fbpx
Are you Looking for Cloud Strategy ?

Benefits of Getting Certified as Veteran Owned Business

Veteran-owned business certification and its remarkable benefits  

In the US, small-scale businesses are supported by government agencies. Veteran-owned business enterprises acquire a lot of financial support as well as training programs in the initial years of business. Since veteran-owned businesses are recognized as essential for the U.S. economy, the government acknowledges financial help. Business enterprises need to be registered and get veteran-owned business certifications by meeting the eligibility criteria. This creates a very good opportunity for veteran-owned businesses owing to the unlimited number of support and benefits.

 

What is a veteran-owned business?  

Veteran-owned businesses are notably small-scale business enterprises. Veteran-owned business enterprises are owned minimum by 51% of the veterans that are citizens of the US. There are basically three categories of veteran-owned business – veteran-owned business enterprises, veteran-disability-owned business enterprises, and service-disabled veteran-owned business enterprises. 

 

What is a veteran-owned business certification? 

Veteran-owned business certification is a process to certify a small business enterprise that is owned by veterans. The certification status provided by the concerned authorities helps the business in getting lucrative benefits from the government, in terms of smooth business operations, government contracts, loans, training programs, and much more.
 

Benefits of veteran-owned business certification  

There are several benefits of veteran-owned business enterprises registration and certifications. Below is the list of benefits, acquired by veteran-owned businesses in the US.
 

Veterans Business Outreach Center Program  

The program is sponsored by veteran business development agencies in the US. It features all kinds of success stories along with mentorship and training programs. Eligible veterans can be a part of this program. The program makes sure that the VBE get properly trained regarding the skills and important tools.  

Also read: How to Register as a Veteran-Owned Business

The training and program develop the right kind of skill set. These programs help veteran-owned business owners work out things in a profitable manner. Acquiring the right set of skills develops business. This maximizes the chances of profit and success as getting certified as a veteran business owner in the US. 

 

SBA Veterans Advantage 7(a) Loan 

Veteran advantage loan works out well financially for the veteran-owned businesses in the US. The loan is specifically meant for veteran-owned businesses in the initial years of growth. The loan comes with a very low rate of interest. The principal amount of the loan depends upon the eligibility of an individual. There is a lack of upfront guarantee required on this kind of loan. It helps veterans quickly access capital for business. The funds are completely flexible to be used for any purpose in business. It can be used for investing in equipment, supply chain, or hiring employees. These funding options are available only for certified veteran-owned businesses. 

 

Military Reservist Economic Injury Disaster Loan Program 

Veteran-owned businesses have access to special loans. It is applicable only if the employees are on active duty. If the employees are deemed essential, access to such loans is easy. It is an option given only to certified veteran-owned businesses for flourishing initially.

 

VA Government Contracts 

Government contracts are very lucrative for small businesses. There are some very special contracts given by the government to veteran-owned business enterprises. Such government projects are always set aside for small businesses. Supported by the US department of veteran enterprises, veteran-owned businesses get a lot of lucrative contracts. Veteran-owned businesses have special access to apply for these government contracts. Once the businesses are verified with certifications, the business can bid on contracts. This gives the leverage of competing in very less competition other than competing with the masses. 
 

Hivers and Strivers  

The Hivers and Strivers Initiative is a program that helps veteran-owned businesses with business funds. The group invests around $1,000,000 which is given to the young veteran entrepreneurs. Any veteran-owned businesses in the US get access to apply for the Hivers and Strivers program. This initiative funds small businesses in the US that are certified as veteran-owned.

 

The Service-Disabled VSOB Program 

Physically disabled and service-disabled veterans always get extra privileges. The government caters specifically to veterans with service and physical disabilities. Therefore, the service-disabled veteran-owned business program is highly potential. The disabled veterans bid 3% of government contracts where mass access is forbidden. This makes the competition very less. The disabled veterans get maximum access to funds and advantages. There are qualifications and eligibility criteria for this. The service-disabled individual needs to attend to long-term business decisions and day-to-day business operations to be eligible. The disability should be related to service. Therefore, certified veteran-owned businesses with service-disabled veterans are privileged under this program. 


Veteran Readiness and Employment Program 

The veterans always get the potential access to employment programs. A program that makes sure that service-disabled veterans maintain employment after service has ended. The tracks for the program give access to various career and self-employment opportunities. The service-disabled veterans can start their businesses with the right certification. The programs offer all kinds of resources to help them start their enterprise and small business enterprises. 

