Simone Lawson
Veteran-owned businesses are an important part of the US economy, with eight million small businesses classified as veteran-owned firms, employing over five million people. The US Small Business Administration (SBA) offers support for veterans as they enter the world of business ownership, including funding programs, training, and federal contracting opportunities. To qualify as a veteran-owned business, a firm must be at least 51% owned and controlled by one or more veterans, and meet the size standards for a small business. In North Carolina, the North Carolina Veterans Business Association (NCVETBIZ) provides support, networking opportunities, and resources to drive business success for veteran-owned businesses.
| Characteristics | Values |
|---|---|
| Definition of a veteran | A person who has served on active duty with the Army, Air Force, Navy, Marine Corps, or Coast Guard for any length of time and who was discharged or released under conditions other than dishonourable. Reservists or members of the National Guard called to federal active duty, or disabled from a disease or injury incurred or aggravated in the line of duty or while in training also qualify as veterans. |
| Veteran-owned small business (VOSB) | A business that is 51% owned, controlled, operated, and managed by a veteran. |
| Service-disabled veteran-owned small business (SDVOSB) | A business that is 51% owned and controlled by one or more veterans rated as service-disabled by the VA. |
| Support | The SBA and the federal government support veteran-owned businesses through set-aside and sole-source contracts, as well as through education and training initiatives. |
| Certification | The SBA's Veteran Small Business Certification program (VetCert) allows veteran-owned businesses to compete for federal contracts. |
| North Carolina Veterans Business Association (NCVETBIZ) | A network committed to helping veteran/milspouse-owned businesses succeed through strategic connections, business growth opportunities, and flexible membership options. |
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What You'll Learn
Registering as a veteran-owned business
Eligibility Requirements:
To be eligible for certification as a Veteran-Owned Small Business (VOSB) or Service-Disabled Veteran-Owned Small Business (SDVOSB) in North Carolina, businesses must meet specific criteria:
- Ownership and Control: The business must be unconditionally owned and controlled by one or more eligible veterans or service-disabled veterans. This typically means that veterans must own at least 51% of the business and manage its daily operations.
- Small Business Status: The business must meet the size standards corresponding to the North American Industry Classification System (NAICS) code listed in its business profile. This ensures that the business is considered small in its specific industry.
- Veteran Status Verification: The business owner(s) must provide documentation verifying their veteran status, such as a DD214 form or other official records.
Registration Process:
- Verification: While not mandatory, it is strongly recommended that veteran-owned businesses in North Carolina obtain verification through the Department of Veterans Affairs (VA). This can be done by registering with the VA's Center for Verification and Evaluation (CVE). The process involves submitting documentation and undergoing a review to confirm veteran status and eligibility.
- Certification: After obtaining verification, businesses can proceed to certification. In North Carolina, veteran-owned businesses can seek certification through the North Carolina Veterans Business Association (NCVETBIZ). This certification provides recognition and access to a network supporting veteran-owned businesses across the state.
- Federal Certification: To compete for federal contracts, veteran-owned businesses should pursue certification through the U.S. Small Business Administration (SBA). The SBA's Veteran Small Business Certification program (VetCert) certifies VOSBs and SDVOSBs, enabling them to pursue set-aside and sole-source contracts with the VA and other federal agencies.
Benefits of Registration:
- Government Contracting Opportunities: Certified VOSBs and SDVOSBs gain access to exclusive contracting opportunities with the federal government, including set-aside contracts specifically designated for veteran-owned businesses.
- Access to Resources: Registered businesses can tap into various resources, including training programs, funding opportunities, and networking events, specifically designed to support veteran entrepreneurs.
- Tax Relief and Capital Access: Registration may provide tax benefits and improve access to capital, making it easier to secure funding and manage cash flow.
- Community and Networking: Becoming a member of organizations like NCVETBIZ connects veteran-owned businesses with a supportive community. It facilitates networking with experienced entrepreneurs and professionals, potentially leading to strategic partnerships and business growth.
By following the registration process and meeting the eligibility criteria, veteran-owned businesses in North Carolina can unlock valuable opportunities and support to thrive in the business landscape.
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Benefits of registering
Registering your business as veteran-owned in North Carolina comes with several benefits. Firstly, it provides access to government resources and support, including the Veteran Small Business Certification program (VetCert). VetCert, run by the U.S. Small Business Administration (SBA), enables veteran-owned small businesses to gain advantages when bidding on government contracts. Certified veteran-owned small businesses (VOSBs) can pursue sole-source and set-aside contracts at the Department of Veterans Affairs under the VA's Vets First program. The VA sets aside at least 7% of its yearly contracts specifically for VOSBs and small disadvantaged veteran-owned small businesses (SDVOSBs).
Secondly, registering as a veteran-owned business can lead to tax relief and better access to capital. Additionally, it can help attract new customers and expand your market reach. Veteran-owned businesses may also qualify to purchase surplus government property through the General Services Administration's (GSA) Federal Surplus Personal Property Donation Program. This program allows access to federally owned personal property that is no longer in use.
Furthermore, the SBA offers a range of support programs for veteran-owned businesses, including funding programs, training, and federal contracting opportunities. They provide resources, custom courses, and success stories to help veterans succeed in their entrepreneurial journey. Specialized entrepreneurship training programs are also available for women veterans, injured veterans, and military spouse entrepreneurs. The SBA's Lender Match tool helps veteran-owned small businesses find the best loan programs to support their business growth.
