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VAMBOA: SBA Amends Policy: By Debbie Gregory

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SBA amends poliy

The U.S. Small Business Administration (SBA) issued an interim ruling on Monday that will adjust monetary based small business size standards for inflation, to allow more small businesses to become eligible for SBA’s financial and federal government procurement assistance programs. These changes mean that adjustments on inflation for figures such as receipts, assets, net worth and income could now play a factor in determining program eligibility.

The SBA is adjusting all of the industry specific monetary based size standards to adjust for inflation since the last adjustment in 2008.  These changes are in addition to the recent modifications made to the small business size standards as a result of the SBA’s all-inclusive size-standards review, mandated by the Small Business Jobs Act of 2010.

The SBA is adjusting its program specific monetary size standards, with the exception of the new alternative size standard based on tangible net worth and net income that applies to the SBA’s 7(a) and 504 loan programs.  The new standard was implemented under the Small Business Jobs Act, and will remain in place until the SBA establishes a permanent alternative size standard for its programs.

The temporary final rule also establishes that the size standard exception for “Leasing of Building Space to Federal Government by Owners” under footnote 9 in the SBA’s table of size standards applies to all industries in the North American Industry Classification System (NAICS) Industry Group 5311, Lessors of Real Estate.

All of the changes are scheduled to go into effect starting July 14, 2014.  The SBA predicts that at least 8,000 additional businesses will gain small business status under the adjusted size standards, and become eligible for SBA’s financial and federal government procurement programs.  These changes in SBA policy could potentially lead to more than $150 million to $200 million in additional federal contracts awarded to small businesses, and 80 additional loans totaling about $30 million.

The Veteran and Military Business Owners Association (VAMBOA) is a non-profit business trade association that promotes and assists Veteran Business Owners, Service Disabled Veteran Owned Businesses (SDVOB) and Military Business Owners. Small businesses are the backbone of our economy and responsible for job generation. That is why VAMBOA provides its members with Business Coaching, Contracting Opportunities, a Blog that provides information, Networking contacts and other resources. Membership is FREE to Veterans. Join Now!

VAMBOA: SBA Amends Policy: By Debbie Gregory

Champions of Change

Data shared by the U.S. Small Business Administration (SBA) shows that Veterans are 45% more likely to start their own businesses than people without active-duty military experience. The SBA’s data also showed that Veteran-owned small businesses have a higher success rate.

Veteran Entrepreneurs utilize a skill set and drive to succeed that they developed through their military service. Their successes boost our nation’s economy. According to data from the most recent U.S. Census, 10% of all U.S. small businesses are Veteran owned. Veteran owned businesses generate more than $1.2 trillion in receipts each year, and employ over 5.5 million Americans, many of them Veterans as well.

In a campaign to boost the economy by generating more Veteran entrepreneurs, the president and the SBA have launched programs that include the Boots to Business program. This initiative is an entrepreneurship training program for transitioning service members that educate them on how to start, develop and maintain their small businesses. The SBA has provided Boots to Business to over 6,000 service members since its inception.

Another way to boost entrepreneurship is by honoring and recognizing the individuals who are making a difference both as Veteran entrepreneurs and those working to advance Veteran entrepreneurs. You can help identify and honor Veteran entrepreneurs, Veteran spouse entrepreneurs, and organizations that support Veteran entrepreneurs by nominating a Champion of Change for Veteran Entrepreneurship by midnight on June 24th.

Honorees receive an invitation to the White House to share their ideas in order to win the future.

Nominees may include:
• Veterans who have started either a for-profit or non-profit business.
• Veteran spouses who have started a for-profit or non-profit business.
• Organizations that support Veteran entrepreneurs by providing them with skills, capital, or other resources.
Nominations can be submitted on the Nominations Page at www.whitehouse.gov/champions
The Veteran and Military Business Owners Association (VAMBOA) is a non-profit business trade association that promotes and assists Veteran Business Owners, Service Disabled Veteran Owned Businesses (SDVOB) and Military Business Owners. Small businesses are the backbone of our economy and responsible for job generation. That is why VAMBOA provides its members with Business Coaching, Contracting Opportunities, a Blog that provides information, Networking contacts and other resources. Membership is FREE to Veterans. Join Now!

VAMBOA: Champions of Change Nominees: By Debbie Gregory

 

VBOC
Veterans have the ideal attributes necessary to become successful entrepreneurs. Their military experience, combined with the ability to lead, organize, prioritize, delegate and multi-task can be essential in running their own businesses. The U.S. Small Business Administration (SBA) has found Veterans to be 45% more likely to start their own company than their civilian counterparts.

There are a lot Veteran entrepreneurs who choose to buy franchises. There are a number of deals available to Veterans through the SBA, the VA, and various Veteran organizations.  Additionally, many of the companies themselves with offer deals and discounts to Veterans. Many fast food restaurants, retail stores and service providers offer buy-ins to their companies at discounted prices for entrepreneurs with military service in their résumés.

But understandably, most Veterans want to work solely for themselves. In order to create a successful new business from the ground up, Veteran entrepreneurs need to find a way to do one of three things:

  • Provide an existing product or service at a higher quality than any competitor
  • Provide an existing product or service at a lower cost than any competitor,
  • Provide a product or service that no one else is offering in the area

Once a Veteran entrepreneur has decided if they want to open a franchise, or their own business, they should consider taking an educational path to achieving their mission of business ownership. A great way to do this is through their local SBA Veterans Outreach Centers (VBOC). Through the SBA’s Veteran Business Outreach Program, these VBOCs offer a variety of assistance and support to Veteran entrepreneurs.

