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VAMBOA – VETERAN AND MILITARY BUSINESS OWNERS ANNOUNCES NEW TRADE ASSOCIATION

Simi Valley, California (July 15, 2010)—A new non-profit trade association to ensure the development, growth and prosperity of Veteran Owned Businesses, Service Disabled Veteran Owned Businesses (SDVOB) and Military Businesses of all sizes worldwide has been launched under the name of VAMBOA.org, Veteran and Military Business Owners Association.  VAMBOA will serve the needs of the veteran and military business communities by uniting veteran and military business owners for collaboration, connections and contracts with both private corporations and government agencies.

VAMBOA was founded by Patty DeDominic, CEO of DeDominic & Associates and the former national President of NAWBO, the National Association of Women Business Owners and Debbie Gregory, CEO of MilitaryConnection.com. Patty DeDominic brings a wealth of experience leading associations of large and small businesses.  Debbie Gregory has years of successful interaction with the military and veteran communities and is dedicated to those who serve, past and present.

One major area of focus for VAMBOA is connecting veteran and military business owners with the private sector and corporations that want to use their goods and services. VAMBOA also provides networking, collaboration, mentoring, education, certification and advocacy.

“VAMBOA’s “Vet Owned” seal symbolizes the talent, dedication, leadership, courage and ingenuity of these special Americans who currently serve or have served in America’s Armed Forces and have a business, large or small,” said DeDominic. “VAMBOA offers a multitude of resources and services to its members but does not charge any dues.”

Gregory added, “VAMBOA is proud to have Amgen as one of our first sponsors. Amgen is a company that embraces and supports diversity suppliers.  VAMBOA commends Amgen for their support and their efforts to reach out to Veteran and Military Business Owners.”  Amgen is also a Gold Sponsor at the 6^th Annual National Veteran Small Business Conference & Expo in Las Vegas.  VAMBOA’s corporate sponsors will gain visibility to this audience and provide valuable mentorship.

For more information on VAMBOA, building success for Veteran and Military Owned Businesses, one connection at a time, please go to www.vamboa.org.  You have honorably served our nation. VAMBOA is here to serve you and be your voice.

FOR IMMEDIATE RELEASE:  TUESDAY, JULY 13, 2010

• VETERAN BUSINESS OWNERS NUMBER 2.4 Million
• VETERAN BUSINESS OWNERS totaled receipts of $1.2 trillion in 2007.

The number of minority-owned businesses increased by 45.6 percent to 5.8 million between 2002 and 2007, more than twice the national rate of all U.S. businesses, according to the U.S. Census Bureau. In addition, the number of women-owned businesses increased 20.1 percent during the same period. The total number of U.S. businesses increased between 2002 and 2007 by 18.0 percent to 27.1 million.

These new data come from the Preliminary Estimates of Business Ownership by Gender, Ethnicity, Race and Veteran Status: 2007, from the U.S. Census Bureau’s 2007 Survey of Business Owners. The preliminary report released today is the first of 10 reports on the characteristics of minority-, women-, and veteran-owned businesses and their owners scheduled for release over the next year.

Increases in the number of minority-owned businesses ranged from 60.5 percent for black-owned businesses to 17.9 percent for American Indian- and Alaska Native-owned businesses. Hispanic-owned businesses increased by 43.6 percent.

Receipts of minority-owned businesses rose 55.6 percent to $1.0 trillion between 2002 and 2007. Increases ranged from a high of 62.9 percent for Native Hawaiian- and Other Pacific Islander-owned businesses to 28.3 percent for American Indian- and Alaska Native-owned businesses. Over the same period, receipts of Hispanic-owned and women-owned businesses increased by 55.5 percent and 27.0 percent respectively. Receipts of all U.S. businesses increased by 33.5 percent, to $30.2 trillion.

Additional highlights:

All U.S. Businesses

• Employer firms: Of the nation’s 27.1 million businesses in 2007, roughly 5.8 million had paid employees. These businesses employed 118.7 million people, a 7.1 percent increase from 2002. Their payrolls totaled $4.9 trillion, up 28.2 percent from 2002, and their receipts totaled $29.2 trillion, up 33.8 percent.
• Non-employer firms: An estimated 21.4 million businesses had no paid employees in 2007. Receipts at these firms totaled $972.7 billion, up 26.8 percent from 2002.

Veteran-Owned Businesses

• The 2007 Survey of Business Owners includes for the first time the number of veteran-owned businesses. The number of veteran-owned businesses totaled 2.4 million in 2007, with receipts totaling $1.2 trillion.
• In 2007, 32.5 percent of veteran-owned businesses were categorized in professional, scientific and technical services and construction.
• California accounted for 9.8 percent of veteran-owned businesses. Texas, Florida and New York accounted for 8.1 percent, 7.2 percent and 5.2 percent of veteran-owned businesses, respectively.

Minority-Owned Businesses

• Of the nation’s 5.8 million minority-owned businesses in 2007, an estimated 5.0 million had no paid employees. Receipts of these nonemployer businesses totaled $164.4 billion.
• Among all minority-owned businesses, 768,147 had paid employees in 2007. These businesses employed 5.9 million people with a total payroll of $168.2 billion. Receipts for minority-owned businesses with employees totaled $864.2 billion.
• In 2007, 30.0 percent of minority-owned businesses were in repair and maintenance, personal and laundry services, and health care and social assistance.
• Minority-owned businesses accounted for 56.9 percent of businesses in Hawaii, which led the nation, followed by the District of Columbia, where 40.2 percent of businesses were minority-owned, and California, where 35.6 percent of businesses were minority-owned.

