Bill Would Create $1 Million Fund For Small Business Loans For Veterans

Skills learned as part of military service make veterans highly employable upon their return from duty, said Sen. James E. Doyle II (D-Dist. 8, Pawtucket).

“But often what awaits them when they return home from duty are impediment to fully and easily reintegrating into society,” he said. “In respect for their service, in thanks for their patriotism, it is fitting that we provide various services and programs to help these former combat vets return to civilian life.”

One program Senator Doyle would like to see established would not only help certain returning veterans, but could also be beneficial to the state’s economy, which relies heavily on small businesses.

Senator Doyle has introduced legislation, 2013-S 0153, that calls on the RI Economic Development Corporation to develop a combat veterans’ small business loan program, to provide up to $50,000 to any one veteran applicant and up to $1 million annually to help promote small businesses owned and run by veterans.

Sen. Stephen R. Archambault (D-Dist. 22, Smithfield, North Providence, Johnston) is one of the bill's co-sponsors.

In addition to the loans, the legislation calls on the EDC to provide business plan assistance to veterans and to partner with the U.S. Small Business Administration and private lenders to leverage funds to help veterans start a business in the state.

The bill has been referred to the Senate Committee on Special Legislation and Veterans’ Affairs and is also co-sponsored by Sen. Donna M. Nesselbush (D-Dist. 15, Pawtucket, North Providence), Sen. Frank S. Lombardi (D-Dist. 26, Cranston) and Sen. Ryan William Pearson (D-Dist. 19, Cumberland, Lincoln).