The Veterans Business Outreach Center (VBOC) program offers resources to veterans who are interested in starting or growing a small business.
SBA Announces Over $4 million in New Funding to Expand Veterans Business Owner Outreach, In Advance of National Veterans Small Business Week 2022
The deadline to apply is November 23, 2022
The U.S. Small Business Administration (SBA) announced a new funding opportunity for up to $400,000 to be awarded to up to 12 entities including private organizations, colleges and universities, private sector firms, nonprofit organizations and state, local or tribal governmental agencies to provide critical training and counseling to aspiring and existing veteran small business owners as a Veterans Business Outreach Center (VBOC). The news comes ahead of Nations Veterans Small Business Week 2022, one of the Agency’s flagship events, taking place October 31 – November 4, that will put the spotlight on one of the Biden-Harris Administration’s priorities – supporting our service members, veterans, and their families at every stage of the entrepreneurial journey.
Organizations across Alaska, Central California, Colorado, Kentucky, Nebraska, Iowa, Nevada, Oklahoma, Arkansas, Ohio, Pennsylvania, Puerto Rico, South Carolina, and South Florida may apply for a portion of the total $4.1million in funding available for this program in Fiscal Year 2023. Additional information about the funding opportunity, including specific coverage areas and instructions on how to apply, can be found at www.grants.gov and by searching “SB-OVVB-23-001.”
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What is the Veterans Business Outreach Center Program?
The Veterans Business Outreach Center (VBOC) program is designed to provide entrepreneurial development services such as business training, counseling, and resource partner referrals to transitioning service members, veterans, National Guard & Reserve members, and military spouses interested in starting or growing a small business. SBA has 22 organizations participating in this cooperative agreement and serving as Veterans Business Outreach Centers (VBOC).
How can the VBOC program help my small business?
SBA's VBOCs offer workshops, training, counseling, and mentorship opportunities in your area. VBOCs can also help you navigate SBA’s extensive resource partner network and refer you to a community partner, lender, or SBA program.
Transition Assistance Programs VBOCs work closely with SBA district offices and Transition Service Managers at military installations to conduct Boots to Business classes for transitioning service members and their spouses. VBOCs also help conduct B2B Reboot classes off installations for veterans of all eras, National Guard and Reserve members, and their spouses.
Pre-Business Plan Workshops VBOCs conduct entrepreneurial development workshops dealing specifically with the major issues of self-employment. An important segment of these workshops covers the usage of the Internet as a tool for developing and expanding businesses. Each client is afforded the opportunity to work directly with a business counselor.
Concept Assessments VBOCs assist clients in assessing their entrepreneurial needs and requirements.
Business Plan Preparation
VBOCs assist clients in developing and maintaining a five-year business plan. The business plan includes such elements as the legal form of the business, equipment requirements and cost, organizational structure, a strategic plan, market analysis, and a financial plan. Financial plans include financial projections, budget projections, and funding requirements.
Comprehensive Feasibility Analysis
VBOCs provide assistance in identifying and analyzing the strengths and weaknesses of the business plan to increase the probability of success. The results of the analysis are used to revise the strategic planning portion of the business plan.
Entrepreneurial Training and Counseling
VBOCs, working with other SBA resource partners, target entrepreneurial training projects and counseling sessions tailored specifically to address the needs and concerns of the veteran entrepreneur community, including service-disabled veterans, women veterans, and veterans interested in procurement.
Mentorship
VBOCs conduct, as appropriate, on-site visits with clients to ensure adherence to their business plans. Additionally, VBOCs review monthly financial statements to determine whether a revision of the business plan is warranted or that desired results are being attained.
Other Business Developmental Related Services VBOCs also provide assistance and training in such areas as international trade, franchising, internet marketing, accounting, and more. To learn more about SBA's resources for veterans, visit sba.gov/veterans.