Veterans’ Entrepreneurial Boost: Discover the $1 Million SBA Grant Initiative!

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WASHINGTON, D.C. — The U.S. Small Business Administration (SBA) recently announced over $1 million in grants to establish new Veterans Business Outreach Centers (VBOCs) in Ohio, Pennsylvania, and Puerto Rico. This crucial funding aims to bolster training and counseling services for veteran and military spouse entrepreneurs, expanding the SBA’s current network from 28 to 31 centers.

Administrator Isabel Casillas Guzman emphasized the Biden-Harris Administration’s commitment to supporting military-connected entrepreneurs. These grants ensure veterans, service members, and their families have better access to SBA resources, fostering business growth and economic prosperity in their communities. The new centers began operations on September 1.

The SBA awarded grants to dedicated organizations ready to support veterans in their entrepreneurial journeys:

  • Economic and Community Development Institute, Inc. (ECDI) in Columbus, OH, will cover the state of Ohio.
  • Pennsylvania State University in University Park, PA, will serve Pennsylvania.
  • Corporación para el Financiamiento Empresarial del Comercio y de las Comunidades (COFECC) in San Juan, PR, will assist Puerto Rico and the U.S. Virgin Islands.

Robert Yannuzzi, Assistant Administrator for the SBA’s Office of Veterans Business Development, noted the impact of the VBOC program, which supported over 53,000 clients in fiscal year 2023. The expansion will allow the program to reach even more transitioning service members, National Guard and Reserve members, and their spouses.

The grants will support a comprehensive range of services, including business planning, financial management, access to capital, government contracting guidance, and marketing. Additionally, the VBOCs will provide Boots to Business instruction, aiding service members’ transition from military to civilian entrepreneurial endeavors.

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By augmenting the VBOC network, the SBA aims to ensure that military-connected individuals have the necessary resources to thrive in business. This initiative not only strengthens individual businesses but also enhances community development across the nation.

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