SERV Act

This legislation, known as the SERV Act, aims to enhance support and understanding of financial access for veteran and Reservist entrepreneurs. It mandates the Small Business Administration (SBA) Administrator to submit an annual report alongside budget justifications, detailing the appointments and activities of the veterans interagency task force. This report must also outline a comprehensive plan for outreach and promotion of various SBA programs and services specifically designed for veterans, such as Veteran Business Outreach Centers and Boots to Business initiatives. Furthermore, the bill directs the Comptroller General of the United States to produce a detailed report within one year on the ability of small business concerns owned and controlled by covered individuals to access credit. Covered individuals include veterans, service-disabled veterans, Reservists, and their spouses, as well as spouses of active duty military members. This comprehensive report will analyze credit sources, default rates, existing federal lending programs, and any gaps or obstacles faced by these entrepreneurs. It will also examine how military responsibilities, such as deployment, affect the credit history of veterans and Reservists, and assess their awareness of targeted federal credit programs.