$3,5 million for veteran-owned small companies
The Biden Administration will expand support for the owners of these businesses.
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The U.S. Small Business Administration (SBA) said the grants will assist with critical funding for new Veterans Business Outreach Centers (VBOCs) in Alaska, California, Colorado, Iowa, Nebraska, Nevada and South Carolina, strengthening training and counseling services for these owners, as well as to existing military applicants and spouses.
Isabella Casillas Guzmán, SBA administrator, stated:
Our servicemembers have protected our Nation with selfless honor and sacrifice, and the Biden-Harris Administration is committed to supporting them with resources and opportunities as they pursue their American dreams of business ownership.
About the Announcement
Highlighting how there are approximately 2 million veteran-owned small businesses in the U.S., employing more than 5 million people and generating more than $1,3 billion in annual revenue, the SBA announced that the VBOC program locations will grow from 22 to 28, thus providing full service to all 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Guam, and American Samoa.
“With this expansion of our veteran-focused network of small business centers, we can help more transitioning service members, veterans, National Guard and Reserve members, and military spouses start and grow their businesses and advance our economy,” added Casillas Guzmán.
With this expansion of our veteran-focused network of small business centers, we can help more transitioning service members, veterans, National Guard and Reserve members, and military spouses start and grow their businesses and advance our economy.— Isabel Guzman (@SBAIsabel) April 21, 2023
The grants will support a variety of services, including:
- Business planning: Provides veterans with training and counseling on accounting, financial planning, and management.
- Assistance accessing capital: Provides veterans help in understanding the multitude of sources of capital available to them, as well as helps them in accessing financing, loans, and grants.
- Marketing and outreach: Provides marketing and outreach services to promote veteran-owned businesses in their communities and beyond.
- Transitioning: Provides Boots to Business instruction to help active duty service members transition out of the military.
The grant recipients are as follows:
- Seattle Economic Development Fund - Business Impact Northwest - Seattle, WA / Coverage Area: Alaska
- University of Texas Arlington College of Business, Arlington, Texas / Coverage Area: Nevada
- Mt. Carmel Veterans Service Center, Colorado Springs, Colorado / Coverage Area: Colorado
- Nebraska Enterprise Fund, Oakland, NE / Coverage Area: Nebraska and Iowa
- The Citadel, Charleston, South Carolina / Coverage Area: South Carolina
- Long Beach City College, Long Beach, California / Coverage Area: California — Los Angeles County, San Bernardino County, Ventura County, Orange County, Santa Barbara County, and Riverside County
“VBOCs are a one-stop shop for business training, counseling, and resource partner referrals to transitioning service members, veterans, National Guard and Reserve members, and military spouses interested in starting or growing a small business. The new centers will provide additional resources to increase support and access for nearly 2 million veteran-owned small businesses. The expanded locations aim to enhance the veteran small business owner experience with more opportunities for training and less appointment wait times,” said Timothy Green, acting associate administrator for the Office of Veterans Business Development.