Memorial Day – SBA Honors and Remembers the Fallen By Supporting Veteran Entrepreneurs and Military Families

Rhett Jeppson is the Associate Administrator for Veterans Business Development

On Memorial Day, we pause to remember the brave men and women of our Armed Services who have given the ultimate sacrifice for their country in war and conflict.

What better way to honor their memory, than to support the many thousands who are serving in conflict, as well all of those who have returned home?  At the U.S. Small Business Administration, this means helping to create an environment where our returning men and women can achieve the American dream.

Assistance Available for Veteran Business Owners (and others in the military community)

Part of SBA’s mission is to provide assistance to veterans who return home to start, resume, or further grow their businesses.  SBA works hard to increase the availability of capital, contracts and business counseling to veterans.

Veteran entrepreneurs receive special consideration in all of SBA’s entrepreneurial programs and resources. Each year, SBA reaches thousands of veterans from both the Active and Reserve Components, and transitioning service members who want to become entrepreneurs and small business owners.

Last year SBA supported more than 4,300 loans from our largest lending programs to veterans totaling $1.5 billion.  Additionally, the Patriot Express Loan Program, extended through 2013, offers low interest loans to members of the veteran and military community.  Over the past three years, SBA has supported more than $460 million in lending through the Patriot Express Loan Program.

SBA also offers counseling assistance and procurement support each year to more than 200,000 veterans, and their spouses. Often, this work is done through SBA’s 15 Veterans Business Outreach Centers , located throughout the country, that provide both online and in-person training, counseling, mentoring, workshops, referrals, and more.  Each of the SBA’s 68 District Offices also has a designated veteran’s business development officer. To find your nearest Veterans Business Outreach Center or SBA District Office, use SBA Direct.

Among the SBA’s unique services for veterans are: an Entrepreneurship Boot Camp for veterans with disabilities in partnership with eight top U.S. universities, a program to reach women veteran-entrepreneurs, and a program for Reserve Component family members called Operation Endure and Grow.  SBA also works closely with its resource partner, SCORE, in a new program called Veteran Fast Launch Initiative.

The SBA offers special assistance for small businesses owned by activated Reserve and National Guard members. Any self-employed Reserve or Guard member with an existing SBA loan can request loan payment deferrals, interest rate reductions and other relief after they receive their activation orders.

For Employers

SBA offers special low-interest-rate financing to small businesses when an owner or essential employee is called to active duty.  The Military Reservist Economic Injury Disaster Loan up to $2 million to eligible small businesses to cover operating costs that cannot be met due to the loss of an essential employee called to active duty in the Reserves or National Guard.

On Behalf of the Employees of the SBA

We honor the fallen and remember them and their sacrifice with reverence and deep respect and hope that it translates into what we do for all veterans today.

Semper Fidelis,

Rhett Jeppson

About the SBA Office of Veterans Business Development

SBA’s Office of Veterans Business Development is responsible for liaison with the Veterans business community; for policy analysis and reporting; for acting as an Ombudsman for Veterans in Small Business Administration programs, for providing business training, counseling and assistance, and for overseeing the Federal procurement programs for Veteran and Service-Disabled Veteran-Owned small businesses. Learn more at www.sba.gov/vets.

Related Articles

SBA.gov Resources for Veterans and the Military Community
Joining Forces – Giving Back to our Military Community 
More Resources for America’s Veteran-Entrepreneurs and Small Business Owners 
Small Business Guide for Veterans