Veteran-Owned Business Resources
 April 25, 2006
 

Q:  Dear Mr. Strauss: My son will be returning home from duty overseas soon.  Before he left he owned a one-person business and he hopes to start it up again upon his return.  I was wondering if you know of any business resources veterans like my son might tap into?  Thank you. -- Lori

 

A: I do indeed, but first, here is an interesting fact I just learned: Did you know that there are 4 million small businesses in this country owned by veterans? There are, and especially during this time of war, there are plenty of people and organizations ready to help these entrepreneurial veterans.

It certainly is not hard to understand why. Aside, of course, from the obligation many feel towards those who risked their lives in combat, the fact is, veterans are a uniquely qualified group of people who tend to make great entrepreneurs:

That veterans are a unique small business sub-set deserving of special attention was recognized by Congress and President Clinton in 1999 with the passage of the Veterans Entrepreneurship and Small Business Development Act.

One great result of the law was the creation of the Veterans Business Development Corporation, also known as The Veterans Corporation. This federal non-profit agency creates entrepreneurial business opportunities for all veterans, including service-disabled veterans, by offering them access to capital, education, bonding, insurance, and more.

In addition, the law also established an SBA office of Veterans Business Development.

One other purpose of the Veterans Entrepreneurship Act is to assist veterans obtain government procurement contracts. As such, by law now, 3% of government contracts are supposed to go to veteran-owned businesses, or about $8 billion a year (although that goal has not been reached yet.)

Accordingly, veterans have been added to the categories of deserving recipients of federal and corporate diversity programs; that is, veterans now have access to the same sorts of programs that have been so helpful to women and minority entrepreneurs.

For instance, on May 3 and 4, in Anaheim California , and on September 21 and 22 in Hampton, Virginia, there will be a Veteran Owned Business Expo, sponsored by an excellent resource you should know about -- the only magazine devoted to veteran entrepreneurs, the Veterans Business Journal.

The Anaheim event will serve two purposes. First, it will allow veteran-owned businesses to meet with corporate and government contractors. This will be a great chance for veteran entrepreneurs to make the sort of contacts that can lead to landing a significant government or corporate contract.

In addition, the event will recognize the "Best Corporations for Veteran-Owned Businesses." Based upon industry surveys, research, and interviews, this second-annual list honors those corporations whose efforts have been determined to be the best insofar as contracting with veteran-owned suppliers are concerned.

These companies know that working with veteran-owned businesses is not just a "feel good" idea, it's good business. Says Steve Humphrey, the supplier diversity manager for Volvo and Mack Truck (two companies on the list), "teamwork, management, and leadership training learned in the military equips veteran-owned firms to run efficient businesses that give Volvo and Mack a competitive advantage."

While we are in the midst of an unpopular war, it is heartening that the people who have sacrificed so much are being given the help they need and deserve upon their return.

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Today's tip: In alphabetical order, the "Best Companies for Veteran-Owned Business" for 2006 are:


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