August 13 – In a significant move to support veteran-owned businesses, the U.S. Small Business Administration (SBA) and the Department of Veterans Affairs (VA) have forged a new alliance. This partnership, formalized through a memorandum of understanding (MOU), aims to enhance entrepreneurship opportunities for veterans and active-duty service members.
The agreement, set to run until June 2028, brings together the SBA’s Office of Veterans Business Development (OVBD) and the VA’s Veterans Benefits Administration (VBA). Its primary focus is to improve access to self-employment assistance and SBA training programs for participants in the Veteran Readiness & Employment Program, also known as Chapter 31.
SBA Administrator Isabel Casillas Guzman highlighted the importance of this collaboration, stating, “This initiative reinforces our commitment to providing veterans with the necessary tools and resources for business success. It aligns with the Biden-Harris Administration’s ongoing efforts to support veteran entrepreneurs, including the expansion of Veterans Business Outreach Centers and increased access to federal contracts.”
The partnership introduces several key initiatives designed to empower veteran entrepreneurs. Joint training sessions and information events will be organized to educate staff about the VR&E program and SBA resources. This coordinated approach aims to broaden self-employment prospects for Chapter 31 participants, enabling them to leverage available resources effectively.
Robert Yannuzzi, Assistant Administrator for the SBA’s Office of Veterans Business Development, expressed enthusiasm about the partnership’s potential impact. “Our resources have already helped numerous veterans and service members establish and grow successful small businesses. We’re excited to extend this support to VR&E participants, assisting them in pursuing their entrepreneurial aspirations,” Yannuzzi remarked.
Through this collaboration, Chapter 31 participants will gain enhanced access to the SBA’s extensive support network. This includes:
- Veterans Business Outreach Centers (VBOCs): The SBA’s network of VBOCs, currently at 28 locations and set to expand to 31 this year, offers comprehensive business training and counseling services.
- District Offices: SBA’s 68 District Offices across the country provide localized support to veteran entrepreneurs.
- Resource Partners: Organizations such as SCORE, Small Business Development Centers (SBDCs), and Women’s Business Centers (WBCs) will offer additional support, including entrepreneurship training, skill development, and business plan evaluation.
The partnership also leverages SBA’s resource partners, including SCORE, Small Business Development Centers (SBDCs), and Women’s Business Centers (WBCs). These organizations will offer additional support in areas such as entrepreneurship training, skill development, and business plan evaluation.
This strategic alliance between the SBA and VA represents a significant step forward in fostering veteran entrepreneurship. By combining resources and expertise, both agencies aim to create a more robust support system for veterans venturing into the world of small business ownership.
