Veterans

According to the Washington Post the Small Business Administration (SBA) is offering a break to former military members who need capital to start or grow a business. The SBA has announced that it will waive its initial borrower fees for veterans who secure loans next year via the department’s Express Loan Program, through which the agency backs small-business loans of up to $350,000.

The announcement came at end of the agency’s annual National Veteran Small Business Week, during which officials traveled the country to mentor veterans who already own or are considering starting a company. Still, for the most part, the department’s lending programs have provided a valuable lifeline to capital-starved entrepreneurs during what has proved to be a slow economic recovery. Officials recently announced that the department supported around $30 billion in loans for the third straight year in fiscal year 2013, even as small-business lending nationwide continued to decline in the wake of the recession.