SBA Invests Over $1 Million to Expand Support for Veteran Entrepreneurs

Today, the U.S. Small Business Administration (SBA) announced over $1 million in new funding to provide critical training and counseling to aspiring and existing veteran small business owners as a Veterans Business Outreach Center (VBOC).

The new funding opportunity will make awards of up to $400,000 to up to three entities. Eligible awardees include private organizations, colleges and universities, private sector firms, nonprofit organizations, and state, local, or tribal governmental agencies.

“Through this initiative, the SBA’s Office of Veterans Business Development (OVBD) is investing in military-connected entrepreneurs that will grow the VBOC program from 28 to 31 locations nationwide,” said Robert Yannuzzi, Assistant Administrator for the SBA’s Office of Veterans Business Development. “This expansion will enhance the entrepreneurship experience across all U.S. states and territories.”

How does it work?

With this SBA funding, recipients will offer training to transitioning service members and military spouses via the Boots to Business entrepreneurship program. This program is a key component of the Department of Defense’s Transition Assistance Program, as well as Boots to Business Reboot and the Military Spouse Pathway to Business program. Applicants will deliver counseling, technical support, financial skills development, comprehensive business evaluations, and mentorship to veterans, transitioning service members, Reserve and National Guard members, and military spouses aiming to launch or expand their small businesses.

The locations for new VBOCs are as follows: Arkansas, Kentucky, Ohio, Oklahoma, Pennsylvania, South Florida, and Puerto Rico, and organizations anywhere may apply for a portion of the total $1.1 million in funding available for this program in Fiscal Year 2024.

Each award is made for a base project period of 8 months, with four 12-month option periods, starting Sept. 1, 2024. Additional information about the funding opportunity, including specific coverage areas and instructions on how to apply, can be found at  www.grants.gov and by searching “SB-OVVB-24-001.”

Applications submitted via other media, including SBA’s website, will be rejected and will not be evaluated. Applications must be submitted via  grants.gov no later than 11:50 p.m. EST on Friday, July 19, 2024.

The SBA’s Office of Veterans Business Development will host information sessions on the funding opportunity via this Microsoft Teams link or this call-in number (202-765-1264; access code: 265 542 768#, phone conference ID: 736 752 338#) at the following times:

• Monday, June 24: 4-5 p.m. ET
• Monday, July 15: 2-3 p.m. ET

Please direct all questions about the VBOC funding opportunity to Tangela Liddell at tangela.liddell@sba.gov. For issues with grants.gov, please call the support line at 1-800-518-4726 or email.

About the SBA’s Office of Veterans’ Business Development

The SBA’s Office of Veterans Business Development (OVBD) works through the SBA’s extensive resource partner network, which includes Small Business Development Centers, SCORE, Women’s Business Centers, and 28 VBOCs located throughout the nation. VBOCs are also the leading partner in hosting the “Boots to Business” and “Boots to Business Reboot” programs, which offer courses on entrepreneurship on military installations and in local communities. Since the program’s inception in 2013, Boots to Business has trained and graduated more than 200,000 service members, veterans, National Guard and Reserve members, and military spouses. For more information on the resources available for veteran entrepreneurs, visit sba.gov/veterans.

About the US Small Business Administration

The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

** Article courtesy of US Small Business Administration.