 

Boots to Business Program

Veteran-owned businesses always get the perk of funding to boost business. After service has ended, veterans get the opportunity to start their businesses. The Boots to Business program helps veterans get training from various government agencies and communities to start their businesses. It is an entrepreneurial program offered at different military installations throughout the world. However, it is centrally managed by the US Department of Defense and brings lots of benefits to certified veteran-owned businesses. 

 

Other Benefits of Veteran-Owned Businesses in the US 

  • Franchising benefits are available for veterans who open a franchise or decide to turn their business into a franchise 
  • Exclusive use of best skillset in keeping the business running smoothly 
  • Tax incentives for VOSBs 
  • Veteran-focused workshops and training 
  • A Veterans’ Small Business Week

 

What is the eligibility for a veteran-owned business?  

Veteran-owned business enterprises have many perks and advantages given by the US government. However, to qualify for the certification and register, the veterans need to meet certain eligibility criteria: 

  • At least a minimum of 51% of the business enterprise should be owned by the veteran or more than one veteran together. 
  • The veterans should be directly participating in all the decision-making and daily day-to-day operations of the business. 
  • Veterans that are discharged or released after service are eligible.

  • Service disability and physically disabled veterans can’t qualify for the certification of veteran-owned businesses.
     
  • Veterans who served on active emergency duty with the Navy, military, Coast Guard, marine, and Air Force are eligible to be registered under veteran-owned business with small enterprises. 
  • The businesses that get registered under veteran-owned business should be small-scale businesses. 
  • Veterans involved in the business enterprise need to receive high pay in comparison to other officials. It is possible to provide a formal document explaining the reason behind taking a lower salary for the benefit of the business organization. 
  • The veterans need to hold permanent official positions. 
  • The veterans involved in the business need to hold the highest rank which is equivalent to an officer or manager rank. 

 

What are the important documents required for veteran-owned business certification? 

Veteran-owned business enterprises need to get their certification and registration done to commence the operation. The US government is very strict regarding the documentation process. Hereby, below listed as some of the essential documents that need to be submitted in original 

  1. Resume 
  1. Driver’s license 
  1. Articles of organization 
  1. Previous tax returns 
  1. Payroll information 
  1. Department of Defense Form 214 

 

Types of Veteran business owned Business certification 

The government of the US recognizes several veteran status certifications and agencies that are confirmed. Here, below stated are some of the confirmed veteran business-owned certifications. 

Related Article: Why You Should Certify Your Diverse Business

  • Small Business Administration or Service Disabled Veteran Owned Small business 

The small business administration and service-disabled veteran-owned business certifications are applied by service-connected disabled veterans and small business enterprises. This is one of the most popular and common types of certification. It requires an application process to validate the certification status.  

  • Veteran-Owned Small Business  

Veteran-owned small businesses are small business enterprises owned by veterans. There are certain eligibility criteria for this certification. Any small business enterprise meeting the criteria list can get certified.   

  • Service Disabled Veteran Owned Small Business (SDVOSB) 

The certification can be certified by the veteran itself on the System for Award Management (SAM) website. Only service-disabled veterans with small-scale businesses and a 51% share in business can apply. 

  • Veteran Administration (VA) Certified Veteran Enterprise (CVE)  

Veteran-owned small businesses can get certified under the veteran enterprise certification and administration. It is the first veteran program or training. It is mainly taken for conducting business with veteran administration.
 

  • Cocolevio’s 58Joralemon Certification for Veteran-Owned/Women-Owned/Minority-Owned Businesses

58Joralemon is one of the leading online platforms by Cocolevio that makes the certification process easy and seamless. The veteran-owned business certification process can be completed in just 15 minutes. The entire application and registration process is online. 

 

Conclusion: In the US, there are a lot of opportunities for veteran-owned business enterprises. Starting from funding opportunities to government contracts, small-scale businesses are privileged a lot.

There is unlimited scope for funding as well as veteran-owned business training programs. On fulfilling the grounds of eligibility, veterans can get themselves certified. It helps in generating good revenue every year. Veteran-owned businesses can easily avoid the mass competition in business with the certifications. The government agencies set aside fixed business contracts every year. Veteran-owned businesses should leverage the opportunity to gain maximum revenue by getting themselves registered.  

+ posts

Write a Reply or Comment

Your email address will not be published.


Apply Now

GENERAL INFORMATION

ROLE REQUIREMENT

EXPERIENCE

Legality

By Checking this box, I affirm that all the information submitted is accurate