Operating profits from VETS, beyond those required for responsible business operations, are periodically made available to support veterans in their businesses and transitions from military to civilian careers. These opportunities are planned for launch in 2019 and will include grants, loans and equity investments, where permitted by law.
In addition to supporting veterans with our own financial resources, VETS also maintains relationships with a wide range of governmental agencies, educational institutions, training program providers and groups that support veterans in a variety of commercial pursuits.
The Veterans Administration and Small Business Administration are the key federal agencies with programs that are authorized to assist veterans in business.
The SBA offers support for veterans as they enter the world of business ownership. Applicants must qualify for funding programs, training, and federal contracting opportunities. More information is available at the SBA’s Office of Veterans Business Development (OVBD): HERE
The OVBD is devoted exclusively to promoting veteran entrepreneurship. It facilitates the use of all SBA programs by veterans, service-disabled veterans, reservists, active-duty service members, transitioning service members, and their dependents or survivors.
SBA programs provide access to capital and preparation for small business opportunities. They can also connect veteran small business owners with federal procurement and commercial supply chains.
The Veterans Business Outreach Program is an OVBD initiative that oversees Veterans Business Outreach Centers (VBOC) across the country. This small business program features offers business plan workshops, concept assessments, mentorship, and training for eligible veterans.
Veterans can use SBA tools like Lender Match to connect with lenders. In addition, the SBA makes special consideration for veterans through several programs.
• SBA Veterans Advantage. Offers guarantees on loans approved to businesses that are at least 51-percent owned by veterans or military spouses.
• The Veteran’s Entrepreneurship Act of 2015 reduces the upfront borrower fee to zero dollars for eligible veterans and military spouses for SBA Express loans up to $350,000.
• The Military Reservist Economic Injury Disaster Loan Program (MREIDL) provides loans of up to $2 million to cover operating costs that cannot be met due to the loss of an essential employee called to active duty in the Reserves or National Guard.
SBA programs feature customized curriculums, in-person classes, and online courses to give veterans the training to succeed. These programs teach the fundamentals of business ownership, SBA resources, and small business experts.
• Boots to Business is an entrepreneurial program offered on military installations around the world and is a training track of the Department of Defense (DOD) Transition Assistance Program (TAP). Boots to Business Reboot extends the entrepreneurship training offered in TAP to veterans of all eras in their communities.
• Veteran Women Igniting the Spirit of Entrepreneurship (V-WISE): Includes online training, a conference that harnesses the unique esprit de corps of women veterans and female military spouses, and follow-on mentoring through a community of partners.
• The National Center for Veteran Institute for Procurement: Trains veteran service-disabled and veteran-owned small businesses to succeed in the federal contracting market.
The Service-Disabled Veteran-Owned Small Business Concern program (SDVOSBC) gives procuring agencies the authority to set aside purchases for exclusive competition among service-disabled, veteran-owned small businesses. Sole source awards will be delivered if certain conditions are met. Here are the rules of eligibility for this program and the Veterans Small Business Resource Guide.
USE THIS LINK to search for local assistance from:
Free SCORE Business Mentoring, Training & Workshops
Small Business Development Centers (SBDCs)
Women’s Business Centers
Regional Innovation Clusters
and many more . . .