$4 million will be earmarked to expand the reach of veteran businesses
The announcement comes just days before the start of National Veterans Small Business Week 2022.
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The Small Business Administration (SBA) recently announced the allocation of these new funds that will be distributed to 12 entities, including private companies, colleges and universities, as well as non-profit organizations and state, local or tribal government agencies that offer critical services, training and counseling for aspiring and existing veteran small business owners as a Veterans Business Outreach Center (VBOC).
Larry Stubblefield, Associate Administrator for the SBA’s Office of Veterans Business Development (OVBD), stated:
Under Administrator Guzman, the SBA remains committed to providing more local resources for veteran entrepreneurs, a critical but under-resourced group of entrepreneurs among the small business community.
Up to $400,000 will be allocated to each recipient to further train transitioning service members and military spouses through the Boots to Business business training program, which is part of the Department of Defense’s Transition Assistance Program.
In addition, applicants will provide counseling, technical assistance, financial skills development, comprehensive business assessments, and mentoring services to veterans, transitioning service members, Reserve and National Guard members, and military spouses interested in starting or growing a small company.
“As the focus on serving underserved communities becomes increasingly important, OVBD expects the demand for VBOCs will continue to grow. This expansion will grow the VBOC program from 22 to 34 locations nationwide and assist in supporting veteran small business owners in all U.S. states and territories,” added Stubblefield.
Award of grants
Organizations from Alaska, Central California, Colorado, Kentucky, Nebraska, Iowa, Nevada, Oklahoma, Arkansas, Ohio, Pennsylvania, Puerto Rico, South Carolina, and South Florida can apply for a share of the total $4.1 million in funds available for this program in fiscal year 2023.
For its part, each award is granted for a base project period of 12 months, with four option periods of 12 months, beginning on May 1, 2023.
Additional information about the funding opportunity, including specific coverage areas and instructions on how to apply, can be found at www.grants.gov.
Veterans Small Business Week
The announcement comes just before the start of one of the SBA's flagship events, which will take place from October 31 to November 4, and which will highlight one of the priorities of the Biden-Harris Administration: Supporting our service members, veterans and their families at every stage of the business journey.
The SBA Veterans Business Development Office will host funding opportunity information sessions through this Microsoft Teams link or this call number (202-765-1264; access code: 265 542 768#) at following hours:
- Tuesday, October 25: 1-2 p.m. EDT
- Monday, November 7: 4-5 p.m. EST
- Wednesday, November 16: 1-2 p.m. EST
“The additional locations aim to enhance the experience for veteran small business owners by reducing appointment wait times, increasing local presence, providing additional local training opportunities, meeting the needs of Boots to Business participants, and ensuring that all VBOCs have the necessary resources to perform required counseling and training functions,” underscore Stubblefield.
Applications submitted through other means, including the SBA website, will be rejected and will not be evaluated. Applications must be submitted through grants.gov by 11:50 p.m. EST on Wednesday, November 23, 2022.