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Office of Veterans Business Development

Definition

The Office of Veterans Business Development (OVBD) is a specialized department within the U.S. Small Business Administration (SBA). Its primary mission is to support veterans, service members, and their families in starting and growing small businesses. The OVBD achieves its goal by providing resources such as training, mentoring, and financial assistance through various programs and partnerships.

Key Takeaways

  1. The Office of Veterans Business Development (OVBD) is a specialized office under the U.S. Small Business Administration (SBA) that serves as an advocate for veterans, service-disabled veterans, and military spouses who are entrepreneurs, providing them with resources and support to start and grow their businesses.
  2. OVBD facilitates the accessibility of various business tools, such as training, counseling, financial assistance, and mentorship, tailored to meet the specific needs of veterans and military families, empowering them to become successful business owners.
  3. This office also conducts outreach and advocacy initiatives, such as the Boots-to-Business program and the Service-Disabled Veteran-Owned Small Business Concern (SDVOSBC) program, to ensure that veterans are aware of the opportunities available to them and are given priority in government contracting.

Importance

The Office of Veterans Business Development (OVBD) is important because it plays a crucial role in empowering veterans, service members, and their families by providing necessary resources, tools, and support for a successful transition to entrepreneurship.

This specialized office within the Small Business Administration (SBA) offers tailored programs and services, such as training, mentorship, and access to capital, which enable veterans to develop, grow, and sustain their businesses.

By focusing on veterans’ unique needs and fostering economic opportunities, the OVBD contributes significantly to their self-sufficiency, financial stability, and overall well-being while also boosting the nation’s economy.

Explanation

The Office of Veterans Business Development (OVBD) serves a crucial role in fulfilling the commitment made by the United States Government to support veterans who served their country and now wish to thrive in the business world. The office’s primary purpose is to facilitate and advocate for the entrepreneurial and economic growth of veteran-owned businesses.

By catering to their unique needs, the OVBD helps veterans succeed as small business owners, transition to civilian life, and contribute positively to the nation’s economy. In accomplishing this mission, the OVBD works hand in hand with the U.S.

Small Business Administration, offering a wide variety of programs and services tailored to veterans, their families, and military-connected businesses. Through initiatives such as the Veterans Business Outreach Center Program, the OVBD provides crucial mentorship, training, and counseling to assist veteran entrepreneurs in starting, growing, and expanding their businesses.

Additionally, the office connects veterans with essential resources, such as financing, federal procurement opportunities, and advocacy support to level the playing field against larger competitors. By empowering veterans through its various offerings, the Office of Veterans Business Development contributes to businesses and the well-being of veterans in a monumental way, showing gratitude and support for their invaluable service to the nation.

Examples of Office of Veterans Business Development

The Office of Veterans Business Development (OVBD) is a part of the U.S. Small Business Administration (SBA) that aims to empower and support veteran entrepreneurs in their journey towards small business ownership. Here are three real-world examples of the various programs and initiatives under the OVBD:

Boots to Business (B2B) Program: The B2B program is an entrepreneurial education and training program for transitioning service members and veterans. It is offered as part of the Department of Defense’s Transition Assistance Program (TAP). The program equips participants with the necessary tools and knowledge to identify business opportunities, draft business plans, and successfully launch their small businesses.

Veteran Women Igniting the Spirit of Entrepreneurship (V-WISE) Program: In partnership with Syracuse University’s Institute for Veterans and Military Families, the OVBD provides this initiative specifically targeted at women veterans and military spouses. The V-WISE program empowers participants to realize their entrepreneurial dreams by offering a comprehensive three-phase training program that includes online courses, in-person training, and ongoing support and mentorship.

Service-Disabled Veteran-Owned Small Business (SDVOSB) Certification: The SBA, through the OVBD, offers resources and assistance to service-disabled veteran-owned small businesses in navigating the process of becoming certified for government contracting opportunities. Certified SDVOSBs have access to a greater pool of federal contracting opportunities, including set-asides and sole-source contracts, which can help these businesses grow and thrive.

FAQ – Office of Veterans Business Development

1. What is the Office of Veterans Business Development (OVBD)?

The Office of Veterans Business Development (OVBD) is a dedicated office within the U.S. Small Business Administration (SBA) that aims to support and empower veteran entrepreneurs and small business owners by providing resources, guidance, and programs to help them succeed in their business endeavors.

2. What services does the OVBD offer to veterans?

The OVBD offers various services to veterans, including business training, counseling, resources, mentorship programs, access to capital, and federal procurement opportunities. The OVBD also connects veterans with SBA resources like the Veterans Business Outreach Centers (VBOCs) and the Boots to Business program.

3. Who is eligible to receive assistance from the OVBD?

Eligible individuals include veterans, service-disabled veterans, active-duty service members, Reserve and National Guard members, and military spouses. Military-affiliated entrepreneurs and small business owners can access OVBD services to start, grow, or expand their businesses.

4. What are Veterans Business Outreach Centers (VBOCs)?

Veterans Business Outreach Centers (VBOCs) are regional centers that provide business training, counseling, and mentorship services to military-affiliated entrepreneurs. VBOCs collaborate with local SBA offices, universities, and other community organizations to help veterans develop and execute their business plans effectively.

5. What is the Boots to Business (B2B) program?

Boots to Business (B2B) is a two-step entrepreneurial training program offered by the OVBD for active-duty service members, veterans, and their spouses. The program provides them with the knowledge and tools required to start and grow successful businesses. Participants can attend B2B classes during their military transition period or access the program online as a veteran or military spouse.

Related VA Benefit Terms

  • Veterans Entrepreneurship Program
  • Boots to Business
  • Service-Disabled Veteran-Owned Small Business
  • Veterans Business Outreach Center
  • VA Small Business Grants

Sources for More Information