Pres. Bush signed the Military Reservist and Veteran Small Business Reauthorization and Opportunity Act on Feb 15th. The Army Times explained some of the benefits of the new law in an article written by Rick Maze that was published on Feb 20th.

New law will help small-business owners

President Bush signed into law an expansion of small-business help for veterans and reservists on Thursday. (Feb 15th)

The bipartisan initiative, now Public Law 110-186, creates new grants and loan programs aimed specifically at small businesses harmed by mobilization of reservists who are either owners or key employees, and it extends help for small-business owners, including veterans’ business outreach centers that would play a greater role in transition counseling for people being released from active duty.

One of the new initiatives is a pre-deployment loan that would allow Guard or reserve members who own small businesses to borrow money to help keep their businesses going while they are away — before they suffer financial problems.

Senator Kerry, Chair, and Senator Snowe, Ranking Member of the Senate Small Business and Entrepreneurship Committee, introduced this bill last year. Senator Kerry released a statement on the bill signing, saying: “For our country’s 24 million veterans and 1.1 million reservists President Bush’s signature on this hard fought piece of legislation is more than just ink on a piece of paper, it means they will have access to real tools to help them start or grow a small business. Our veterans who put their lives on the line for our national security deserve economic opportunity when they come home, and this bipartisan achievement is one small way we can repay them for their hard work and sacrifice.”