Are you familiar with the service-disabled veteran-owned small business program? It’s a program that aims to provide at least 3% of all federal contracting dollars every year to service-disabled veterans who have small businesses. This is meant to drop the level of competition for specific companies that participate in the program.
Benefits and Requirements of the Program
When you join the government’s business program, you are eligible to take part in contracts specifically designed for these businesses. While being a part of the program, you can also compete for other contract awards that you qualify for through socioeconomic reasons.
So what does it take to qualify for this program? Your business has to meet the qualifications below:
- The business must be a small business
- The business has to be 51% or more controlled by at least one service-disabled veteran
- One or more service-disabled veterans have to manage operations and make long-term decisions about the business.
- An eligible veteran must have a disability-related to military service
How to Represent Your Business
The great thing about this program is that it’s unbelievably easy to characterize your business to the government by showing that it’s owned by a veteran who is service-disabled. The process involves visiting SAM.gov and updating the socioeconomic status under your business profile.
The Department of Veterans Affairs also offers contracts to many former servicemembers through their own program. This isn’t the same as a similar program from the SBA. If you would like to qualify for these contracts, you will need to verify the business you own through the Vets First Verification Program.
As a veteran with a small business, select contracts can be awarded to you by the SBA and the Department of Veterans Affairs. If you want more information about what you might be qualified for, get in contact with Third Bay Capital. We can share all your options!