The U.S. Small Business Administration (SBA) announced over $1 million in new funding to provide critical training and counseling to aspiring and existing veteran small business owners as a Veterans Business Outreach Center (VBOC).
The new funding opportunity will make awards of up to $400,000 to up to three entities. Eligible awardees include private organizations, colleges and universities, private sector firms, nonprofit organizations, and state, local, or tribal governmental agencies.
“Through this initiative, the SBA’s Office of Veterans Business Development (OVBD) is investing in military-connected entrepreneurs that will grow the VBOC program from 28 to 31 locations nationwide,” said Robert Yannuzzi, Assistant Administrator for the SBA’s Office of Veterans Business Development. “This expansion will enhance the entrepreneurship experience across all U.S. states and territories.”
With this SBA funding, recipients will offer training to transitioning service members and military spouses via the Boots to Business entrepreneurship program, a key component of the Department of Defense’s Transition Assistance Program, as well as Boots to Business Reboot and the Military Spouse Pathway to Business program. Applicants will deliver counseling, technical support, financial skills development, comprehensive business evaluations, and mentorship to veterans, transitioning service members, Reserve and National Guard members, and military spouses aiming to launch or expand their small businesses.
The locations for new VBOCs are as follows: Arkansas, Kentucky, Ohio, Oklahoma, Pennsylvania, South Florida, and Puerto Rico, and organizations anywhere may apply for a portion of the total $1.1 million in funding available for this program in Fiscal Year 2024.
Each award is made for a base project period of 8 months, with four 12-month option periods, starting Sept. 1, 2024. Additional information about the funding opportunity, including specific coverage areas and instructions on how to apply, can be found here.
