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vamboa article

By Debbie Gregory.

We still have hope that the Veterans Entrepreneurial Transition Act, originally proposed in 2015, will be passed. The legislation would allow the SBA to conduct a 3-year pilot program for up to 250 budding veteran entrepreneurs to use their GI Bill benefits to start a business. While it had widespread support from veterans’ groups, it didn’t receive a full Congressional vote before the end of the year. Perhaps the new Congress will see the merits of this legislation, and get it passed. Until then, here are some resources that veteran business owners should be taking advantage of:

Entrepreneurship for Transitioning Warriors is a program offered by non-profit VetToCEO. The free 7-week online program is comprised of  seven two-hour modules that give you  the basics of starting your own business. With rolling enrollment, veterans can join the program at any time.

Entrepreneurship Bootcamp for Veterans with Disabilities (EBV) is a free training program for post-9/11 veterans with a service-connected disability. This program is offered through a consortium of universities including Cornell, Syracuse, Florida State, UCLA, Texas A&M, Purdue, UConn, LSU, Saint Joseph’s, and the University of Missouri. EBV consists of an online, instructor-led 30-day curriculum, followed by a 9-day in-residence session at the university. EBV programs run from March through November each year on a first-come, first-served basis.

Patriot Boot Camp is geared towards technology entrepreneurs.  Attendance at PBC is encouraged if you’re considering a tech startup. PBC is free to veterans, active-duty members, and spouses.

Bunker Labs offers the Bunker in a Box program,  an online mini-course in veterans entrepreneurship. Lessons feature a short video from the Bunker team, as well as articles, interviews, podcasts and presentations from prominent entrepreneurs and experts.

StreetShares Foundation is the non-profit arm of the military social lending platform, StreetShares. The foundation staff selects 5-10 finalists each month, based on: business idea, product-market fit, team and company history, use of award funds and potential impact, and influence of the business on the military and veterans community. First, second, and third-place awards of $5,000, $3,000, and $2,000 are awarded.

The Veterans Business Outreach Center (VBOC) is a good resource for training, counseling and mentoring, and resource referrals. VBOCs also provide transition assistance programs via Boots to Business part of the military’s formal Transition Assistance Program, offered on military installations around the world. Boots to Business assists service members, military spouses and veterans identify business opportunities, draft their business plans, and launch their enterprises. Other programs supported by OVBD are geared specifically for women veterans, service-disabled veterans, and veterans interested in federal procurement.

sba

The U.S Small Business Administration (SBA) is looking to serve small business owners as they look for ways to access capital.

Earlier this year, the SBA implemented a new measure to help get small business loans into the hands of veterans.  To continue supporting America’s veterans, the SBA Veterans Advantage reduces the up-front guaranty fee from 3% to 0% for SBA Express loans over $150,000 approved to small businesses owned by qualified veterans.

The SBA has implemented this measure in order to encourage greater participation in SBA lending programs with a direct benefit to veteran-owned small businesses.

This measure set the borrower upfront fee to zero for all veteran loans authorized under the SBA Express program (up to $350,000) which accounts for 73 percent of these loans.  The initiative started on January 1st, and will continue through the end of the fiscal year.

This change makes loans more affordable for borrowers.

Again, this policy announcement means that under the SBA Express program, veteran borrowers will no longer have to pay any upfront fee for any loan up to $350,000.

SBA provides veterans access to business counseling and training, capital and business development opportunities through government contracts. In FY 2013, SBA supported $1.86 billion in loans for 3,094 veteran-owned small businesses.   And since 2009, the dollar amount of SBA lending support to veteran-owned firms has nearly doubled.

Businesses must be 51% or more owned and controlled by an individual or individuals in one or more of the following groups: Veterans (other than dishonorably discharged); Service-Disabled Veterans; Active Duty Military service member participating in the military’s Transition  Assistance Program (TAP); Reservists and National Guard Members; or the Current spouse of any Veteran, Active Duty service member, or any Reservist or National Guard member; or widowed spouse of a service member who died while in service or of a service-connected disability.

 

streetsharesfoundation

By Debbie Gregory

StreetShares, Inc., one of VAMBOA’s strategic partners, is a lending and investing community for veterans and their supporters. StreetShares’ principals have announced the formation of the StreetShares Foundation.

The goal of the StreetShares Foundation is to inspire, educate, and support veteran small business owners. The foundation is partnering with JPMorgan Chase & Co. to provide up to $10,000 each month in Veteran Small Business Awards.

Both StreetShares Foundation and StreetShares, Inc. are veteran-operated..

Iraq War veteran Mark L. Rockefeller, CEO/Co-Founder of StreetShares, said, “Veteran business ownership has been the backbone of the United States economy since World War II. The goal of the StreetShares Foundation is to provide a new generation of veteran and military-spouse small business owners the support they need to thrive.”

