The U.S. Small Business Administration (SBA) has allocated over $1 million in grants to three organizations in Ohio, Pennsylvania, and Puerto Rico to establish new Veterans Business Outreach Centers (VBOCs). These centers aim to enhance training and counseling for veteran and military spouse small business owners, with operations set to commence on September 1, 2024.
Administrator Isabel Casillas Guzman emphasized the critical role of expanding the VBOC network in supporting military-connected entrepreneurs. “The Biden-Harris Administration prioritizes the expansion of the VBOC network to provide military-connected individuals with better access to resources as they pursue their entrepreneurial ambitions,” stated Administrator Guzman. “With these new grants, local institutions will be prepared to assist veterans and military families in Ohio, Pennsylvania, and Puerto Rico, thereby bolstering their communities and the economy.”
Major Expansion of VBOCs
This initiative signifies a substantial expansion of the SBA’s VBOC program, increasing the number of centers from 28 to 31. The enhanced network will support all 50 states, as well as U.S. territories, ensuring veteran entrepreneurs nationwide can access essential resources. The awarded grants underscore the commitment to addressing the unique challenges faced by veterans and military families.
Robert Yannuzzi, Assistant Administrator for the Office of Veterans Business Development, noted the program’s potential impact. “This additional funding allows us to expand the VBOCs significantly, aiding thousands of transitioning service members and their families in launching and growing their businesses,” Yannuzzi remarked. “In fiscal year 2023, VBOCs assisted over 53,000 clients, and this expansion is set to increase that number annually.”
Services Offered by VBOCs
The new VBOCs will deliver an array of services for veteran entrepreneurs, including:
- Business Planning: Training on accounting, financial planning, and management to help veterans formulate effective business plans.
- Access to Capital: Guidance on securing financing, loans, and grants.
- Government Contracting: Expertise in veteran business certification and strategies for obtaining government contracts.
- Marketing Support: Assistance in promoting veteran-owned businesses within their communities.
- Entrepreneur Transition Programs: Programs like “Boots to Business” designed to help active-duty service members transition to entrepreneurship.
Grant Recipients
The organizations awarded VBOC grants include:
- Economic and Community Development Institute, Inc. (ECDI) – Columbus, 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 be vital in empowering veteran entrepreneurs, helping them navigate challenges and succeed in their ventures.
