The Small Business Administration (SBA) has recently made available a loan and training initiative program for veteran-owned small businesses.
In its press release, the SBA announced an online Veteran Entrepreneurial Training and Resource Network Streetwise MBA program. Per the SBA, the program is the second iteration of the Veteran Owned Small Business Growth Training Pilot Program (“VETRN program”) and provides virtual training for veteran small business owners and their immediate families beginning in August 2020.
The SBA noted that the program is designed to provide assistance to veterans and their small businesses during a time at which the coronavirus pandemic heavily impacted the industries they serve. In addition, the program assists veteran-owned businesses have a better understanding and sophistication concerning important matters including cash flow management, increase their annual revenues and create sustainable jobs in the community. In the face of challenges presented by the COVID-19 crisis, the SBA has included within the VETRN program classes that provide guidance on addressing crisis management, interfacing with lending institutions and other stakeholders during times of financial difficulties.
The VETRN program is free of charge. Currently, the program is available in the following states: New Jersey, New York, Connecticut, Massachusetts, Rhode Island, Vermont, Maine and New Hampshire. To qualify, the business must be veteran-owned, in business for at least one year and generate at least $75,000 in annual revenue.
As of the date of the SBA press release, a full 57 veteran small businesses have graduated from the program.
DW Capital Advisors, LLC, based in Boston, Massachusetts, serves clients across the great nation of America. Our mission is to help individuals and small to medium sized businesses access all the benefits offered by U.S. Small Business Administration capital lending programs. If you are looking to start, acquire or expand a business, then consider the capital sources available through the SBA programs. Versed in the SBA lending requirements and guidelines, and with our access to a network of banks and advisors, DW Capital Advisors prides itself on the breadth, depth and quality of service we provide to clients.