Recently, President Trump highlighted the importance of our nation’s veteran entrepreneurs and provided the U.S. Small Business Administration with the donation of his second-quarter salary that will go toward helping our nation’s veterans transition from military service to small business ownership. Specifically, the funds will assist the SBA with creating a seven-month intensive entrepreneur training program for veterans.
Veteran entrepreneurs continue to be a driving force in our economy. Nearly 10 percent of all American businesses today are owned by a veteran, collectively employing 5 million workers and generating $1.1 trillion in receipts. Each year, the SBA is proud to assist thousands of veterans, reservists, members of the National Guard and service-disabled veterans to start, grow and expand their small businesses.
Whether you are a transitioning service member, National Guard and Reserve member, or a military spouse, the SBA is available to assist you with business training and education, access to capital and federal contracting opportunities.
Over the years, I have had the privilege to talk with numerous veterans about ways they can translate their military careers to the private sector. Utah, where I live, is home to more than 140,000 veterans, and many of them see entrepreneurship as a way to make a good living and support their families.
Historically, veterans have been more likely to start a small business than nonveterans. In many cases, the SBA worked in partnership with the veteran to help them find the financing and training they needed to make their dream of entrepreneurship a reality.
The key to business success is knowing what to do and how to do it. The SBA’s Office of Veteran Business Development also has a comprehensive website with online business plans and other critical information for starting a business.
One of the most successful initiatives the SBA has developed to assist transitioning military personnel is the Boots to Business program. Boots to Business is a two-step entrepreneurial training program offered by the SBA as a training track within the Department of Defense’s Transition Assistance Program.
This program has become a tremendous success at multiple military installations my home state of Utah. Boots to Business was so successful that we opened up a new training opportunity to veterans already in the workforce called Boots to Business Reboot. Boots to Business Reboot brings t