Fueling success, empowering veteran entrepreneurs: Unlock your business potential with veteran entrepreneur resources.
Thinking of starting your own business and becoming a certified veteran-owned business (VOB) or certified service-disabled veteran-owned Business (SDVOB)?
Is this right for me? One way to know is to ask yourself, “Am I an employee or entrepreneur?” If you are indeed an entrepreneur, below are some commonly asked questions and valuable veteran entrepreneur resources to get you started in the right direction.
- Veteran-owned small business (VOSB) is a company diversity registration designated under the Veteran Benefits, Health Care, and Information Technology Act of 2006 (Public Law 109-461). Registration ensures that companies qualify for preferential procurement for federal contracts if they are owned and controlled by veterans.
- This certification is non-industry specific and requires that the firm meets the small business requirements established by the Small Business Administration (SBA). Additionally, it requires that the company is at least 51% owned, operated and controlled by a veteran.
- Organizations wishing to become verified as a veteran-owned small business can submit an application to the the Small Business Administration (SBA) for verification and evaluation. The process takes approximately 90 days to complete. If the decision on eligibility is unfavorable, the organization may appeal the process for reconsideration. Update as of January 1, 2023: As of Jan. 1, the Small Business Administration (SBA) has taken over the veteran-owned small businesses verification process, which was previously overseen by the Department of Veterans Affairs Center for verification and evaluation.
Certification can significantly help your business gain access to government contracts. Whether you are just starting a business or your company is already established, you can drastically benefit from these “set aside” contracts. Veteran-owned small businesses can use this application to be certified by SBA to compete for federal contracts. Certified veteran-owned small businesses (VOSBs) will have the opportunity to pursue sole-source and set-aside contracts. Certified service-disabled veteran-owned small businesses (SDVOSBs) will have the opportunity to compete for federal sole-source and set-aside contracts across the federal government.
If you meet all the requirements of a VOSB, and either you or another Veteran owner of the company meets at least one of the requirements listed below.
- A disability rating letter from us confirming that you have a service-connected disability rating between 0 and 100%, or
- A disability determination from the Department of Defense.
- The ability to do business with the VA. If you want to do business with VA, your company must be registered as a VOSB or SDVOSB.
- Priority when you bid on contracts for other federal or state government agencies.
- Tax relief.
- Better access to capital.
- Extra support if your startup or small business is poised for high growth and innovation.
Veteran business loans can be any type of debt financing geared towards helping veteran entrepreneurs grow their businesses. You can use SBA tools like Lender Match to connect with lenders. In addition, SBA makes special consideration for veterans through several programs. Veteran business owners can access funding through sources as diverse as VA business loans (VA business loans aren’t offered by the Department of Veteran Affairs). Instead, veterans and spouses can find small business loans through the SBA and commercial lenders, alternative lenders, and even veteran business grants…Read more
Qualify for advantages when bidding on government contracts—along with access to other resources and support—through the SBA. Effective January 1, 2023, SBA assumed responsibility for certifying Veteran-Owned small firms. If you have questions, please contact SBA at [email protected]. You can also call 800-862-8088, Monday through Friday, from 8 a.m. to 6 p.m. EST to speak to an SBA representative about the Veteran certification program or visit Veteran Small Business Certification. All businesses who work with VA must be registered.