Certification for Veteran Small Business Owners

Veteran OwnedAre you a small business owner who also happens to be a veteran? Is your LLC or Corporation owned predominantly (51% or more) by a veteran or veterans? If either scenario matches your company, you may want to look into certifying your small business with the Small Business Administration (SBA) as a Veteran Owned Small Business (VOSB).

Certifying your small business as veteran owned can open opportunities for specific government contracts. Every year the federal government awards a percentage of contracting dollars to businesses owned by veterans. A Service-Disabled Veteran Owned Small Business (SDVOSB) may benefit even greater (up to 3% of government contracts are set aside for these businesses). There are other benefits as well, such as the addition of government surplus property to your company. Certified veteran-owned small businesses also have opportunities to apply for sole-source and set-aside contracts with the Department of Veterans Affairs (The VA).

The certification application can be started online https://veterans.certify.sba.gov/. Through the portal, you can access checklists, pre application guides, and confirm your VOSB eligibility. You can create an account and start the application process. You can also search for other certified veteran owned businesses. Reach out to the toll-free call center at 800-862-8088 if you have any questions about veteran owned companies.

 Eligibility requirements

To apply for certification with SBA as a VOSB or SDVOSB, a firm must meet the following requirements:

  • Be considered a small business, as defined by the size standard corresponding to any NAICS code listed in the business’s SAM profile.
  • Have no less than 51% of the business owned and controlled by one or more veterans.
  • For certification as a SDVOSB, have no less than 51% of the business owned and controlled by one or more veterans rated as service-disabled by the VA.
  • For those veterans who are permanently and totally disabled and unable to manage the daily business operations of their business, their business may still qualify if their spouse or appointed, permanent caregiver is assisting in that management.

For a full list of veteran owned business eligibility requirements, see the final rule published in the Federal Register.

I encourage all veteran owned small businesses to take advantage of the SBA as an additional resource for information and to apply for certification. The web page is www.sba.gov. You can also visit your local SBA office or call 1-800-827-5722 for the U.S. Small Business Administration.

To form your new corporation or LLC now, visit www.delawareinc.com/order or for additional information on forming a Delaware corporation, contact Harvard Business Services, Inc. at 1-800-345-267

*Disclaimer*: Harvard Business Services, Inc. is neither a law firm nor an accounting firm and, even in cases where the author is an attorney, or a tax professional, nothing in this article constitutes legal or tax advice. This article provides general commentary on, and analysis of, the subject addressed. We strongly advise that you consult an attorney or tax professional to receive legal or tax guidance tailored to your specific circumstances. Any action taken or not taken based on this article is at your own risk. If an article cites or provides a link to third-party sources or websites, Harvard Business Services, Inc. is not responsible for and makes no representations regarding such source's content or accuracy. Opinions expressed in this article do not necessarily reflect those of Harvard Business Services, Inc.

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