ECNETNews reports that the U.S. Small Business Administration (SBA) and the U.S. Department of Veterans Affairs (VA) have formed a strategic partnership to bolster veteran entrepreneurship. A signed memorandum of understanding (MOU) between the SBA’s Office of Veterans Business Development (OVBD) and the VA’s Veterans Benefits Administration (VBA) aims to enhance access to self-employment assistance and SBA training for active-duty service members and service-disabled veterans involved in the Veteran Readiness & Employment Program (VR&E), commonly referred to as Chapter 31. This initiative will remain active until June 17, 2028.
Empowering Veteran Entrepreneurs
This partnership seeks to strengthen the collaborative efforts between the SBA and VA, providing veterans with better access to capital and essential resources needed to launch, build, and expand their businesses. Under the Biden-Harris Administration, the SBA has demonstrated a commitment to supporting veterans by increasing the number of Veterans Business Outreach Centers and enhancing access to federal contracts. This new agreement aligns with the administration’s ongoing mission to help veterans realize their ambitions of business ownership.
Officials from the SBA emphasized the significant impact this partnership will have on entrepreneurship opportunities for veterans. SBA resources have proven instrumental in helping veterans and service members establish or grow successful small businesses, thereby contributing positively to both local and national economies. There is a strong commitment to continue guiding VR&E participants towards achieving their entrepreneurial goals.
Essential Programs and Resources
The MOU details plans for collaborative training sessions, information events, and group workshops designed to educate staff about the VR&E program and available SBA resources. The objective is to enhance self-employment opportunities for Chapter 31 participants, equipping them to effectively leverage available resources for launching and expanding their businesses.
Through this partnership, Chapter 31 participants will benefit from increased access to SBA’s extensive array of resources, including:
- Veterans Business Outreach Centers (VBOCs): The SBA operates a network of VBOCs, which currently has 28 locations and will expand to 31 this year, providing comprehensive business training and counseling services.
- District Offices: With 68 District Offices nationwide, the SBA offers localized support tailored to the needs of veteran entrepreneurs.
- Resource Partners: Collaborating organizations such as SCORE, Small Business Development Centers (SBDCs), and Women’s Business Centers (WBCs) will provide additional resources, including entrepreneurship training, skill development, and business plan evaluation.
