The U.S. Small Business Administration is partnering with the Veteran Entrepreneurial Training and Resource Network (VETRN) to establish a pilot training program for both military veterans who are small business owners and their immediate family. The Veteran Owned Small Business Growth Training program is designed to help these entrepreneurs find the resources and networks necessary to grow their businesses. An award of $100,000 taken from President Donald Trump’s salary from the second quarter of fiscal year 2018 will fund the program.
Starting in September, this 26-week program, based in Portsmouth, will include 13 weeks of Saturday morning classes with 12 to 20 participants, followed by 13 weeks of peer-to-peer mentoring sessions. The curriculum will include strategic planning, financial management, cash flow forecasting, marketing and sales, human resources, developing a growth plan, access to capital, legal issues, and government contracting.
"While programs exist that help veterans start their small business, there is a critical need for programs that assist existing business owners with growing their business,” said SBA Acting Administrator Chris Pilkerton. “Adding VETRN to the SBA resource network will enable us to fill this gap and empower veterans with the training, mentorship, tools, and network they need to achieve their long-term goals.”
Applicants must be a current business owner with at least one year of operation and one employee (not including the owner), and annual revenue more than $75,000. Also required is the passion, dedication and commitment to grow the small business.
Veteran business owners interested in finding out more information or applying can visit the VETRN website to complete an application, or send an email to info@vetrn.org. To learn more about other SBA veterans programs and resources, visit www.sba.gov/vets.
Current Issue - April 2024