SBA heralds Veterans Small Business Week

From Monday to Nov. 11, the  U.S. Small Business Administration hosts Veterans Small Business Week, an initiative to reach out to veteran entrepreneurs and small business owners.

Veterans Small Business Week is part of SBA’s work to ensure the nation’s veterans have the tools and capital they need to start or grow a business.

“Our nation owes a debt of gratitude to the brave men and women who have served our country,” said Acting SBA Administrator Jeanne Hulit. “Our job at the SBA is to make sure veterans know what tools and programs are out there to help them achieve their dreams.”

During this week, SBA staff across the country will work with partner organizations on educational efforts, mentoring and trainings for veterans. SBA provides veterans access to business counseling and training, and capital and business development opportunities through government contracts.

In fiscal year 2013, SBA supported $1.86 billion in loans for 3,094 veteran-owned small businesses. Since 2009, the dollar amount of SBA lending support to veteran-owned firms has nearly doubled.

According to the U.S. Census, veterans are a significant part of the small business community. Nearly one in 10 small businesses is veteran-owned, and the nation’s 2.4 million veteran-owned small businesses employ almost 6 million people, generating more than $1 trillion in receipts. In the private sector, veterans are 45 percent more likely than those with no active-duty military experience to be self-employed.

Each year SBA helps more than 200,000 veterans, service-disabled veterans and reservists. To learn more about opportunities for veterans, visit www.sba.gov/veterans.