SBA Announces $1 Million in Grants to Expand Services for Veteran Entrepreneurs
The US Small Business Administration (SBA) has announced more than $1 million in grant awards to three organizations in Ohio, Pennsylvania, and Puerto Rico. These grants are intended to establish new Veterans Business Outreach Centers (VBOCs) to develop training and mentoring services for veterans and military spouses who own small businesses. The new centers will officially start operating on September 1, 2024.
Director Isabel Casillas Guzman, who leads the SBA and serves as the voice of more than 34 million small businesses in the Cabinet of President Biden, highlighted the importance of expanding the VBOC network. “Expanding the SBA’s network of Veterans Business Outreach Centers has been a priority for the Biden-Harris Administration as we work to ensure that our military-connected entrepreneurs have better access to SBA services to pursue their entrepreneurial dreams following their service to our nation,” said Administrator Guzman. . “With these new grants, veterans, service members, and military families in Ohio, Pennsylvania, and Puerto Rico will have local, trusted institutions ready to help them start and grow their businesses – strengthening their communities and our economy.”
Expansion of the VBOC program
The announcement marks a major expansion of the SBA’s VBOC program, which will now grow from 28 to 31 locations. VBOCs will serve all 50 states, the District of Columbia, Puerto Rico, the US Virgin Islands, Guam, the Northern Mariana Islands, and American Samoa. Grants awarded to these organizations demonstrate their commitment to supporting veteran entrepreneurs and their ability to address the unique challenges veterans and military families face.
Robert Yannuzzi, Assistant Director of the SBA’s Office of Veterans Business Development, emphasized the impact of this expansion. “Thanks to this additional funding, we can expand Veterans Business Outreach Centers and significantly support thousands of active duty service members, National Guard and Reserve members, and their spouses in starting and growing their businesses,” said Yannuzzi. “VBOCs supported more than 53,000 customers in fiscal year 2023, and this expansion will help grow that number year over year.”
Services provided by VBOCs
The new VBOCs will provide a number of services to veteran entrepreneurs, including:
- Business Planning: Providing training and consulting in accounting, financial planning, and management to help veterans develop strong business plans.
- Help to Access Big Money: Helping veterans understand and access available funding, including funds, loans, and grants.
- Government Contract Guidance: Providing training on veteran business certification and best practices for obtaining government contracts.
- Marketing and Access: Helping veteran businesses with marketing and communications to promote their services to their communities and beyond.
- To change: Providing a Boot to Business program to help active duty service members transition out of the military into business.
Grant awards
Organizations that receive VBOC grants from the SBA are:
- Economic and Community Development Institute, Inc. (ECDI) – Columbus, Ohio
- Pennsylvania State University – University Park, Pennsylvania
- Area of Coverage: Pennsylvania
- Corporación para el Financiamiento Empresarial del Comercio y de las Comunidades (COFECC) – San Juan, Puerto Rico
- Area of Coverage: Puerto Rico and the US Virgin Islands
These organizations will play an important role in supporting veteran entrepreneurs in their regions, helping them overcome obstacles and achieve success in their business endeavors.
For more information about Veterans Business Outreach Centers and to find a VBOC near you, visit www.sba.gov/vboc. To learn more about SBA programs for veterans, visit www.sba.gov/veterans.
