Opportunities and resources for veteran-owned businesses

If you're a veteran who is starting or running a business – or you're thinking about hiring a veteran – there are unique opportunities and resources available to you. But knowing where to find that help can be challenging.

Let's start with the basics. What qualifies as a veteran-owned business? To meet the U.S. Small Business Administration's (SBA) qualifications, a business must be at least 51% owned, operated and controlled by a veteran. Nonprofit organizations and other agencies may have different criteria. Access to certain benefits and resources may be available to veterans, service members, National Guard and Reserve members, military spouses, and family members depending on the program and provider.

Many veterans go into business for themselves after leaving active service, and those businesses play an important role in our communities. According to the Census Bureau, there are 1.3 million veteran-owned businesses in the U.S., making up about 4.6% of all businesses. In addition, there were 8.39 million employed veterans in 2023.

Help for veteran-owned businesses

It's never easy to start or grow a business. And for veterans, some of those challenges are amplified. Access to important resources, services, and funding can be the difference between thriving and struggling, especially for new businesses. Help for veteran-owned businesses can be government-funded or originate in the private sector. Here are a just a few resources that may be helpful.

Small Business Administration (SBA)

Several government agencies provide various resources to help veteran-owned businesses thrive. If you're starting or running a business and are a veteran, the Small Business Administration (SBA) can be an especially valuable resource for you.

Through its Office of Veterans Business Development, the SBA offers numerous resources specifically tailored for veterans, including funding programs, training, and federal contracting opportunities. One key program is the Veteran's Business Outreach Center (VBOC), which provides training, business plan workshops, and mentorship. The SBA also offers loans and grant opportunities to help veterans start or grow their businesses.

The SBA's Boots to Business program teaches vets and their spouses about small business fundamentals as part of a two-day in-person course. After completing that course, participants can learn more through a no-cost online course delivered in partnership with Mississippi State University.

To access services, you will be asked to complete a Veteran Small Business Certification (VetCert). Certified veteran-owned small businesses can pursue sole-source and set-aside contracts at the Department of Veterans Affairs under the VA's Vets First program. Certified service-disabled veteran-owned small businesses (SDVOSBs) can compete for federal sole-source and set-aside contracts across the federal government.

Department of Veterans Affairs (VA)

The VA's Veteran Entrepreneur Portal (VEP) provides direct access to the resources you may need as a small business owner, including access to federal services, regardless of its source. It's also a resource for best practices and information.

The VA runs the Vets First Contracting program to help veteran-owned small businesses compete for VA contracts. This program gives veteran-owned businesses a priority when bidding for federal contracts. By doing so, it helps veterans secure government contracts that can provide stability and growth for their businesses. The VA can help you get started in the program.

Department of Labor

The Department of Labor offers resources such as the Veterans’ Employment and Training Service (VETS). VETS provides training and support to help veterans, service members, and military spouses transition into the workplace, including business ownership. They also help veterans understand their employment rights and how to access resources.

Nonprofit resources and networking organizations

Beyond government support, nonprofits and networking organizations may be able to provide critical assistance to you as a veteran-owned business.

Several nonprofits offer grants specifically for veteran entrepreneurs, providing much-needed financial support without the burden of repayment. The StreetShares Foundation and the Hivers & Strivers angel investment group are examples of organizations that support veterans with financial help, early-stage financing, and guidance.

There are also many training and education programs offered by nonprofit organizations. For example, DAV Patriot Boot Camp helps active-duty service members, veterans and their spouses start their entrepreneurial journeys with access to mentorship, educational programming, training, and networking opportunities.

Networking opportunities also allow veterans to connect with other entrepreneurs, share experiences, and gain insights. Military-Transition.org details several such opportunities.

Why should businesses hire veterans?

In addition to entrepreneurship, veterans may also be looking for employment. Veterans bring a wealth of transferrable skills, such as leadership, discipline, and problem-solving, to the workplace, making them valuable employees. Plus, their dedication to teamwork and a mission-focused mindset often makes them excellent team players. Veterans are also adaptable, having worked in diverse and challenging environments.

Companies can participate in programs through the VA, which facilitates veteran hiring. Additionally, the Department of Labor’s VETS program provides guidance on best practices for recruiting veterans and integrating them into the workforce.

Creating a more inclusive economy

Veteran-owned businesses are a vital part of the economy. Whether you're a veteran starting or growing a business, or an employer looking to hire a veteran, there are numerous resources available to support you. From government programs to nonprofit organizations, there a wide range of resources available to support veteran entrepreneurship and employment to help create a thriving, inclusive economy.

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