Texas Border Business
By Angela R. Burton
As the U.S. Small Business Administration (SBA) prepares for National Veterans Small Business Week, it’s a time to recognize veterans’ remarkable contributions during their service and as entrepreneurs. National Veterans Small Business Week, October 30 to November 3, celebrates their resilience, leadership, and economic impact on our communities through small business ownership.
Veterans bring unique skills, adaptability, and problem-solving abilities to the business world, sharpened during their military service. However, veterans face entrepreneurial start-up and growth challenges like all small business owners. To minimize those hurdles, the SBA offers support programs, including specialized loans and training programs.
In fiscal year 2023, SBA supported more than $87 million in lending to more than 2,081 veteran-owned small businesses nationwide. And, locally, Lower Rio Grande Valley District (LRGV District), veteran small businesses received more than $7.5 million in SBA-backed loans.
Moreover, the SBA provides counseling and mentoring for veterans, reservists, National Guard, active-duty personnel, and military spouses who want to start or take their small business to the next level. Research shows that small businesses with a “counseling” experience see increased sales and sustainability. SBA supports a nationwide network of Veteran Business Opportunity Centers (VBOC) and SBA’s other resource partners, providing business counseling and training.
Fortunately, the LRGV District has a VBOC Office in Edinburg co-located with The University of Texas Rio Grande Valley Small Business Development Center; both provide business training, counseling, and technical assistance. In fiscal year 2023, UTRGV VBOC completed 199 counseling sessions and 12 trainings, totaling 108 attendees.
SBA also connects veteran-owned small businesses with another source of business development–federal contracts. Through the Service-Disabled Veteran-Owned Small Businesses certification (SDVOSB), federal contracting officers may limit competition to SDVOSBs and award sole source or set aside contracts. The SBA’s goal for SDVOSB contract awards is 3 percent government-wide. The LRGV District Veteran-owned firms, including Service-Disabled Veteran Owned Small Businesses, were awarded more than $3.7 million in federal contracting awards in FY 2023.
As we observe National Veterans Small Business Week, let’s celebrate our veteran entrepreneurs as their leadership, resilience, and commitment continue to make a difference in our communities.
Lastly, veterans and spouses, this is your invitation to participate in one of several events the Lower Rio Grande Valley District will host or participate in. Please visit the LRGV District calendar for local National Veteran Small Business Week events or call our office at (956) 427-8533. https://www.sba.gov/tx/lrgv
