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.
What is a veteran-owned small business (VOSB)?
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 Department of Veteran Affairs (VA). The application will be reviewed and the business will be evaluated for eligibility. The process takes approximately 90 days to complete. If the decision on eligibility is unfavorable, the organization may appeal the process for reconsideration.
How to register as a veteran-owned small business? 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. There are several government agencies at the local, state or federal level that offer certification. To certify your VOSB through the VA, you must first register with the VetBiz registry. Once you’ve joined this database, you can apply for the Veterans First Contracting Program. This program gives veterans and service-disabled veterans top priority for VA contracts and subcontracts…Read more
Can I register my business as a service-disabled veteran-owned small business (SDVOSB)?
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.
You or another Veteran owner of the company must have at least one of these:
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….Read more
What kind of advantages and support can I get when I register my veteran-owned small business?
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…Read more
How do I obtain financing for a veteran-owned business? Veteran business loans can be any type of debt financing geared towards helping veteran entrepreneurs grow their businesses. When you need a start up loan, or a loan to hire new employees, open up a new location, or simply could use some extra working capital, there are a few different places you can look to find what you need through veteran business loans. Veteran business owners can access funding through sources as diverse as VA business loans, alternative lenders, and even veteran business grants…Read more
How do I procure government contracts for my veteran-owned business? Qualify for advantages when bidding on government contracts—along with access to other resources and support—through the Vets First Verification Program. This program is run by the Office of Small & Disadvantaged Business Utilization (OSDBU). Registering through OSDBU will allow you to work with us (all businesses who work with VA must be registered). Find out if you’re eligible and how to register your business…Read more
SOURCE: https://usveteransmagazine.com/resources-veteran-entrepreneurs/