Small Business Administration awards grant to fund entrepreneurship

As part of its “Boots to Business” program, the U.S. Small Business Administration (SBA) announced today that it has awarded a $3 million grant to Syracuse University’s Institute for Veterans and Military Families (IVMF) to deliver entrepreneurship education and training to transitioning service members.

As part of its “Boots to Business” program, the U.S. Small Business Administration (SBA) announced today that it has awarded a $3 million grant to Syracuse University’s Institute for Veterans and Military Families (IVMF) to deliver entrepreneurship education and training to transitioning service members.

“Veterans are a cornerstone of small business ownership,” said SBA Administrator Maria Contreras-Sweet, who met with veteran small business owners within hours of starting at SBA on April 7.  “We owe them a debt of gratitude for their service.  Veterans have the skills to adapt to many challenges and the leadership and discipline required to own and operate a small business.  The SBA is committed to supporting our veterans as they transition back to civilian life and pursue the American Dream by starting businesses when they come home.”

Boots to Business is a three-step program developed to introduce transitioning service members to business ownership and connect them to support resources in their local communities.  The curriculum provides valuable assistance for exploring self-employment opportunities by leading participants through the key steps for evaluating business concepts and the foundational knowledge required for developing a business plan.

Funding for the agreement will support instruction, curriculum development, and materials production for the program, which includes two-day courses on military installations and an instructor-led eight-week online course to introduce and prepare transitioning service members for business ownership and connect them to local SBA resources for continued support.  The funds will also be used to extend Boots to Business to service members overseas.

The agreement with IVMF enables a consortium of 14 universities across the U.S. to provide instructors for the Boots to Business entrepreneurship training program.  IVMF will work closely with SBA and SBA resource partners, including the Small Business Development Centers (SBDC), Women’s Business Centers (WBC), SCORE and Veterans Business Outreach Centers (VBOC), who provide essential instruction, mentorship, and access to capital counseling to program participants.

Boots to Business is a training track within the Department of Defense’s “Transition, Goals, Plans, Success” (Transition GPS) program that is designed to support service members as they transition to civilian life.  Boots to Business began as a pilot in 2012, expanded nationally in 2013, and was appropriated $7 million in the fiscal year 2014 federal budget for sustainment and expansion.  During the first full year of the program, more than 6,000 transitioning service members participated in the two-day “Introduction to Entrepreneurship” class on 140 U.S. military installations.

Each year, more than 250,000 service members transition out of the military.  These veterans are natural entrepreneurs who possess the skills, experience and leadership to start businesses and create jobs.

Veterans make up a large number of successful small business owners.  Nine percent of small businesses are veteran-owned.  These 2.45 million veteran-owned businesses employ more than five million individuals.  In the private sector workforce, veterans are more likely than those with no active-duty military experience to be self-employed.

SBA currently engages veterans through its 68 local SBA district offices, 16 Veterans Business Outreach Centers nationwide, and its partnership with 1,000 SBDCs and some 12,000 SCORE Chapters.

Each year SBA helps more than 200,000 veterans, service-disabled veterans and reservists start and grow their small businesses.  To learn more about additional opportunities for veterans available through the SBA, visit www.sba.gov/vets.

 

More in Business

Railroads implementing positive track

While the investigation continues into the deadly AMTRAK derailment near Dupont, the clock continues to tick on the implementation of Positive Track Control (PTC). The deadline is Dec. 31, 2018.

Keep the holiday spirit all year long | Don Brunell

During the holidays, our thoughts naturally turn to giving — not just giving gifts, but donating our time and money to charities, disasters and community programs.

Finding balance in occupational licensing

Recently, the Institute for Justice (Institute) determined state licensing barriers for lower-income workers and aspiring entrepreneurs not only hurts people trying to establish themselves in a profession, but annually drives consumer prices up by $203 billion.

Remember 1993

Twenty-five years ago, business took a beating in Olympia. The swing to the left in the 1992 general election was swift and potent. It drove higher costs to employers and more government regulations.

Remembering Ed Carlson, Vietnam POW

Since last Veteran’s Day, Ken Burns’ in-depth documentary on the Vietnam War has aired. It is a powerful reminder of an unpopular war in which many “baby boomers” fought and died.

Rural prosperity essential to Washington

While Seattle is growing rapidly, our rural areas continue to struggle. They don’t have the corporate giants such as Amazon, Microsoft and Boeing creating jobs and economic opportunities. Farms are predominantly family-owned.

Amazon’s plan reminiscent Boeing’s Chicago move

Last year, Seattle Times aerospace reporter Dominic Gates wrote about the similarities and differences between Boeing’s corporate office move to Chicago and Amazon’s plan for a second headquarters.

LiveLocal98022 meeting cancelled

Bob Green, the night’s speaker, notified the organization he couldn’t attend due to an illness.

Expanded Panama Canal among challenges for Washington Ports

The $5.4 billion spent to expand the Panama Canal is paying off for East Coast and Gulf of Mexico seaports; however, it is putting more pressure on the Northwest to remain competitive.

Players taking a knee hurting the NFL | Don Brunell

On a recent Saturday afternoon in Portland, a young woman stepped onto the playing field at the beginning of the University of Montana vs Portland State football game and started singing our national anthem. She immediately drew a blank on the words and briefly stopped, but as she started apologizing, the fans spontaneously took up the singing.

New metal collecting machine may clean up contaminated waters

There is a new machine being tested in Montana which could decontaminate toxic mine tailings while recovering valuable precious minerals for everyday use.

Workshop will focus on business, social media

All are invited to learn how social media can impact business and how it can be used to create a positive experience for customers.