SBA Launches Funding Opportunity for Women Veterans

The U.S. Small Business Administration (SBA) has unveiled a new funding competition to bolster the entrepreneurial skills of women veterans. This initiative is designed to empower non-profit organizations and private sector firms to offer specialized entrepreneurship training to this distinguished group. With an application window open from today until March 21, 2024, eligible entities have a unique opportunity to secure up to $300,000 in funding.

The initiative, dubbed the Women Veteran Entrepreneurship Training Program (SB-OVWV-24-001), is orchestrated by the SBA’s Office of Veterans Business Development. It plans to distribute a total of $300,000 among up to six successful applicants. This funding is allocated for a base project period of 12 months, extendable for three additional 12-month periods. The program’s primary goal is to furnish women veterans who either aspire to or are already navigating the intricacies of business ownership with essential entrepreneurial education.

Timothy Green, the acting associate administrator for the SBA’s Office of Veterans Business Development, highlighted the critical need for this program. “With more than two million women veterans living in the U.S. today and over 12 million businesses owned by women, there is an incredible need for more advocates and resources tailored to women veteran entrepreneurs,” Green stated. He underscored the program’s mission to not only train but also empower women veterans to embark on or expand their entrepreneurial ventures.

The program’s impact is already visible through its participants. For instance, Kristen Wright, a military spouse and the owner of Kristen Wright Strategic Communications LLC in Tulsa, Oklahoma, shared her transformative experience with the program. Overwhelmed by the complexity of competing for government contracts, Kristen turned to ONABEN, a grantee of the SBA Women Veteran Entrepreneurship Training Program. Through the “Beyond the Boots” program, she gained invaluable insights into federal contracting opportunities, enabling her to grow her business in the competitive federal marketplace.

Organizations interested in applying for the Women Veteran Entrepreneurship Training Program must do so through grants.gov, using the opportunity number SB-OVWV-24-001, by the March 21 deadline. Late submissions, or those not made through grants.gov, will not be considered.

This funding competition not only reflects the SBA’s commitment to supporting women veterans’ transition into entrepreneurship but also underscores the broader effort to enrich the small business ecosystem. As these entrepreneurs bring unique perspectives and skills honed through military service, their success in business further diversifies and strengthens the U.S. economy. Small business owners, particularly those with a military background, stand to benefit significantly from the resources and networks that such programs cultivate, marking a pivotal step toward inclusive economic growth.

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This article, “SBA Launches Funding Opportunity for Women Veterans” was first published on Small Business Trends