Take Time this 4th of July to Learn about SBA Programs & Initiatives for Veteran Entrepreneurs

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On this Fourth of July, as we celebrate our freedoms, I want share with you the ways SBA and the Office of Veterans Business Development are celebrating veteran entrepreneurs. 

The Administration and SBA are committed to ensuring that the federal government continues their dedication to our returning veterans.  As part of this, for the first time ever, in FY 2012 the federal government exceeded the three percent goal to contract with Service Disabled Veteran-Owned Small Businesses. Small businesses won a record $12.56 billion in federal prime contracts – an increase of more than $1 billion from FY 2011. This dollar amount represents 3.03 percent of all federal prime contractor spending.

This news is truly exciting, especially considering that nearly one in 10 small businesses nationwide is veteran-owned.  As a whole, these 2.4 million small businesses employ nearly six million Americans and generate more than $1 trillion in receipts. And, in the private sector workforce, veterans are 45 percent more likely than those with no active-duty military experience to be self-employed.

Additionally, SBA is working hard to improve access to capital for veteran entrepreneurs through the Veterans Pledge Initiative.   With the support of SBA’s top 20 national lending partners, and approximately 100 additional regional and community lending partners across the United States, SBA expects to assist an additional 2,000 veterans obtain loans to start or expand small businesses by increasing lending by $475 million over the next five years.

Veteran entrepreneurs can find more information about this initiative, and locate one of SBA’s 68 district offices here.  The site also identifies lending institutions participating in the veteran lending initiative. In addition, SBA has developed a checklist to assist veterans applying for access to capital. 

And, as we look at how to help those who are dreaming of owning their own business, SBA is laying down the foundation to help service members transitioning from active duty to learn more about entrepreneurship and franchising through its Operation: Boots to Business Program.  Many service members will apply the skills and experience they developed in the U.S. Armed Forces to their civilian communities as doctors and police officers, engineers and entrepreneurs.

Again, I wish you all a happy and safe Fourth of July as we celebrate our freedoms and the essence of what makes this country a great place to live and work as small business entrepreneurs.  

Rhett Jeppson is the Associate Administrator for SBA's Office of Veterans Business Development.Tags: Official SBA News and Views, Open For Business

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SBA Has a New Initiative to Help Veterans Access Capital and Become Entrepreneurs or Expand Existing Businesses

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Are you a veteran transitioning from active service and want to become an entrepreneur? Or perhaps you’ve been out of the service for some time and want to start a new small business or expand an existing one?

If that’s you or someone you know, the U.S. Small Business Administration (SBA) has announced the SBA Veteran Pledge Initiative, a new commitment by its top national regional and community lenders to collectively increase their lending activity to veterans by five percent per year for the next five years. This initiative has the potential to boost the already $2.1 billion per year in lending support that various SBA programs provide to new and existing vet small business owners.

I’ve heard stories that many veteran entrepreneurs face challenges in raising capital or have trouble receiving a conventional loan. This is why getting out the word about this new initiative is so important.  With the support of SBA’s top 20 national lending partners, and approximately 100 additional regional and community lending partners across the United States, SBA expects to assist an additional 2,000 veterans obtain loans to start or expand small businesses by increasing lending by $475 million over the next five years.

The combined goal by the top 20 national lending partners’ will provide nearly $249 million of lending, potentially impacting nearly 800 veteran entrepreneurs. The five percent increase in lending by approximately 10 lenders in each of the 10 Regions will account for the remaining $226 million in loans and more than 1,100 additional veteran entrepreneurs assisted.

I know that if we support our veteran entrepreneurs, and provide them with the tools they need, they will have a higher chance of success.  Already, veterans make up a large number of successful small business owners.  Nearly one in ten of small businesses are veteran-owned.  These 2.45 million veteran-owned businesses employ more than 5 million individuals.  In the private sector workforce, veterans are more likely than those with no active-duty military experience to be self-employed. 

I just have to echo SBA Administrator Karen Mills, speaking recently at Ft. Bragg, North Carolina, who said “Our service men and women have made incalculable contributions and sacrifices for our country, and supporting them as they pursue their dreams to start or grow their own business is one of SBA’s highest priorities. Through this partnership with national lending partners and regional lenders across the U.S. we stand ready to serve veteran entrepreneurs with loan- guarantees, entrepreneurial training, and resources that are critical tools to help them start businesses, drive the local economy and create jobs for themselves and their communities.”

