President Obama signs new federal law Sen. Jeanne Shaheen, D-NH, worked on to revive popular, small business loan program and exempt veteran-owned businesses from federal fees

Jul 28, 2015 3:57 PM

Landrigan: Obama signs Shaheen-promoted bill to veteran businesses, loans

CONCORD - A week after Sen. Jeanne Shaheen, D-NH, moved to restart a popular federal loan program for small businesses, President Obama signed it into law.

As a ranking member of the Senate Small Business and Entrepreneurship Committee, Shaheen worked with Louisiana Republican Sen. David Vitter to increase the authority of the Small Business Administration’s most popular loan program to lend up to $23.5 billion from its current limit of $18.75 billion.

The Senate amendment was to the Veterans Entrepreneurship Act of 2015 which was designed to make it more affordable for veterans to start their own businesses by exempting them from having to pay federal fees.

"I’m also very pleased that this legislation will allow the SBA’s popular 7(a) loan to start lending again," Shaheen said. "This program is a model of public-private partnership and should be allowed to grow with demand to meet the needs of small business and entrepreneurs.’’

The loan limit applies until the end of the federal fiscal year on Sept. 30, but the new law requires the SBA to communicate with Congress more quickly if they again reach the lending cap.

Earlier this year, Shaheen visited Able Ebenezer Brewing Co. in Merrimack, a veteran-owned firm that used an SBA loan guarantee that would be subject to the fee waiver in this new law.

An executive with Monument Construction in Nashua came to Washington and spoke in favor of the federal law.


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