The U.S. Small Business Administration (SBA) has announced over $1 million in grant awards to three organizations in Ohio, Pennsylvania, and Puerto Rico. These grants are aimed at establishing new Veterans Business Outreach Centers (VBOCs) to enhance training and counseling services for veteran and military spouse small business owners. The new centers will officially begin their operations on September 1, 2024.
Administrator Isabel Casillas Guzman, who leads the SBA and serves as the voice for over 34 million small businesses in President Biden’s Cabinet, highlighted the importance of expanding the VBOC network. “The expansion of SBA’s network of Veterans Business Outreach Centers has been a top priority of the Biden-Harris Administration as we work to ensure our military-connected entrepreneurs have better access to SBA’s resources 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 VBOC Program
This announcement marks a significant expansion of the SBA’s VBOC program, which will now grow from 28 to 31 locations. The VBOCs will serve all 50 states, the District of Columbia, Puerto Rico, U.S. Virgin Islands, Guam, Northern Mariana Islands, and American Samoa. The grants awarded to these organizations reflect their commitment to supporting veteran entrepreneurs and their ability to address the unique challenges faced by veterans and military families.
Robert Yannuzzi, Assistant Administrator for the SBA’s Office of Veterans Business Development, emphasized the impact of this expansion. “Thanks to this additional funding, we can increase our Veterans Business Outreach Centers and significantly support thousands of transitioning service members, National Guard and Reserve members, and their spouses in starting and growing their businesses,” Yannuzzi said. “VBOCs supported more than 53,000 clients 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 wide range of services to veteran entrepreneurs, including:
- Business Planning: Offering training and counseling on accounting, financial planning, and management to help veterans develop strong business plans.
- Assistance Accessing Capital: Helping veterans understand and access available capital, including financing, loans, and grants.
- Government Contracting Guidance: Providing training on veteran business certification and best practices for securing government contracts.
- Marketing and Outreach: Assisting veteran-owned businesses with marketing and outreach to promote their services within their communities and beyond.
- Transitioning: Offering the Boots to Business program to help active-duty service members transition out of the military and into entrepreneurship.
Grant Awardees
The organizations receiving VBOC grants from the SBA are:
- Economic and Community Development Institute, Inc. (ECDI) – Columbus, Ohio
- Coverage Area: Ohio
- Pennsylvania State University – University Park, Pennsylvania
- Coverage Area: Pennsylvania
- Corporación para el Financiamiento Empresarial del Comercio y de las Comunidades (COFECC) – San Juan, Puerto Rico
- Coverage Area: Puerto Rico and the U.S. Virgin Islands
These organizations will play a crucial role in supporting veteran entrepreneurs in their respective regions, helping them overcome obstacles and achieve success in their business endeavors.
For more information about the Veterans Business Outreach Centers and to find a VBOC near you, visit www.sba.gov/vboc. To learn more about SBA’s programs for veterans, visit www.sba.gov/veterans.
This article, “SBA Announces $1 Million in Grants to Expand Resources for Veteran Entrepreneurs” was first published on Small Business Trends