Getting certified through the U.S. Small Business Administration
After serving our country in uniform, many service members go on to find success in the business world. The latest U.S. Census revealed that more than 300,000 businesses are owned by military veterans (also known as veteran-owned small businesses or VOSBs), employing 3.3 million employees and paying $179.9 billion in annual payroll.
There’s no doubt that veterans contribute significantly to our economy. If you’re a veteran with a business plan - or you’ve recently launched your business - it’s important to know the resources available to you. In particular, the U.S. SBA offers a Veteran Small Business Certification (VetCert) program designed to support veterans like you.
Why you should get your veteran-owned small business certified
The federal government seeks to support VOSBs through contracting opportunities, and getting certified is how you can get your business in line for consideration. Each purchase that a federal agency makes for purchases between $10,000 and $250,000 is required to be made through a small business, if possible. This can help get your business in a better position to be selected for federal procurement.
The Department of Veterans Affairs also commits to contracting at least 7% of its opportunities with VOSBs. The VA also has a 3% quota for service-disabled veteran-owned businesses (SDVOSBs), a category you may be eligible for if you were disabled during your service.
If you’re new to competing for federal contracts, the SBA provides certified VOSBs access to tools that help you prepare your business for procurement opportunities.
Certification eligibility requirements (for existing, or for those looking to start a veteran-owned company) state that your business:
- Is at least 51% veteran-owned
- Must be registered as a small business through SAM.gov.
If you’re not already registered, visit www.sam.gov/content/entity-registration to do so for free - Meets the SBA’s small business size standards.
You can find out if you qualify by visiting www.sba.gov/size-standards/index.html
Additional resources for VOSBs
The federal government offers other programs aimed at helping VOSBs. One such program is the Surplus Personal Property Donation Program, operated by the U.S. General Services Administration, which gives VOSBs access to federally-owned personal property that is no longer in use.
Further, the VA offers the Veteran Entrepreneur Portal. This resource connects veteran business owners and entrepreneurs with information about starting a business, opportunities for financing, and other resources to help grow your business.
One of the most secure financing options for small business owners and entrepreneurs are SBA, government-backed, business loans to help finance costs associated with startups, mergers and acquisitions, growth (such as hiring new employees), transformation (such as debt refinancing), and real estate expansion. Along other benefits from the SBA, veteran-owned businesses may qualify for SBA loan guaranty fee waivers or reductions.
In 2022, Westfield Bank earned the SBA’s Preferred Lender status which provides the highest level of approval authority in order to empower businesses in our community with maximum efficiency. This gives your business access to SBA loans with lower down payments, favorable terms, and a streamlined application and review process.
We are proud to support businesses of all types. If you're looking to start your own business, grow your existing business, or improve your business operations - we’re here to help. Get in touch with our team today.
