Veteran-Owned Small Businesses

Public Law 108-183, the Veterans Benefits Act of 2003, helped veterans and disabled veterans start and grow small businesses.  Veterans and servicemembers can use VA education benefits to attend non-degree/non-credit entrepreneurship courses sponsored by Small Business Development Centers, and service-disabled veteran-owned small businesses can compete for federal contracts through new set-aside and sole source authorities.

Public Law 106-50 created the National Veterans Business Development Corporation (www.veteranscorp.org).  The law also created or enhanced various financial assistance programs for veterans and reservists.  These include the general business loan for handicapped individuals, disaster loans made to a member of the Reserve ordered to active duty during a military conflict, and authorization to make disaster loans to assist a small business that has suffered economic injury due to an essential employee being activated. 

The law also made veteran-owned small businesses eligible for SBA’s Microloan program, Delta loan program, and the state development company program.  Lastly, it established a three-percent annual government-wide goal in federal contracting and subcontracting for service-disabled veteran-owned businesses.
 

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