So for all of you aspiring and existing entrepreneurs, if you need capital for your small business, please call one of SBA's 68 local district offices, or one of its 15 Veterans Business Outreach Centers nationwide.

SBA’s resources for veterans, and its partnership with 1,000 Small Business Development Centers and some 12,000 SCORE-Counselors to America's Small Businesses volunteers, help more than 200,000 veterans, service-disabled veterans and reservists each year. 

To learn more about additional opportunities for potential and existing veteran small businesses, visit the website at www.sba.gov/veterans. 

Rhett Jeppson is the Associate Administrator for SBA's Office of Veterans Business Development.Tags: Official SBA News and Views, Open For Business, Financing, Managing, SBA News and Views, Starting

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Immigrant Entrepreneurs Make Our Economy Stronger; Create Good American Jobs

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by Karen Mills, SBA Administrator

Created: June 28, 2013, 12:25 pmUpdated: June 28, 2013, 12:25 pm

Eight years ago, a Turkish immigrant living in upstate New York saw an ad for a shuttered yogurt plant not far from his home. Where others saw an outdated, old factory, he saw an opportunity and a burgeoning business plan. He purchased the facility using a U.S. Small Business Administration-backed loan, hired five of the employees from the original operation and went to work.

Through hard work, perseverance, long days and sleepless nights, he steadily grew the business into one of the world’s most successful yogurt companies. 

That company is Chobani and the entrepreneur is Hamdi Ulukaya.  Today, Chobani employs nearly 3,000 people and it was able to reach $1 billion in revenue, as Fortune Magazine reported, as quickly as technology companies Google and Facebook.

All across the country today there are immigrants who are starting and building successful businesses that create good American jobs and support their local communities. These are the mom-and-pop shops that form the fabric of our communities and the high-growth startups that will one day revolutionize their industries.

These small business owners possess the same entrepreneurial spirit, drive and determination as the generations who came before them. They remind me of my Grandpa Jack, who came to America from Russia in the early 1900s, and built a successful textile business in the United States.

As President Obama said in a speech earlier this month, “in recent years, one in four of America’s new small business owners were immigrants.  One in four high-tech startups in America were founded by immigrants.  Forty percent of Fortune 500 companies were started by a first- or second-generation American.”

Immigrants over-index in entrepreneurship. According to a study by the Partnership for a New American Economy, immigrants are more than twice as likely to start a business in the United States as non-immigrants, and in 2011, immigrants started 28 percent of all new businesses while only accounting for 13 percent of the U.S. population.

These businesses inject vitality and a global vision into our economy. Immigrant-owned businesses are exporting and opening up markets around the globe. New immigrants ensure diversity and new ideas in our society. Approximately 26 percent of all U.S.-based Nobel laureates over the past 50 years were foreign-born. And immigrants are strengthening our communities, fueling job creation and fostering innovation in key industries. According to the Partnership for a New American Economy study, every additional 100 foreign-born workers in STEM fields with advanced degrees from U.S. universities are associated with an additional 262 jobs among American workers.

To build on our nation’s economic momentum and to accelerate job growth, we need an immigration system that works for America’s entrepreneurs and small business owners. We need an immigration system that allows us to better compete in the 21st century global economy.

Comprehensive immigration reform, which passed the Senate yesterday, has three key pillars: smarter enforcement and border security; a path to citizenship for those who work hard and play by the rules; and an updated legal system that allows us to continue to attract and retain the most talented, hardest working men and women from around the world.

Last year, I spoke at a citizenship ceremony aboard the U.S.S. Constitution in Boston. There were people there from countries all over the world coming together to pledge their allegiance to the United States of America. Each had their own story about how they came to the United States, but when I was done speaking, the vast majority wanted to talk to me about one thing: how they can start their own business.

America needs more men and women like that.  Our economy needs that energy. Our communities need that stability. And passage by the House of Representatives of a balanced, comprehensive immigration reform bill that reflects the fundamental American belief that we are both a nation of laws and a nation of immigrants will help make that possible.

