Veteran Owned Business


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Veteran Owned Business

  1. 1. VETERAN OWNED BUSINESS Gaining the Advantage Presented by: Tracy Lea, Entrepreneurship and Innovation Group Source:
  2. 2. Agenda • Demographics • Veteran Industry Overview • SBA • First Steps • Funding • Opportunities • Key Resources Source:
  3. 3. Demographics Veterans Male Veterans Female Veterans Veteran-owned firms Employees of Veteran- owned firms 21.2 million 19.4 million 1.8 million 2.4 million 5.8 million Sources: Bureau of Labor Statistics Veterans AZ 2007-2011 536, 449 Source:
  4. 4. Why Veterans? • Outstanding leadership skills • Disciplined • Tremendous work ethic • Strong sense of team • Specialized skill sets • Training in overlooked arenas Source:
  5. 5. Veteran Entrepreneurs According to a study by the SBA- Veterans are 45% more likely to be self- employed than non-veterans. Source:
  6. 6. Top Industries Percentage of firms owned by Veterans Source:
  7. 7. Distribution of Veteran Owned Business Source:
  8. 8. Veteran Classifications DD 214 VOB-Veteran Owned Business SDVOSB-Service-Disabled Veteran Owned Small Business SBA requirements: • The service-connected disability determined by the Department of Veterans Affairs or DoD • “Small” in accordance with North American Industry Classification System (NAICS) code • 51% unconditional ownership • SDV controls management and day to day ops • Highest officer in the company Source:
  9. 9. Small Business Administration • SBA-Small Business Association – • Other Small Business Classifications: – WOSB-Women Owned Small Business – 8(a) via SBA/MBE-Socially disadvantaged • African American • Hispanic American • Native Americans • Asian Pacific Americans • Subcontinent Asian American – HUBzone-Historically Underutilized Business Zones Can be advantageous if combined, ex/VOB+WOSB Source:
  10. 10. First Steps Once you have determined and set up your company’s legal status: • Obtain your DUN’s number (Dun & Bradstreet identification number). Call 1-866-705-5711 and tell the person who answers that you want a DUN’s number for Federal Contracting. • Obtain your EIN (employer identification number). Before you call the IRS at (800) 829-4933, prepare answers to questions on the SS-4 form-Review it HERE. • Wait 5-7 days for these numbers to become active in the system. Source:
  11. 11. First Steps • Open a business checking account at your preferred bank. • Go to to complete your CCR (Central Contractors Registration) database information. • SAM-System for Award Management- directs you to the website for registration • Wait 5-7 days for the CCR database to become active. • Go to and complete the database information. • Go to , FED BIZ OPPS, and complete the vendor information. Be sure to show that you are interested in a solicitation. Source:
  12. 12. Funding SBIR-Small Business Innovation Research • Small business engagement in Federal (R/R&D) that has the potential for commercialization. • Fosters high-tech enterprise • Embraces entrepreneurial spirit 51% ownership must be with US Citizen or Permanent Resident Alien Source:
  13. 13. SBIR-Participating Agencies • Department of Agriculture • Department of Commerce - National Institute of Standards and Technology • Department of Commerce - National Oceanic and Atmospheric Administration • Department of Defense • Department of Education • Department of Energy • Department of Health and Human Services • Department of Homeland Security • Department of Transportation • Environmental Protection Agency • National Aeronautics and Space Administration • National Science Foundation Source:
  14. 14. SBIR-Awards Phase I $150,000 Phase II $1,000,000 Phase III Potentially unlimited Source:
  15. 15. Funding Patriot Express Loan Program A loan for the establishment or expansion of small business. Eligible military community members include: • Veterans • Service-disabled veterans • Active-duty service members eligible for the military’s Transition Assistance Program • Reservists and National Guard members • Current spouses of any of the above, including any service member • Widowed spouses of service members or veterans who died during service or of a service- connected disability Eligible member must have at least 51% control. Source:
  16. 16. Funding Military Reservist Economic Injury Disaster Loan program (MREIDL) * • Provides funds to eligible small businesses to meet its ordinary and necessary operating expenses that it could have met, but is unable to meet, because an essential employee was "called-up" to active duty in their role as a military reservist. • Only provide working capital needed to meet obligations until employee is released from active duty. • Does not cover lost income or lost profits. • MREIDL funds cannot be used to take the place of regular commercial debt, to refinance long-term debt or to expand the business. • 4% interest rate • Other stipulations apply Source:
  17. 17. Opportunities Register with Veteran Owned Business Directories Join your local chamber of commerce Get to know city Economic Development teams Source:
  18. 18. Networking-Know the Landscape • Join a Veteran Organization • Start a “Meet up” group • Attend conferences, seminars, workshops • Seek out mentors – Board of Advisors – Role in the organization Source:
  19. 19. Veteran Resources Entrepreneurship Bootcamp for Veterans with Disabilities Source:
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