Women-Owned Businesses

• The number of women-owned businesses totaled 7.8 million in 2007, up 20.1 percent from 2002. By comparison, men-owned businesses totaled 13.9 million, up 5.5 percent from 2002.
• In 2007, 31.9 percent of women-owned businesses were in repair and maintenance, personal and laundry services, and health care and social assistance.

White-Owned Businesses

• The number of white-owned businesses increased by 13.6 percent to 22.6 million between 2002 and 2007. Receipts of these businesses totaled $10.3 trillion, up 24.1 percent from 2002.
• In 2007, 28.5 percent of white-owned businesses were in professional, scientific and technical services and construction.

Black-Owned Businesses

• There were 1.9 million black-owned businesses in 2007, up 60.5 percent from 2002. Receipts of these businesses totaled $137.4 billion, up 55.1 percent from 2002.
• In 2007, 37.6 percent of black-owned businesses were in health care and social assistance, repair and maintenance, and personal and laundry services.
• Black-owned businesses accounted for 28.2 percent of businesses in the District of Columbia, which led the nation, followed by Georgia, where 20.4 percent of businesses were black-owned, and Maryland, where 19.3 percent of businesses were black-owned.

Asian-Owned Businesses

• There were 1.6 million Asian-owned businesses in 2007, up 40.7 percent from 2002. Receipts of these businesses totaled $513.9 billion, up 57.3 percent from 2002.
• In 2007, 32.3 percent of Asian-owned businesses were in repair and maintenance; personal and laundry services; and professional, scientific and technical services.
• Asian-owned businesses accounted for 47.2 percent of businesses in Hawaii, 14.9 percent in California and 10.1 percent in New York.

Native Hawaiian- and Other Pacific Islander-Owned Businesses

• The number of Native Hawaiian- and Other Pacific Islander-owned businesses totaled 38,881 in 2007, up 34.3 percent from 2002; receipts of these businesses totaled $7.0 billion, up 62.9 percent from 2002.
• Repair and maintenance, personal and laundry services, and construction accounted for 26.9 percent of all Native Hawaiian- and Other Pacific Islander-owned businesses.
• Native Hawaiian- and Other Pacific Islander-owned businesses accounted for 9.4 percent of businesses in Hawaii, highest among all states.

American Indian- and Alaska Native-Owned Businesses

• The number of American Indian- and Alaska Native-owned businesses totaled 237,386 in 2007, up 17.9 percent from 2002; total receipts of these businesses were $34.5 billion, up 28.3 percent from 2002.
• In 2007, 30.5 percent of American Indian- and Alaska Native-owned businesses were in construction, repair and maintenance, and personal and laundry services.
• American Indian- and Alaska Native-owned businesses accounted for 10.0 percent of businesses in Alaska, 6.3 percent in Oklahoma and 5.3 percent in New Mexico.

Hispanic-Owned Businesses

• The number of Hispanic-owned businesses totaled 2.3 million in 2007, up 43.6 percent from 2002. Receipts of these businesses totaled $345.2 billion, up 55.5 percent from 2002.
• In 2007, 30.0 percent of Hispanic-owned businesses were in construction, repair and maintenance, and personal and laundry services.
• Hispanic-owned businesses accounted for 23.6 percent of businesses in New Mexico, 22.4 percent of businesses in Florida and 20.7 percent of businesses in Texas.

Respondents to the 2007 Survey of Business Owners were asked to report the percent of ownership by gender, ethnicity, race and veteran status for up to four primary owners (Hispanics may be of any race). Business ownership is defined as having 51 percent or more of the equity, interest or stock in the business.

Separate reports for minority-, women- and veteran-owned businesses will be issued over the next year and will include more detailed data on the number of firms, sales and receipts, number of paid employees and annual payroll. Data will also be presented by geographic area, industry and size of business. Subsequently, separate publications will be issued highlighting characteristics of all businesses and business owners.

The Survey of Business Owners is conducted every five years as part of the economic census. The 2007 survey collected data from a sample of more than 2.3 million businesses. The collected data in a sample survey are subject to sampling variability as well as nonsampling errors. Sources of nonsampling errors include errors of response, nonreporting and coverage. More details concerning the SBO survey design, methodology and data limitations can be found at https://www.census.gov/programs-surveys/sbo/technical-documentation/methodology.html

Uniting Veteran and Military Business Owners For Collaboration, Connections and Contracts – VAMBOA, the premier association for Veteran and Military Business Owners

VAMBOA Mission:

Ensuring the development, growth and prosperity of Veteran Business Owners, Service Disabled Veteran Owned Businesses (SDVOB) and Military Business Owners of all sizes worldwide. We do so by connecting our members with private corporations and government agencies. We provide networking, collaboration, mentoring, education, certification and advocacy. VAMBOA’s “Vet Owned” seal symbolizes the talent, dedication, leadership and courage of these special Americans who currently serve or have served in our nation’s Armed Forces.

You have honorably served our nation. VAMBOA is here to serve you and be your voice.

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