November has long been associated with veterans since the eleventh hour on the eleventh day of the eleventh month of 1918. Americans honor the service, sacrifice and contributions that our veterans and military families make each day to support our nation. These patriots safeguard the values that keep America strong throughout their service in uniform.
To support our nation’s warriors and their families, President Donald Trump and the U.S. Small Business Administration have reprioritized caring for our returning heroes and their families, leading them towards a path of economic prosperity as entrepreneurs once they are completed with their service.
President Donald Trump has shown his dedication to small businesses and veterans with his donation of his second-quarter salary last year to the SBA, specifically towards our partnership with VETRN, offering a seven-month intensive training program helping transitioning military members pivot from life in the armed forces to that of one in the private sector through entrepreneurship.
Moreover, the President has been steadfast in supporting our volunteer armed service members. For example, he secured $86.5 billion in FY 2019 discretionary funding for the Department of Veterans Affairs, the largest dollar amount in history for the VA.
Leaving the military holds numerous unknowns, but for nearly a quarter of veterans, entrepreneurship is the clear next step. According to U.S. Census, an estimated 2.52 million businesses were majority-owned by veterans, employing more than 5 million workers. What’s more, over 15% of these small businesses are owned by women and, in total, they had annual receipts of $1.14 trillion.
These accomplishments can be attributed to veterans possessing the exact qualities that make successful entrepreneurs: discipline, determination, resourcefulness and dedication to team success.
National Veterans Small Business Week in November also celebrates the countless contributions of veteran-owned small businesses to our economy. The SBA strives to connect our veterans, active service members and their spouses with no- and low-cost resources to help them succeed in starting and growing their ventures. This year the SBA has highlighted the tools and resources used to help veterans on their journey to small business success as part of its Mission: #VetBiz Success theme.
The SBA also continues its commitment to veteran and service disabled veteran entrepreneurs throughout the year through a myriad of federal contracting opportunities that compete for the set aside acquisitions in exclusive competition among Veteran-Owned and Service Disabled Veteran-Owned Small Businesses. Federal agencies have a Congressional mandate to award at least 3% of all contracting dollars to service-disabled veteran-owned small businesses each year. In fact, every federal government purchase between $10,000 and $250,000 is automatically set aside for small businesses, as long as there are at least two companies that can provide the product or service at a fair and reasonable price.
One hundred and one years since the end of World War I, the federal government recognizes the contributions of those who fight to defend our liberty and freedoms as heroes who embody courage, patriotism, loyalty and service to our nation. Whether an entrepreneur is conceptualizing or just starting their business or even expanding into new locations, the SBA is here to support them throughout their mission critical role for our economic growth.
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Find out what's happening in Long Islandfor free with the latest updates from Patch.
ABOUT THE U.S. SMALL BUSINESS ADMINISTRATION & SBA ATLANTIC REGION (Region II)
The U.S. Small Business Administration makes the American dream of business ownership a reality for millions of Americans. As the only go-to resource and voice for small business backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. The SBA delivers services through an extensive network of field offices, located throughout ten different regions of the country. The Atlantic Region (Region II) services the States of New York and New Jersey as well as Puerto Rico and the U.S. Virgin Islands. It is led by Regional Administrator Steve Bulger.
