According to the US Census Bureau, there are 2.5 million veteran-owned businesses. Veterans have the potential to contribute to our economy a considerable amount; several opportunities through the federal government and private organizations are there to help veterans grow their businesses.
First, let us start with some basics. If you are a service-disabled veteran and own a business, you need to get registered as a SDVOSB company through the SBA.
The government restricts competition for specific contracts to small businesses that take part in its Service-disabled veteran-owned small businesses programs. Joining this program allows your small business to compete for the program’s set-aside contracts.
Through the Small Business Administration or SBA website, you can register as a veteran-owned small business. Your small business must meet all the requirements of a small business as outlined by the SBA. Once your registration is done, you can have ample opportunities like access to funding and government contracts.
Suppose you have a service-related disability, you may qualify for various programs through the federal government that are meant to help you thrive in your business.
This program enables service-disabled veterans to bid on contracts that are unavailable to other small businesses. Around 3% of all government contracts fall into this program. Apart from meeting the minimum small business and VOSB requirements, the following are some of the other qualifications your business need to meet to apply:
The Service-Disabled veteran-owned business aims to provide procuring agencies with the ability to set acquisitions.
Large businesses have started to realize the significance of including service-disabled veteran-owned small businesses in their supply chains.
There must be challenges in launching your independent venture as a service-disabled individual. If you are thinking to start a new career and need some inspiration, KW Productions can assess and evaluate your needs and deliver results according to the sem.