Do you own a small business, or know someone who does? Do you know of a small business owner with a compelling success story to tell? If you do, you should submit your nomination for the 2014 SBA Small Business Week Awards.

For over 50 years, National Small Business Week has recognized the contributions and achievements of America’s small businesses and their owners, for their contributions to their communities and to the national economy.

Small Business Week award categories include:
•        Small Business Person of the Year
•        Small Business Exporter of the Year
•        Family- Owned Business of the Year
•        Micro-Enterprise Award
•        Minority Small Business Champion of the Year
•        Veteran Owned Small Business of the Year
•        Women Owned Small Business of the Year
•        Young Entrepreneur of the Year

You can find nomination information by visiting the SBA website. Forms can be downloaded as a PDF by using the latest version of Adobe reader. The “Small Business Person of the Year” and the” Small Business Exporter of the Year” awards nominations can be submitted online, by accessing the SBA online portal.

Local award winners will also be eligible to advance to the regional level and regional winners will become eligible for the national level awards. Winners of  national awards will be announced during National Small Business Week May 12-16, 2014.

Self-nominations are accepted. Nominations must be received no later than 11:59 pm ET on Friday, January 17, 2014.

According to the Small Business Administration (SBA), Veterans are 45% more likely to start their own business. The desire to choose their own path, instead of following orders, and the confidence gained from a career filled with mission accomplishment all factor in to Veterans choosing the entrepreneurial path. Additionally, the Veteran unemployment rate that consistently remains near 10% makes starting a business more attractive. And beginning next year, Veteran entrepreneurs will have an easier beginning on their path to financial independence.

The SBA recently announced that beginning January 1, 2014, through the end of the fiscal year, the borrower upfront fee will be set at zero for all Veteran loans that are authorized under the SBA Express program. While SBA Express only supports loans that are $350,000 or less,  the SBA Express Loan Program is the SBA’s most commonly used loan program. Approximately 60% of all 7(a) loans over the past 10 years have come through the SBA Express Loan Program.

Those eligible for the SBA Express Loan include: Veterans (other than those who were dishonorably discharged), active-duty service members who have completed the military’s Transition Assistance Program (TAP), reservists, National Guard members, any spouse of the previously stated, or any widowed spouse of a service member who died while in service or of a service-connected disability.

Like all 7(a) loans, Express loans are granted to businesses, not individuals. Eligible Veterans or spouses must own and control 51% of the business or more in order to qualify.

In addition to loans, the SBA provides Veteran entrepreneurs with access to small-business counseling and training, focusing on how to develop your small business through opportunities such as government contracts. In 2013, SBA supported $1.86 billion in loans for 3,094 Veteran-owned small businesses.  For more information about zero-fee SBA Express loans and other programs and benefits, visit the SBA website at www.sba.gov, or contact your local SBA field office.

Tuesday, January 14, 2014

10 am – 12 pm

Hosted by:

The American Legion

Small Business Council

1608 K Street N.W.

Washington, DC 20006

Contracting Using Reverse Auctions – FedBid, Inc.

Consumer Financial Protection Board and the Military Lending Act

Veteran entrepreneurship is great for Veteran employment, and great for the economy. The Small Business Administration (SBA) contends that there are 2.4 million Veteran owned businesses and they make up 9.1% of all U.S. businesses. Veteran businesses also employed 6 million people, and generated over $1 trillion in 2012.

The SBA believes that Veteran entrepreneurship is on the rise, especially among Veterans of the Global War on Terrorism. The number of Veteran business owners under the age of 35 rose from 4.6% in 2007 to 7.1% in 2012.

Many speculate that the rise of Veteran entrepreneurship is due to Veterans’ desires to no longer take orders from someone else, and decide their own fates. This could be true for some, but there is a lot more to be read into the situation.

Military service breeds a sense of confidence in those who have served. After completing training, deployments and campaigns, many servicemembers believe that they can accomplish any mission that they are assigned. Another reason that Veterans go into business for themselves is the cruel job market. Veterans who find it hard to get someone to hire them find other ways to earn a living. But the biggest factor that contributes to Veterans choosing the uncertain road of business ownership is the benefits that Veterans are eligible for to help them on their road to success.

Beginning with the Post-9/11 GI Bill, there is a multitude of benefits for Veteran Entrepreneurs. Veterans can use their GI Bill to earn vocational certifications and licenses, as well as degrees that will lend credence to their new business. Veteran entrepreneurs are also eligible for various loans and grants through the VA, and also discounts, waivers and tax breaks from federal, state and local agencies. Veterans are also offered discounts on franchising through many private corporations. The VA offers training for Veteran entrepreneurship in whatever field they choose.

Whatever the reason, Veteran entrepreneurs have a proven track record for durability and vitality. Data from the Census Bureau’s 2012 Survey of Business showed that 88.9% of Veteran owned businesses were at least 3 years old.

All Veterans interested in joining their comrades on the road to success by owning their own business should research the benefits and discounts that they are eligible for. With an anthology of helpful links and information, the VAMBOA website is a great place for prospective Veteran business owners to take their first steps on the road to self-employment.