The Foundation plans to give three Veteran Small Business Awards each month. Small businesses owned by military veterans, current reserve or active duty members, and qualified military spouses are eligible to apply. The awards are $2,000 for third place, $3,000 for second place, and $5,000 for the first place winner.

Award applications and educational material can be found on the foundation’s website at StreetShares.com/Foundation.

StreetShares had previously conducted a small award program. Last year’s winners collectively reported increasing revenues by over $1 million, hiring 24 new employees, and scoring a “Shark Tank” TV show appearance. With sponsorship from JPMorgan Chase and others, the StreetShares Foundation has plans to substantially expand the award program.

The Veteran Small Business Award program encourages everyone who supports veterans and entrepreneurship to participate in voting for their favorite veteran business at StreetShares.com/Foundation. Finalists will be presented for public vote each month.

We at VAMBOA are proud to partner with StreetShares and further the opportunities they present to military owned and veteran owned businesses.

VAMBOA

VAMBOA, the Veterans and Military Business Owners Association, has announced that new corporate sponsors are being offered the opportunity of two years of corporate sponsorship for the cost of only one year, at all levels, through September 30th, 2016. The opportunity is also available for current sponsors who renew.

VAMBOA is supported through corporate sponsorship, and does not charge military business owners, veteran business owners or service disabled business owners any membership fees.

VAMBOA recognizes that corporations are seeking to connect with a diverse group of suppliers within their supply chain. Our membership includes Service Disabled Veteran Business Owners, Veteran Business Owners and Military Business Owners. Many are also minorities and women. Corporate sponsorship supports the mission and successes of these Service Disabled Veteran Business Owners, Veteran Business Owners and Military Business Owners. It also provides companies the ability to place their Requests for Proposals (RFPs) and needs in front of VAMBOA’s membership, as well as participate in webinars and conferences, connecting with these diverse suppliers on various levels.

With a nationwide membership of over 6,500 registered business owners, VAMBOA is quickly becoming the Go-To Trade Association for Service Disabled and Veteran and Military Business Owners, and those who want to support them. The 501(c)6 non-profit trade association also has a vibrant social media presence, approaching 300,000 combined fans and followers on social media.

VAMBOA’s founder, Debbie Gregory, said, “Supporting the businesses of our military members and veterans and contributing to their successes provides us with the opportunity to express our pride and appreciation to and for the many who have served and sacrificed to make our country free. It also enables corporations to work with companies run by America’s heroes.”

The next VAMBOA conference is planned for early 2017.

Supporting the businesses of our military members and veterans and contributing to their successes provides us with the opportunity to express our pride and appreciation to and for the many who have served and sacrificed to make our country free

About VAMBOA
VAMBOA, a 501(c) 6 non-profit organization, has been providing its members with knowledge of government provisions that help service-disabled veteran business owners, Veteran business owners and military business owners since 2010. VAMBOA’s mission is to help drive the success of these veteran business owners. VAMBOA also connects it members to contacts within large corporations and government agencies who can mentor members, and in some cases, can even directly provide members with government contracts and vending contracts within large corporations. Membership in VAMBOA is free.

JDAM

Boeing Co was awarded a $3.2 billion contract modification to a previously awarded contract for Joint Direct Attack Munition (JDAM) tailkits, according to the Pentagon.

The contract for the tailkits, which use GPS to boost accuracy for conventional bombs, was raised from an initial $1.75 billion contract awarded on Oct. 30, 2014, due to warfighter demand and to replenish depleted inventories, the Pentagon said in a statement.

The JDAM tailkit converts existing unguided free-fall bombs into accurate, adverse weather “smart” munitions. With the addition of a new tail section that contains an inertial navigational system and a global positioning system guidance control unit, JDAM improves the accuracy of unguided, general purpose bombs in any weather condition.

Once released from the aircraft, the JDAM autonomously navigates to the designated target coordinates. Target coordinates can be loaded into the aircraft before takeoff, manually altered by the aircrew before weapon release, or automatically entered through target designation with onboard aircraft sensors.

With a range of more than 15 nautical miles, JDAM can defeat high-value targets in any weather, day or night, with minimal risk to air crews. This system works fine even in bad weather, because the JDAM gets all its information from satellite signals, which aren’t blocked by cloud cover or obstacles. The bomb doesn’t have to see anything at all to find its way to the target.

New variants such as Laser JDAM and JDAM Extended Range allow warfighters to prosecute moving targets and deploy the weapon from greater distances, capabilities that come with little to no development risk since they are based on proven technology.

The JDAM played a major role in the U.S. invasion of Afghanistan in 2001, and it will certainly play a significant role in any U.S. bombing campaigns in the near future. While the newest smart bombs aren’t 100 percent accurate, they are such an improvement over their predecessors.

More than 260,000 JDAM kits have been built at Boeing’s production facility in St. Charles, MO.

JDAM is a joint U.S. Air Force and Department of Navy program.

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