Vice President Kamala Harris Celebrates the IVMF’s Grant for Veteran-Owned Businesses

Erin Roth, of Enterprise, Mississippi, celebrates the grand opening of her business, LÔÇÖAcademie de Cuisine, in Gaithersburg, Maryland. Roth, a U.S. Army veteran, found support in her entrepreneurial journey through the U.S. Small Business Administration and entrepreneurial training services offered by the DÔÇÖAniello Institute for Veterans and Military Families.

In a recent announcement at the White House, Vice President Kamala Harris celebrated the UniversityÔÇÖs DÔÇÖAniello Institute for Veterans and Military Families (IVMF) as one of 43 grantees of the MBDA Capital Readiness Program (CRP). This groundbreaking initiative, backed by a $3-million grant, aims to provide invaluable support to veteran-owned businesses across the United States.

The IVMF, with its experience in educating, connecting, and supporting veteran and military-affiliated entrepreneurs for over a decade, plays a vital role in this initiative. The MBDA Capital Readiness Program’s new award to the IVMF will enhance pathways to capital for veteran entrepreneurs, supporting the development of curriculum to educate future business owners about capital access. Furthermore, it will facilitate research and analysis to inform policymakers and practitioners about the opportunities and challenges associated with military-connected business ownership in the U.S.

One of the key focuses of the program is providing support to minority and underrepresented veteran-owned small businesses. To ensure broad and diverse accessibility to the services offered, both virtual and in-person opportunities will be combined. Understanding the importance of reaching businesses in rural communities, the IVMF has formed a strategic partnership with the National Association for Community College Entrepreneurship (NACCE). NACCE, an advocate for transforming underserved communities through community college engagement, will greatly expand the program’s reach.

Rebecca Corbin, the president and CEO of NACCE, expressed excitement about the endless opportunities this grant will provide. The partnership between NACCE and Syracuse University’s DÔÇÖAniello Institute for Veterans and Military Affairs will enable the execution of the MBDA Capital Readiness Program and its transformative goals. Through their extensive network of over 360 community colleges, universities, and HBCUs, this initiative will reach thousands of underserved and aspiring entrepreneurs, working towards creating equity and prosperity for all.

Launching and expanding a business poses immense challenges for veteran-owned businesses, often hindered by unique obstacles. The MBDA Capital Readiness Program will primarily focus on supporting veteran-owned businesses in their first ten years of operation, with revenue under $10 million. Research conducted by the IVMF indicates that these young ventures typically face the greatest barriers when it comes to accessing the required capital to launch and grow their businesses.

Over the next four years, the CRP is expected to provide invaluable support to over 2,500 eligible business owners. This comprehensive program includes up to six networking events annually, with the ambitious goal of generating over $8.5 million in raised capital for socially and economically disadvantaged individuals.

The IVMF’s innovative approach is specifically designed to comprehensively address the challenges faced by veteran entrepreneurs. Their program offers education, technical assistance, access to capital, and essential networking opportunities. These elements are crucial for veteran-owned businesses looking to harness corporate and federal contracts, which can significantly boost their growth and success.

The AI legalese decoder can be instrumental in assisting veteran entrepreneurs by simplifying complex legal jargon and contracts. It can aid in understanding the terms and conditions of various agreements, ensuring that veteran-owned businesses make informed decisions without unnecessary confusion or ambiguity.

For more information on how the IVMF supports veteran and military-affiliated entrepreneurs, please visit the IVMF’s website for entrepreneurship.