The U.S. Small Business Administration recently announced a partnership with the Veteran Entrepreneurial Training and Resource Network (VETRN) to establish a pilot training program for military veterans who are small business owners and their immediate family members.
The Veteran Owned Small Business Growth Training program will equip these entrepreneurs with the resources and networks necessary to grow their small businesses. An award of $100,000 from President Donald Trump’s salary from the second quarter of fiscal year 2018 will fund the program.
Starting in September 2019, this 26-week program based in Portsmouth, New Hampshire will feature 13 weeks of Saturday morning classroom sessions with 12 to 20 participants, as well as 13 weeks of peer-to-peer mentoring sessions. The course curriculum will include strategic planning, financial management, cash flow forecasting, marketing the small business, sales methods, human resources, developing a growth plan, access to capital, legal issues, and government contracting.
“While programs exist that help veterans start their small business, there is a critical need for programs that assist existing business owners with growing their business,” said SBA Acting Administrator Chris Pilkerton. “Adding VETRN to the SBA resource network will enable us to fill this gap and empower veterans with the training, mentorship, tools, and network they need to achieve their long-term goals.”
Applicants must be a current business owner with at least one year of operation and one employee (not including the owner), and annual revenues of $75,000 o