Overall, registering as a veteran-owned business in North Carolina unlocks a wide range of benefits, from government contracting advantages to tax relief, increased capital access, and valuable resources to support the success and growth of veteran-owned enterprises.
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Support for veteran business owners
In North Carolina, veteran-owned businesses can find support through the North Carolina Veterans Business Association (NCVETBIZ). NCVETBIZ provides an ecosystem of support, education, and connections for veterans and military spouses in commerce in North Carolina. It offers resources, events, and networking opportunities to help veteran-owned businesses succeed.
On a national level, the U.S. Small Business Administration (SBA) offers various programs and resources to support veteran business owners. These include funding programs, training, federal contracting opportunities, and loan programs. Veteran-owned small businesses (VOSBs) and service-disabled veteran-owned small businesses (SDVOSBs) can benefit from advantages when bidding on government contracts, tax relief, and better access to capital by registering with the SBA.
The SBA also offers specific programs such as Boots to Business, which is part of the U.S. Department of Defense Transition Assistance Program (TAP), and Boots to Business Reboot, which extends support to veterans of all eras, including National Guard and Reserve members. The Veterans Entrepreneurship Program (VEP) at Oklahoma State University and the Entrepreneurship Bootcamp for Veterans at St. Joseph's University are additional training programs supported by the SBA.
Furthermore, the SBA's Veteran Small Business Certification program (VetCert) helps veteran-owned small businesses access federal contract awards and surplus property. This includes the General Services Administration's (GSA) Federal Surplus Personal Property Donation Program, which allows VOSBs and SDVOSBs to access federally owned personal property no longer in use.
Overall, these organizations provide a range of support, resources, and opportunities specifically designed to help veteran-owned businesses in North Carolina and across the United States succeed and thrive.
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Eligibility requirements
To be eligible for the benefits of a Veteran-Owned Small Business (VOSB) or Service-Disabled Veteran-Owned Small Business (SDVOSB) in North Carolina, businesses must meet specific requirements.
Firstly, the business must be majority-owned and controlled by veterans. Specifically, veterans should own and control at least 51% of the business. In the case of SDVOSBs, this majority ownership and control must be exercised by one or more service-disabled veterans. These veterans must have sustained their disability during their time of service. Additionally, for SDVOSBs, one or more service-disabled veterans must manage day-to-day operations and make long-term decisions.
Secondly, the business must be considered small according to the size standards corresponding to any NAICS code listed in the business's SAM profile. This criterion ensures that the business qualifies for support intended for small enterprises.
Additionally, the business must be registered and certified. Registration with the U.S. Small Business Administration (SBA) is necessary to work with the Department of Veterans Affairs (VA) and access various benefits. Certification by the SBA is also crucial, as it enables VOSBs to compete for sole-source and set-aside contracts at the VA under the Vets First program. SDVOSB certification allows these businesses to pursue federal sole-source and set-aside contracts across the federal government.
Furthermore, the business must be in good standing and meet specific criteria regarding the use of federal surplus property. Veteran-owned businesses can access this surplus property through the General Services Administration's (GSA) Federal Surplus Personal Property Donation Program. To be eligible, businesses must agree to use the property for normal business activities and not for personal or non-business purposes. They must also commit to using the property within one year of receipt and maintaining their eligibility status with the SBA and SASP during the applicable federal period of restriction for donated property.
By meeting these eligibility requirements, veteran-owned businesses in North Carolina can access various benefits, including government contracting advantages, tax relief, better access to capital, and networking opportunities with other veteran entrepreneurs through organizations like the North Carolina Veterans Business Association (NCVETBIZ).
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Veteran business networks
The U.S. Small Business Administration (SBA) offers support for veterans who are entering the business world, including funding programs, training, and federal contracting opportunities. The SBA also offers flexible resources for spouses of veterans, similar to those offered to veteran business owners.
The SBA's Veteran Small Business Certification program (VetCert) helps veteran-owned small businesses gain advantages when bidding on government contracts. To be certified as a veteran-owned small business (VOSB), a business must be at least 51% owned and controlled by one or more veterans. For a service-disabled veteran-owned small business (SDVOSB) certification, the business must be at least 51% owned and controlled by one or more veterans rated as service-disabled by the VA.
The North Carolina Veterans Business Association (NCVETBIZ) is a nonprofit organization that provides support, education, and networking opportunities for veteran and military spouse-owned businesses in North Carolina. NCVETBIZ offers resources, mentorship, and industry insights to help veteran-owned businesses succeed. They also advocate for policies that enhance business opportunities for veterans and provide assistance to navigate challenges. NCVETBIZ provides flexible membership options and strategic connections with experienced veteran entrepreneurs and professionals. Members can gain access to exclusive events, mentorship, and partnered resources to drive their business forward.
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Frequently asked questions
A veteran-owned business is a small business that is majority-owned (at least 51%) and controlled by a veteran.
Getting certified as a veteran-owned business can provide a competitive edge when receiving government contracts and attracting customers. Certified veteran-owned businesses can also access support, resources, and tax relief through the Veteran Small Business Certification program (VetCert).
To get certified as a veteran-owned business in North Carolina, you must meet specific qualifications, including veteran status, business size, and ownership percentage. You can apply for certification through the U.S. Small Business Administration (SBA) or a third-party organization like the National Veteran-Owned Business Development Council (NVBDC).
