The Small Business Administration recently funded $500,000 for a program that will invest in veteran-owned businesses. The SBA, in partnership with the Montgomery County (Maryland) Chamber of Commerce Community Foundation’s National Center for the Veteran Institute for Procurement, is helping provide the funds.

This funding opportunity enables VIP to deliver entrepreneurship training for veteran-owned enterprises nationwide. This award will be made for four years of performance.

Courtesy of the federal government prime awards, the VIP graduates have won $16.9 billion during the past 10 years. This illustrates VIP’s commitment to offering veteran entrepreneurs meaningful training, said Larry Stubblefield, associate administrator for SBA’s Office of Veterans Business Development.

The VIP, which offers several certification programs for veterans, focuses on establishing their business practices before applying for government contracts. The program is designed to cater to various stages in the business owner's development as a procurer. 

Students will learn about financial management, cash flow forecasting, human resources, developing growth plans and legal matters.

Added the veterans to the resource network will enable the SBA to fill the gap with the training and provide proper mentorship, tools and network that they eventually need to achieve their long-term goals.

Businesses that have been in operation for at least a year and have at least one employee (excluding the owner), should apply. Passion, commitment, and dedication to growth are also essential characteristics, according to the SBA website.

Program Qualifications:

To qualify for the disabled veteran’s program, a business must keep these in consideration:

• Be a small business according to the SBA standards

• Be at least 51% owned and also controlled by one or more veterans who are not on service

• All eligible veterans must have a service-connected disability