The U.S. Senate Small Business and Entrepreneurship Committee has passed out of committee legislation authored by U.S. Senators Jerry Moran and Jon Tester to empower veterans to become entrepreneurs and create jobs for Americans.

The Veterans Entrepreneurial Transition Act would offer veterans the opportunity to pursue their dreams of owning a business by giving them access to resources provided by the Small Business Administratiion and their G. I. Bill Benefit.

The VET Act would establish a 3-year pilot program that would enable up to 250 G.I. Bill benefit-eligible veterans who apply to the program to start a new business or purchase an existing business or franchise. The pilot program includes an application process, and requires participation in an approved entrepreneurial training program.  Interested veterans would be required to develop a business plan to be approved by the training program advisor and the Small Business Administration’s Associate Administrator for Veterans Business Development.