Karen Gordon Mills is the Administrator of the U.S. Small Business Administration. The SBA helps both Main Street and high-growth small businesses get access to capital, counseling, federal contracts, disaster assistance and more.Tags: Official SBA News and Views, Open For Business

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Successful Encore Entrepreneurs Highlighted at National Small Business Week

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National Small Business Week, June 17-21, will feature dozens of successful small businesses from across the country, including entrepreneurs who started their business after age 50.

This year marks 50 years of National Small Business Week, and is fitting to highlight the thriving small business owners over the age of 50 who help drive the economy and create jobs.  The businesses range from a baker of Artisan breads to a helicopter pilot school, and from a maker of skincare and cosmetic products to an aerospace design firm.

The U.S. Small Business Administration will honor these businesses and the more than 100 outstanding business owners in Washington, D.C., on June 21 for their achievements.  The week will culminate with the announcement of the National Small Business Person of the Year.

For more than 70 million Americans over 50, business ownership is a practical option.  It can be a second career or a chance to leverage life experiences into an interesting and financially practical “encore” career.  One in four individuals ages 44 to 70 is interested in becoming an entrepreneur and 63 percent of Americans plan to work during retirement.

One such business owner is Steve Miller of Boynton Beach, Fla., this year’s Florida Small Business Person of the Year.  After a 33-year career in the medical profession as a registered nurse, Miller was ready to dive head first into full-time small business ownership.

Miller received some advice and direction from a business development program through south Florida’s SCORE network.  “Herb Douglas was my business mentor and his guidance and input was crucial,” said Miller.  “Small business capital was not my concern as working out of the home minimized costs but I don’t think I would be where I am now without Herb’s mentorship and input from the great staff at SCORE.

Miller’s background provided him with an in-depth knowledge of the use of hospital devices, and in 2003, he founded EPreward, Inc., to provide precious metals recovery services to cardiology departments and medical offices.  Today, EPreward employs 10 full-time employees and had revenues of more than $2.8 million in 2012.

Small businesses are welcome to attend National Small Business Week events.

Participants can register online until June 12.

CeceliaT is a moderator for the SBA Community. We appreciate your participation and feedback on how we can continually improve the community to meet your small business needs.

Tags: Official SBA News and Views, Open For Business, SBA News and Views

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Take Time this 4th of July to Learn about SBA Programs & Initiatives for Veteran Entrepreneurs

AppId is over the quota
AppId is over the quota

On this Fourth of July, as we celebrate our freedoms, I want share with you the ways SBA and the Office of Veterans Business Development are celebrating veteran entrepreneurs. 

The Administration and SBA are committed to ensuring that the federal government continues their dedication to our returning veterans.  As part of this, for the first time ever, in FY 2012 the federal government exceeded the three percent goal to contract with Service Disabled Veteran-Owned Small Businesses. Small businesses won a record $12.56 billion in federal prime contracts – an increase of more than $1 billion from FY 2011. This dollar amount represents 3.03 percent of all federal prime contractor spending.

This news is truly exciting, especially considering that nearly one in 10 small businesses nationwide is veteran-owned.  As a whole, these 2.4 million small businesses employ nearly six million Americans and generate more than $1 trillion in receipts. And, in the private sector workforce, veterans are 45 percent more likely than those with no active-duty military experience to be self-employed.

Additionally, SBA is working hard to improve access to capital for veteran entrepreneurs through the Veterans Pledge Initiative.   With the support of SBA’s top 20 national lending partners, and approximately 100 additional regional and community lending partners across the United States, SBA expects to assist an additional 2,000 veterans obtain loans to start or expand small businesses by increasing lending by $475 million over the next five years.

Veteran entrepreneurs can find more information about this initiative, and locate one of SBA’s 68 district offices here.  The site also identifies lending institutions participating in the veteran lending initiative. In addition, SBA has developed a checklist to assist veterans applying for access to capital. 

And, as we look at how to help those who are dreaming of owning their own business, SBA is laying down the foundation to help service members transitioning from active duty to learn more about entrepreneurship and franchising through its Operation: Boots to Business Program.  Many service members will apply the skills and experience they developed in the U.S. Armed Forces to their civilian communities as doctors and police officers, engineers and entrepreneurs.

Again, I wish you all a happy and safe Fourth of July as we celebrate our freedoms and the essence of what makes this country a great place to live and work as small business entrepreneurs.  

Rhett Jeppson is the Associate Administrator for SBA's Office of Veterans Business Development.Tags: Official SBA News and Views, Open For Business

View the original article here