  As a member of both the House Veterans' Affairs Committee and the 
Small Business Committee, I strongly support assisting our Nation's 
veterans in establishing their own businesses. As a Nation currently 
welcoming home our newest veterans, we must act in every way possible 
to assist those heroes in their success upon return. This bill provides 
the seeds for veteran-owned businesses, so that they may grow into 
sustainable entities.
  I thank Representative Sue Kelly for her support of this bill, and I 
urge my colleagues to join us in supporting both our veterans, and the 
benefits that small businesses contribute to our economy, by 
cosponsoring this bill.

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