SBA and Department of Veterans Affairs Partner to Boost Veteran Entrepreneurship

The U.S. Small Business Administration (SBA) and the U.S. Department of Veterans Affairs (VA) have announced a new partnership aimed at promoting veteran entrepreneurship. A memorandum of understanding (MOU) was signed between the SBA’s Office of Veterans Business Development (OVBD) and the VA’s Veterans Benefits Administration (VBA) to enhance access to self-employment assistance and SBA training for active-duty service members and service-disabled veterans participating in the Veteran Readiness & Employment Program (VR&E), also known as Chapter 31. This agreement will be in effect until June 17, 2028.

Strengthening Support for Veteran Entrepreneurs

“This agreement further strengthens coordination between the SBA and VA and will enable countless more veterans to access the capital and resources they need to start, build, and grow their businesses,” said SBA Administrator Isabel Casillas Guzman. “Under the Biden-Harris Administration, the SBA continues to deliver a strong record of supporting veterans, including increasing the number of Veterans Business Outreach Centers and creating greater access to federal contracts. This new agreement builds on the President’s ongoing commitment to help veterans pursue the American Dream of business ownership.”

Robert Yannuzzi, Assistant Administrator for the SBA’s Office of Veterans Business Development, echoed this sentiment, emphasizing the impact of the partnership on veterans’ entrepreneurship opportunities. “SBA resources have helped many veterans and service members start or expand successful small businesses that contribute to local and national economies. We are eager to continue this work and help guide VR&E participants in pursuit of their piece of the American dream.”

Key Initiatives and Resources

The MOU outlines plans for joint training sessions, information sessions, and group training events to educate staff on the VR&E program and SBA resources. The goal is to expand self-employment opportunities for Chapter 31 participants, helping them to effectively use the available resources to start and grow their businesses.

Through this collaboration, Chapter 31 participants will gain increased access to SBA’s extensive network of resources, including:

• Veterans Business Outreach Centers (VBOCs): The SBA’s network of VBOCs, currently at 28 locations and set to expand to 31 this year, offers comprehensive business training and counseling services.
• District Offices: SBA’s 68 District Offices across the country provide localized support to veteran entrepreneurs.
• Resource Partners: Organizations such as SCORE, Small Business Development Centers (SBDCs), and Women’s Business Centers (WBCs) will offer additional support, including entrepreneurship training, skill development, and business plan evaluation.

This article, "SBA and Department of Veterans Affairs Partner to Boost Veteran Entrepreneurship" was first published on Small Business Trends