News Summary
U.S. Representatives Barry Moore and Terri Sewell have reintroduced legislation to assist veteran-owned small businesses in Alabama. The bill proposes allowing children of deceased service-disabled veterans to manage their family businesses for up to three years. This initiative aims to ensure business continuity and support the community by hiring service-disabled veterans. The legislation, backed by local business leaders, highlights the significance of small businesses in Alabama’s economy, especially during challenging economic times.
Alabama – U.S. Representatives Barry Moore (R-Enterprise) and Terri Sewell (D-Birmingham) have reintroduced legislation designed to bolster support for veteran-owned small businesses in Alabama. The bill, initially brought forth in October 2024, aims to amend the Small Business Act to allow children of recently deceased service-disabled Veterans to temporarily take over their small businesses for a duration of up to three years. This move is critical for ensuring the continuity of family-owned businesses while maintaining the designation as a service-disabled Veteran-owned business.
The reintroduction of the legislation is seen as a renewed effort to facilitate a smoother transition of business ownership in instances where the original owner is no longer able to manage the enterprise due to their passing. Congressman Moore has emphasized the importance of this legislation, stating that it enables families to keep their businesses running and retain their valuable status as veteran-owned entities. Furthermore, the bill encourages that these transitioning businesses, upon establishment, seek to hire another service-disabled Veteran in the future, thus supporting the greater veteran community.
The reintroduction of the bill has received strong backing from Alabama’s veteran-owned small business community, with various local business leaders expressing gratitude for the initiative. Dr. Alfred Seawright, CEO of Medical Place in Montgomery, highlighted the critical nature of this adjustment to current law, marking it as a needed step for stabilizing operational conditions for veteran-owned enterprises. Small businesses are acknowledged as the backbone of American communities, making this legislation particularly relevant during a time when many small businesses are navigating challenging economic conditions.
According to data from the U.S. Census Bureau, veterans owned over 1.9 million businesses nationwide in 2023, which provided employment for nearly 5.5 million Americans. In Alabama, small businesses comprise a staggering 99.4% of all businesses and are responsible for employing approximately 46.7% of the private sector workforce. Furthermore, these small firms are significant contributors to the national economy, exporting about $4.4 billion in goods annually.
The initial attempt to pass this legislation had not garnered a vote, but the sustained advocacy from Representatives Moore and Sewell reflects a commitment to ensuring that the voices of veteran small business owners are heard within legislative discussions. The challenge they faced previously underlines the complexities involved in enacting changes to small business support laws.
The U.S. Small Business Administration recently acknowledged local entrepreneurs for their contributions to the economy, naming Kimberly and Larry Lewis of Huntsville’s PROJECTXYZ, INC. as Alabama’s 2025 Small Business Persons of the Year. This recognition exemplifies the thriving small business environment in the state, which relies heavily on the contributions of veteran-owned businesses.
As lawmakers continue to work on this critical piece of legislation, the hope is that it will not only facilitate business transitions within veteran families but also enhance the sustainability of small businesses that play an essential role in the economy, particularly for those owned by veterans. The support of Representatives Moore and Sewell, along with community backing, is pivotal in pushing this legislation forward in a bid to protect and empower those who have served the nation.
Deeper Dive: News & Info About This Topic
- Yellowhammer News: Alabama U.S. Reps Moore & Sewell Team Up
- Google Search: Veteran Owned Businesses Alabama
- WVUA23: Ivey Proclaims National Small Business Week
- Wikipedia: Small Business
- Yellowhammer News: Kim and Larry Lewis Named Small Business Persons of the Year
- Encyclopedia Britannica: Small Business
