U.S. Black Veterans Economic Opportunities

by Robert L. Bankston

Becoming a Veteran entrepreneur can unlock the doors to opportunities leading to economic empowerment and growth within black communities. One alarming fact is that more African American veterans need to be aware of this opportunity, and one day this option may not be available. The Service-Disabled VeteranOwned Small Business (SDVOSB) is a hidden treasure with a tremendous penetration rate of opportunity for Black Veterans nationwide. The U.S. Government mandates that three percent of government contracts be awarded to veterans who own small businesses. You may think 3 percent is not a lot, but we are not meeting that goal now, especially in the black community.

What is a Service-Disabled Veteran-Owned Small Program?

“Service-Disabled Veteran-Owned Small Business Program is for disabled Veterans affected while serving in the military who may be eligible for the

Service-Disabled Veteran-Owned Small Business (SDVOSB) Program. The design of this program aids disabled veteran business owners by granting access to at least 3% of available federal contract dollars every year” (Small Business Administration).

• 2.52 million businesses are majority-owned by veterans.

•442,485 were employers, and 2.08 million were non-employers; of that total

•99.9 percent of All veteran-owned businesses were small businesses

•$1.14 Trillion receipts of Veteran-owned firms

• 5.03 million people employed

• $195 million Annual payroll

• 9.1 percent of Veteran-owned firms represented all U.S. firms

• 10.3 percent of all owners of Strategic Business Operations (SBO)-respondent firms were veterans

• 7.3 percent of all Strategic Business Operations (SBO)-respondent veteran owners had serviceconnected disabilities

Veteran Franchise Opportunities

The military produces several leaders, including United States Presidents and Chief Operating Officers of Fortune 500 companies. This is due to their diligence, resilience, and precision in pursuing excellence.

Veterans own 14% of franchisees nationwide and receive a franchise fee discount from over 500 companies. This lucrative opportunity for Disabled Veterans affords them to gross millions annually for serving their country. Those who meet the requirements should take advantage of this program. The key to economic empowerment is knowledge, discipline, and planning through financial literacy and outreach to produce growth within Black Veteran businesses. To explore these options to become a Veteran's own short business, visit (www.sba.gov). Being a veteran may not have been your cup of tea, but if you served this country receive everything due to you. I admit I was not always aware of these opportunities, therefore I am passionate about bringing awareness of financial options for Black Veterans.

The National Association for Black Veterans (NABVETS), A 501c (3), a nationally certified Veterans Service Organization by the Department of Veterans Affairs, assists Veterans with filing claims for VA benefits. For additional resources, visit va.gov Veterans-Specific Financial Intuitions. USAA was established in 1922 by Major William Garrison & Navy Federal Credit Union was established in 1933 by the United State Navy to help service members reach financial goals. Both institutions offer great interest rates, services & products designed specially for Veterans and their families.

References

va.gov

SBA.gov www.militaryconsumer.gov