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Congressional Research Service
Version 00 · Introduced in House · Jan 8, 2009
Veteran-Owned Small Business Promotion Act of 2009 - Reinstates (under current law, terminated as of the end of FY1986) the veteran-owned small business loan program, under which the Secretary of Veterans Affairs may provide loans to veteran-owned small businesses for: (1) financing plant construction, conversion, or expansion; (2) financing the acquisition of equipment, facilities, machinery, supplies, or materials; or (3) supplying working capital.
Makes eligible for such loans small business owners who are veterans and have a disability rated at 10% (under current law, 30%) or more, and includes all veterans (under current law, limited to Vietnam era veterans and veterans discharged or released due to a disability incurred or aggravated in the line of duty).
Repeals the authority to make direct loans under the program (thereby allowing only loan guaranties).
Showing the opening paragraphs of the official summary.
Increases from $200,000 to $500,000 the maximum loan guaranty amount.
Authorizes the Secretary to subsidize a loan lender in order to reduce by up to 1/2% the interest rate paid by the veteran-owned small business.
Includes under a loan preference members of the National Guard and reserves activated in support of the Global War on Terrorism.
Limits performance bond requirements of veteran-owned small businesses with respect to the construction, alteration, or repair of any Department of Veterans Affairs (VA) public building or public work.
Treats a small business owned and controlled by veterans as a socially and economically disadvantaged small business for purposes of contracts awarded to the latter businesses under provisions of the Small Business Act.
People & committees
Rep. Buyer, Steve [R-IN-4] · R–IN
Legislative record
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Subcommittee Hearings Held.
Referred to the Subcommittee on Economic Opportunity.
Referred to the House Committee on Veterans' Affairs.
Sponsor introductory remarks on measure. (CR E45-46)
Introduced in House
Introduced in House
Primary sources
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Source last updated: Aug 14, 2025. Consult Congress.gov for the current record.
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