In today’s ever-evolving world, the vitality of a nation’s economy is closely linked to the energy of its small businesses.
Among these, veteran-owned enterprises stand out as a crucial force, embodying the spirit of service and resilience. Veterans bring a unique skill set to the entrepreneurial table, forged through military service — discipline, perseverance, leadership and the ability to thrive under pressure. As of September 2021, they account for about 9.1% of all U.S. businesses, generating over $1 trillion in receipts and employing nearly 5.8 million individuals.
Under the guidance of Administrator Isabella Casillas Guzman, the Small Business Administration (SBA) has allocated $3.5 million in grants to support organizations focusing on veteran small businesses. These grants have enabled the establishment of new Veterans Business Outreach Centers (VBOCs) across several states (including one in Omaha, Nebraska, which also serves Nebraska and Iowa) expanding their reach nationwide. This expansion aims to provide crucial support to transitioning service members, veterans, National Guard and Reserve members, and military spouses, bolstering not only their businesses but also economic growth.
The SBA and VBOC offer a suite of support services tailored to veteran entrepreneurs, including access to capital, business preparation, and connections to federal procurement opportunities. Furthermore, the SBA provides funding programs dedicated to veteran-owned businesses, such as the Military Reservist Economic Injury Disaster Loan Program (MREIDL), which assists small businesses facing financial challenges due to essential employees being called up for military service.
In addition to financial aid, the SBA offers specialized entrepreneurship training programs for veterans, including Boots to Business, Women Veteran Entrepreneurship Training Program (WVETP), and Service-Disabled Veteran Entrepreneurship Training Program.
In conclusion, championing veteran-owned small businesses is vital. They embody resilience and service, and their success ripples through the economy, creating jobs and fostering community development. As we navigate a post-pandemic world, our support for these businesses is not just an economic necessity but a testament to our unwavering commitment to those who have served.
For more information on how the SBA can assist your small business start, grow, or expand, visit www.sba.gov or follow us on Twitter @SBAGreatPlains.
Mindy Brissey is the SBA’s Region 7 Administrator based in Kansas City. She oversees the agency’s programs and services for the Great Plains serving Iowa, Kansas, Missouri, and Nebraska.
