US HR 507, the Veterans Members Business Loan Act, seeks to empower veteran entrepreneurs by expanding business lending opportunities. The bill proposes exempting loans made to veteran-owned businesses from the 12.25% credit union member business lending cap. With over 20% of transitioning veterans aspiring to start their own businesses, this legislation would provide critical support to their entrepreneurial goals.

By excluding loans to veterans from the member business loan cap, this bill will provide veterans with greater access to the financial resources they need to start and grow their businesses. Supporting veteran-owned businesses not only honors their service but also stimulates local economies and creates jobs. Veterans have sacrificed for our country, and it is our duty to ensure they have the opportunities and support they deserve when they return to civilian life.

The bill is sponsored by Representatives Brian Fitzpatrick (R-PA) and Vicente Gonzalez (D-TX) and was reintroduced to the new session of Congress on January 16, 2025. It has been referred to the House Committee on Financial Services for further consideration.