SBA Celebrates 11th Annual National Veterans’ Small Business Week

Veterans Day is a time to honor the patriotism and service of our U.S. Armed Forces service members, but it is also a time to celebrate America’s veteran entrepreneurs. The U.S. Small Business Administration (SBA) has announced the 11th annual National Veterans’ Small Business Week Celebration (NVSBW) is taking place this week from November 11 to November 15, 2024. It’s a week to celebrate the essential role veterans continue to play in advancing our economy and to ensure their voices and challenges are heard. As part of the week-long observance, the SBA is offering a series of in-person and online events to educate veteran small business owners on business strategy, SBA resources, and loans available to them.

By honoring Veteran-owned small businesses, this celebration is a reminder of the tremendous strength and impact of veterans in the country’s small business ecosystem. Over 1.9 million of small businesses are owned by veterans. This means that today nearly one in ten small businesses are veteran-owned, contributing over $1 trillion in annual receipts and employing almost 5.5 million people nationwide. Veteran small business owner Matt Pavelek adds that, “National Veterans Small Business Week is a powerful reminder of the resilience, discipline, and dedication that veterans bring to the business world. It’s a chance to celebrate how our military experience translates into innovation, leadership, and service in our communities. I’m proud to be part of a network of veteran entrepreneurs who continue to uplift and inspire.” Despite facing significant barriers—including difficulty accessing capital and navigating federal contracting—veteran entrepreneurs have consistently demonstrated an impressive commitment to their communities and economic growth worthy of celebration.

The origins of National Veterans Small Business Week date back to the SBA’s commitment to supporting veterans transitioning from military service into business ownership. Over the years, this initiative has evolved, reflecting the growing economic footprint of veteran-owned businesses. Recent advancements in digital resources and funding opportunities have led the SBA to double down on efforts to empower veterans. In the words of SBA Administrator Isabella Guzman, “With nearly two million veteran-owned businesses in the United States, the SBA’s support helps these establishments innovate, create jobs, and strengthen communities—empowering them to continue to serve our democracy by advancing our economy.”

A key aspect of the SBA’s support for veteran owned small businesses is lowering the barriers of entry to entrepreneurship through initiatives like Boots to Business and the simplification of the veteran small business certification process, which ensures that veteran-owned businesses can compete for lucrative federal contracts more easily. Another key aspect is access to capital, which the SBA’s Veteran Advantage programs provide through reduced fees on certain 7(a) loans that make it easier for veteran-owned businesses to secure financing. The SBA also partners with organizations to offer microloans and grants specifically tailored to veterans. Beyond capital, the SBA’s Veteran Business Outreach Centers (VBOCs) offer specialized training programs, from business plan workshops to mentorship matching. These initiatives ensure veterans have the skills and support network needed for sustained success.

As National Veterans Small Business Week unfolds, let’s join the SBA in celebrating the extraordinary contributions of veteran entrepreneurs. By investing in veteran-owned businesses, we’re investing in a future where service to your country continues to drive economic prosperity.

For Veterans: To kick off NVSBW, the SBA and partners are holding several workshops on November 12, 2024. More information can be found here.