How Veteran-Owned Companies Benefit the Economy

In an increasingly competitive global economy, veteran-owned enterprises are a potent economic force. In addition to the skills and leadership they acquire in the military, their success depends on their commitment to the community.

They are an excellent example of what can be accomplished when citizens unite to support small enterprises and communities. This is a minor but highly consequential action that can help to strengthen our nation.

The small business sector is the driving force behind job creation and economic expansion. They account for 44% of the entire economic activity in the United States.

The military imparts many transferable skills to the corporate world, such as leadership qualities and a sense of mission—these characteristics, along with discipline, aid veterans in navigating many obstacles as entrepreneurs.

These skills are essential for establishing a flourishing business. Additionally, they make it simpler for veterans to compete in the market.

Veterans face unique obstacles but also contribute a wealth of experience and expertise to the small business world. This allows them to be more successful and to remain in business longer than other small enterprises.

Veterans-owned businesses have a higher success rate than other businesses, which benefits the economy. They are typically more dependable and have a superior track record with government contracts.

Additionally, they are more likely to have a robust support system. They are also well-respected by the general public and are adept at getting things done.

You may be eligible for VOSB certification if you are either a veteran seeking to establish a business or an owner of a small business seeking to expand. This certification will assist you in gaining access to government contracts and funding reserved for veteran-owned enterprises.

The SBA aims to award 3 percent of federal contracts to small businesses owned by disabled veterans. (SDVOSB). Many federal agencies have committed to purchasing a portion of their annual work from these companies, creating innumerable opportunities for qualified people.

The federal government spends billions on private enterprises' goods and services. Veteran-owned businesses have a greater chance of securing government contracts due to their access to this purchasing power.

The Department of Veterans Affairs is one of the world's largest purchasers, spending approximately $3 billion annually with veteran-owned enterprises.

You must demonstrate your veteran status and meet additional requirements to obtain government contracting opportunities. The VA provides a user-friendly website and personal assistance counselors to guide you through the verification process.

Additionally, you can petition for certification as a Veteran-Owned Small Business (VOSB) or Service-Disabled Veteran-Owned Small Business Enterprise. (SDVOSB). To obtain certification, you must own at least 51 percent of the business and have the authority to manage daily operations and make strategic decisions.

Access to government assistance is one of the veteran-owned businesses' most significant advantages over non-veteran-owned businesses. This includes access to funding and resources and lucrative government contracts set aside for them.

The Small Business Administration (SBA) provides numerous forms of assistance for veteran-owned enterprises. Entrepreneurship fundamentals are taught through customized curricula and in-person and online classes.

Through its Opens in a new windowLender Match Tool, the SBA additionally provides financing opportunities for veterans. The Military Reservist Economic Injury Disaster Loan Program (MREIDL) is another excellent opportunity for veterans. It loans businesses that have lost vital employees due to military service.