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Upon leaving military service, many Veterans are faced with a lack of job options. Trained to overcome obstacles in an ever-changing environment, Veterans tackle this problem with a simple solution: create a job for themselves. The skill sets and leadership capabilities learned during active duty and reserve service makes Veterans uniquely suited to weather the ups and downs of small business ownership.
The VA and the Small Business Administration (SBA) anticipate lasting growth of Veteran-Owned small businesses as more servicemen & women transition to civilian life. This growth can be attributed to the development and implementation of specialized initiatives designed to offer financial assistance, resources, and business development training to Veterans.
In FY2012, Veteran-Owned small business accounted for 9.1% of all U.S. business entities, employed nearly 6 million people, and generated nearly $1 trillion in receipts. In fact, in FY2013, Veteran-Owned businesses represented over 3% of total sales ($11 billion) under the VA Schedule program and Service Disabled Veteran-Owned businesses represented 2% of the total.
Recently, the SBA discovered that Veterans under the age of 35 are joining the ranks of small business owners — in 2012, over 7% of Veteran business owners were under the age of 35. What may be even more surprising than this is that nearly 90% of all Veteran-Owned businesses are at least 3 years old — outlasting their non-Veteran counterparts in the same industry. The ability of these young Veterans to succeed where others have failed is often attributed to the fact that Veterans value consistent execution over the next best thing and are better equipped to weather the uncertainty and stress of owning a business.
We value and appreciate the positive impact Veteran-Owned small businesses have had on the FSS Service and look forward to helping you continue to support the healthcare acquisition needs of the VA and other Government agencies!