Senate Adopts Amendment to Cut Veterans Development Corporation

An amendment offered by Senators Olympia Snowe (R-ME), Mary Landrieu (D-LA) and Tom Coburn (R-OK) to the SBIR and STTR Reauthorization Act (S. 493) has been adopted by a vote of 99-0.

It would end federal authorization of the National Veterans Business Development Corporation.

According to the Washington Post, a 2008 Senate report highlighted how the corporation has wasted federal funds.

Expense account dinners, first class travel, luxury hotels and top pay. Sounds nice, right?

That’s how a nonprofit group “squandered” federal funding it received from Congress to help veterans start small businesses.

A Senate investigative report said the group, the National Veterans Business Development Corp., aka Veterans Corp, spent just 9 percent of its budget last year on the small business centers it was supposed to start and run.

The Senate Committee on Small Business and Entrepreneurship, which conducted the review, called for the group’s funding to cease.

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Filed under Small Business, Veterans

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