[Congressional Record Volume 153, Number 85 (Wednesday, May 23, 2007)]
[Senate]
[Page S6546]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




           NATIONAL VETERANS BUSINESS DEVELOPMENT CORPORATION

  Mr. INOUYE. Mr. President, when the Congress passed Public Law 106-50 
in 1999, it was impossible to imagine the positive impact it would have 
on all veterans and, in particular, all those young men and women now 
returning from active duty in Afghanistan and Iraq. The Veterans 
Corporation, TVC, is a not-for-profit organization that amplifies 
business opportunities and the tools our veterans need to start and 
grow their businesses. Through unparalleled public and private sector 
business, and strategic partnerships with the U.S. Department of 
Defense, the Veterans Affairs Administration, the Small Business 
Administration, and the U.S. Department of Labor, veterans have the 
three main ingredients for success: access to capital; access to 
bonding, and the important educational, mentorship and program case 
work followup.
  Today, more than ever, our Nation's veterans present an opportunity 
for entrepreneurship. Entrepreneurship based on the skills and 
practiced discipline they embraced as part of their service to our 
Nation. Membership in TVC remains free to our veterans because the 
Congress invested wisely in this organization.
  In partnership with the Surety and Fidelity Association of America, 
SFAA, we have a 50-State surety bonding program that includes a 
comprehensive education curriculum and a three-step process for 
veterans to secure the bonding they need on government contracts. 
Bonding is critical to service-disabled veteran entrepreneurs and to 
the Federal Government if the 3-percent goal, mandated by the 
President's Executive Order, is to be achieved. TVC's partnership with 
SFAA provides a complete solution to the mandate by fulfilling the 
needs for identification and qualification of service-disabled veteran-
owned small businesses, along with casework followup as veteran 
entrepreneurs experience growth in their businesses.
  Access to capital for both business start-up and infusion growth 
remains the number one need of veteran entrepreneurs. To address this 
issue, TVC has formed a strategic partnership with the National 
Economic Opportunity Fund, NEOF. Through this partnership, TVC is able 
to assist veterans in obtaining micro-loans of $500 to $25,000 through 
ACCION USA. PNC Bank has also begun accepting referrals from TVC and 
has already funded one veteran-owned business. In addition, TVC is in 
the process of finalizing partnerships with several banking 
institutions to provide veterans with larger loan programs for their 
increasing business needs.
  TVC's leadership has made extraordinary progress in addressing the 
broad scope of issues facing veteran entrepreneurs. While embracing the 
existing community networks of the Small Business Development Centers, 
the Department of Labor's One Stop Centers, and the Procurement 
Technical Assistance Centers, PTAC, TVC has been able to develop 
programs that complement and enhance the resources already available to 
current and aspiring business owners. By doing so, TVC is now providing 
the programs and services most needed by the veteran community, 
including access to capital and bonding, and is more effectively 
meeting the real needs of veteran entrepreneurs.
  TVC's strength is in its ability to bring together the best in public 
and private entities to leverage scarce federal dollars in effectively 
and efficiently assisting veterans, service-disabled veterans, and 
members of the National Guard and Reserves, who want to start or 
promote growth in small businesses. By benefiting from the strong 
resources already available from national business networks, and by 
eliminating duplication of efforts through strategic partnerships, TVC 
has the programming and the capacity to serve the needs of all veterans 
in 50 States.
  TVC is working for our Nation's veterans and we have an obligation to 
continue funding programs that respond to all business entrepreneurial 
needs. We must build a solid transition from active military service to 
veterans' entrepreneurship. I am confident TVC is that investment.

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