The Centers will conduct entrepreneurial development workshops with Veterans, focusing on the the major points of self-employment. These workshops include tips on using the Internet to develop and expand your businesses. At these workshops, each Veteran will have the opportunity to work directly with a business counselor.

The VBOCs will also assist Veterans in calculating their entrepreneurial needs and requirements. Counselors will use this information to assist Veteran entrepreneurs with developing and maintaining a business plan. The business plan can include such elements as the legal and organizational structure of the business, equipment requirements and costs, strategic and financial plans and market research. The SBA’s Veteran Business Outreach Centers will even provide ongoing mentorship for Veteran entrepreneurs if needed.

So whether, you’re buying into a franchise, or starting your own business, be sure to see what the SBA, can provide for your entrepreneurial needs.

The Veteran and Military Business Owners Association (VAMBOA) is a non-profit business trade association that promotes and assists Veteran Business Owners, Service Disabled Veteran Owned Businesses (SDVOB) and Military Business Owners. Small businesses are the backbone of our economy and responsible for job generation. That is why VAMBOA provides its members with Business Coaching, Contracting Opportunities, a Blog that provides information, Networking contacts and other resources. Membership is FREE to Veterans. Join Now!

VAMBOA: Utilizing Veteran Business Outreach Centers: By Debbie Gregory

Recently, the U.S. House of Representatives passed the 2015 Defense Authorization Act (NDAA.) The House’s version of the act intends to transfer the Service Disabled Veteran-Owned Small Business (SDVOSB) verification responsibility from the VA to the U.S. Small Business Administration (SBA).

Currently, the VA’s Office of Small and Disadvantaged Business Utilization (OSDB) is responsible for the verification. The OSDB runs SDVOSB verification through their VetBiz website at www.vetbiz.gov.

Under the version that the House just passed, the VA would be directed to use the SBA’s definition of a SDVOSB until the transfer of responsibilities to the SBA is complete. In the past, the requirements to qualify as a SDVOSB has varied, depending on whether an acquisition falls under the VA’s or SBA’s SDVOSB rules. Requiring both agencies to use the same definition could resolve a major problem.

But if the Senate passes the bill without amending it and the president signs off, the VA would not use the SBA’s definition for long. As it stands, the bill requires the VA to enter into a Memorandum of Understanding with the SBA within 180 days, under which the VA will transfer control and administration of the SDVOSB verification program to the SBA.

The current NDAA in the Senate specifies that the SBA’s Office of Hearings and Appeals would be responsible for all appeals regarding denied verifications or appeals from SDVOSB status protests under VA set-aside contracts. The bill currently does not specify whether SDVOSB status protests would be decided by the SBA, or continue to be settled by the VA.

It is likely that the House-passed NDAA will not make it through the Senate without changes. If so, the NDAA for fiscal 2015 will not be enacted until a House-Senate conference committee can reach an agreement.If the Senate agrees, and the President signs the bill into law, the process of transferring SDVOSB verification from the VA CVE to the SBA could begin later this year.

Veteran small business owners and Service-Disabled small business owners should pay attention to how the FY 2015 NDAA plays out. It could mean big changes are in store.

The Veteran and Military Business Owners Association (VAMBOA) is a non-profit business trade association that promotes and assists Veteran Business Owners, Service Disabled Veteran Owned Businesses (SDVOB) and Military Business Owners. Small businesses are the backbone of our economy and responsible for job generation. That is why VAMBOA provides its members with Business Coaching, Contracting Opportunities, a Blog that provides information, Networking contacts and other resources. Membership is FREE to Veterans. Join Now!

VAMBOA: House Bill Could Change SDVOSB Law: By Debbie Gregory

Vetcap

VetsinTech is a non-profit organization that supports Veterans by bringing together a tech-specific network of resources and programs for Veterans interested in education, entrepreneurship, and employment. As part of Military Appreciation Month and national Small Business Week, a new initiative was launched by Vets in Tech to help Veteran entrepreneurs generate the necessary capital to start their own business.

The new program is called VetCap, as in capital for Veterans. VetCap consists of a nation-wide series of workshops and seminars designed educate Veteran entrepreneurs on where and how to raise the capital they need to start and expand their businesses.

VetCap is an independent program that was organized by VetsinTech and other private concerns across the country. Veteran entrepreneurs should note that VetCap and Vets in Tech are not part of or affiliated with any government agency.
The organizers of VetCap devised the program after attending a White House and Joining Forces Veterans Entrepreneurship workshop in February.

VetsinTech hosted the first of hopefully many VetCap workshops on May 14th in San Francisco. The event was held at the offices of the venture capital firm Next World Capital. More than 50 Veteran Entrepreneurs attended, and a panel of experts in investing and lending led discussions on raising capital and pitching to investors.

For upcoming VetsinTech and VetCap workshops in your area, be sure to go to www.vetsintech.co and join their mailing list.

The Veteran and Military Business Owners Association (VAMBOA) is a non-profit business trade association that promotes and assists Veteran Business Owners, Service Disabled Veteran Owned Businesses (SDVOB) and Military Business Owners. Small businesses are the backbone of our economy and responsible for job generation. That is why VAMBOA provides its members with Business Coaching, Contracting Opportunities, a Blog that provides information, Networking contacts and other resources. Membership is FREE to Veterans. Join Now!

VAMBOA: VetsinTech Launched VetCap: By Debbie Gregory

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