[Congressional Record Volume 152, Number 68 (Friday, May 26, 2006)]
[Extensions of Remarks]
[Page E977]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                 INTRODUCTION OF SEEDS FOR SOLDIERS ACT

                                 ______
                                 

                             HON. TOM UDALL

                             of new mexico

                    in the house of representatives

                         Thursday, May 25, 2006

  Mr. UDALL of New Mexico. Mr. Speaker, it gives me great pleasure to 
rise today to introduce the Seeds for Soldiers Act. As a nation 
currently welcoming home new veterans, we must do all we can do to 
assist them upon their return. One way to do that is to help them 
jumpstart their new small businesses.
  This bill does this by creating a specialized loan program for 
veterans through the Small Business Administration, which 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.
  The bill also establishes a vocational rehabilitation program for 
veterans specifically designed to assist in the transition out of 
service. The program, which will be established by existing Small 
Business Development Centers, will provide technical, vocational, and 
entrepreneurial assistance to veterans to help them use their skills 
learned in the military to open, maintain, and expand their own 
business. The bill authorizes $25 million in funding to provide 
$500,000 grants to the SBDCs to open this program.
  As a member of both the House Veterans' Affairs Committee and the 
Small Business Committee, I am well acquainted with the difficulties 
many vets face in establishing and sustaining small businesses. At a 
time when thousands of veterans are returning home from Iraq and 
Afghanistan, we must act in every way possible to assist them when they 
return. This bill provides the seeds for veteran-owned businesses, so 
that they may grow into sustainable entities.
  I am pleased to introduce this legislation today and wish to thank 
original cosponsors Representatives Emerson, Kelly, and Michaud for 
their support. 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.

                          ____________________