During November we celebrate National Veterans Small Business Week, which runs Nov. 11-13. Throughout the month, we recognize those veterans, service members and military spouses that take the steps to realize their goal of small business ownership. Historically, veterans are more likely to start a small business than non-veterans. Nearly 10 percent of all American businesses are owned by a veteran. Colorado is home to more than 410,000 veterans, with more than 50,000 of them have making the jump to small-business ownership.
Veteran-owned small firms are a critical part of the economy, employing more than 5 million Americans and generating $1.3 trillion in total sales. As a nation, it is our duty to ensure that these heroes have the resources they need to succeed while pursuing their vision of the American Dream. The U.S. Small Business Administration plays an important role in supporting veterans and exiting service members access the business resources they require.
As the SBA’s regional administrator, I work alongside Colorado District Director Frances Padilla to make sure our military heroes across the state receive the help they require. I hold a special place in my heart for our veterans since I am the spouse of an Army veteran and granddaughter of two well-decorated Air Force officers in the United States and Indian Air Forces. I have personally witnessed the dedication and passion military veterans give back to their local neighborhoods, cities and towns. This dedication to community is a common thread among veterans across Colorado and the nation.
SBA encourages veterans, and transitioning service members and their families, to utilize its programs and services. Here are five SBA resources veterans can leverage when starting their own business.
Transition Assistance: SBA, and its resource partners, support active duty and transitioning service members, veterans, and military spouses through the Boots-to-Business and Reboot programs, part of the Department of Defense’s Transition Assistance Program. This program provides free, high level business training to participants.
Entrepreneurial Training: Through the agency’s equity plan we are ensuring all underrepresented communities, including our Veterans, female – veterans, and service-disabled veteran populations, have access to resources. The SBA’s resource partners include our Women Business Outreach Centersthat assist women in starting and growing small businesses; Small Business Development Centers that offer free, one-on-one counseling and low-cost training services; SCORE, a network of thousands of volunteer business counselors around the country that provides free in-person and online counseling and training; and Veteran Business Outreach Centers (VBOC), a nationwide program which provides business education to all current and separated military members and their families.
Access to Capital: SBA, and its network of participating lenders and resource partners, understand that access to capital may be a barrier for veterans starting or expanding their business. The first step is to find a commercial lender that participates in the SBA’s loan guaranty program. SBA’s Lender Matchis a free online referral tool that connects small business owners with SBA participating lenders.
Government Contracting: If you are looking to pursue federal government contracting opportunities to grow your business then the SBA and its partners have several programs to help veterans access both competitive and non-competitive federal contracts. Certification with SBA allows service-disabled veteran-owned small businesses (SDVOSBs) to compete for federal sole-source and set-aside contracts across the federal government. Certified veteran-owned small businesses (VOSBs) have additional opportunities to pursue sole-source and set-aside contracts at the U.S. Department of Veterans Affairs (VA) under the VA’s Vets First program. The SBA certifies both groups of veterans utilizing its MySBA.gov certification portal.
Your local SBA district office is an excellent place to start your journey in starting or expanding your business. The Colorado District Office is located in Sioux Falls, but you can follow their training opportunities on Twitter (X) @SBA_Colorado.
The SBA eagerly supports our veteran entrepreneurs and their spouses. For more information on the agency’s programs and services, please visit www.sba.gov/vetbiz and follow us on Twitter (X) @SBArockymtn.
Aikta Marcoulier serves as the SBA’s Regional Administrator in Denver. She oversees the agency’s programs and services in Colorado, Montana, South Dakota, North Dakota, Utah and Wyoming.
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