S. 3136: Heroes Business Opportunity Act of 2025

The bill titled the Heroes Business Opportunity Act of 2025 aims to amend certain provisions of the Small Business Act to benefit veteran and military families. Here are the key aspects of the bill:

1. Waiving Guarantee Fees on Loans

The bill proposes to waive the guarantee fee for specific business loans offered to veterans and the spouses of veterans. This means that when veterans or their spouses apply for business loans backed by the federal government, they will not have to pay this fee if certain conditions are met.

2. Eligibility Criteria for the Waiver

The loan must meet the following criteria to be eligible for the waiver:

• The loan must not be made under specific provisions of the law (paragraphs 36 or 37).
• The loan must be issued to a small business that is owned by a veteran or the spouse of a veteran.
• The total amount of the loan must not exceed $1,000,000.

3. Definition of Veteran and Spouse

The bill provides specific definitions for who qualifies as a “veteran or spouse of a veteran.” This includes:

• A veteran.
• Individuals eligible for the Transition Assistance Program, which helps transitioning service members.
• Members of a reserve component of the Armed Forces.
• The spouses of any of the above individuals.
• The surviving spouses of individuals who died while serving or due to a service-connected disability.

4. Impact on Small Businesses

The intention behind waiving the guarantee fee is to encourage and support small business growth among veterans and their spouses. This could potentially make it easier and more financially viable for them to start or expand their businesses.

5. Amendments to Existing Law

This bill also proposes changes to existing language in the Small Business Act, specifically removing outdated provisions regarding fee structures and updating the definitions of eligible participants in business loan programs.

Relevant Companies

None found.