Celebrating 2024 #VetBiz Achievements and Growth

Celebrating 2024 #VetBiz Achievements and Growth

As 2024 draws to a close, it’s a fitting time to reflect on the resilience and progress of America’s veteran and military spouse-owned businesses—and to look forward to what 2025 holds. This year, among the remarkable stories were those of Michael and Eleanor Thornton, co-founders of Visionary Consulting Partners LLC. Established in 2008 after both retired from the Air Force, “Visionary” is a healthcare consulting firm that enhances and supports healthcare providers, community-based organizations, and public health agencies. Certified as a service-disabled veteran - and woman-owned small business, Visionary is also an SBA-certified 8(a) and Small Disadvantaged Business .

Running a small business demands a diverse set of skills. From managing competition to capitalizing on growth opportunities, business ownership can be challenging. Through SBA and SBA-backed resources, during the past four years, Visionary has seen exponential growth, doubling its full-time workforce and achieving significant profitability, underscoring the vital role of dedicated small business support. This story underscores the importance of SBA certifications and resources for veteran entrepreneurs.

Key SBA Initiatives That Shaped 2024

1. Veteran Business Certification (VetCert)
   Launched in early 2023, the SBA’s VetCert program has grown significantly throughout 2024. VetCert provides veteran-owned small businesses (VOSBs) and service-disabled veteran-owned small businesses (SDVOSBs) with streamlined, centralized access to federal contracting opportunities. In FY24, the SBA set a single-year record for federal contracting certifications, certifying more than 17,000 small businesses—a nearly 40 percent increase over FY23, underscoring the SBA’s commitment to empowering veteran entrepreneurs. The latest improvements and updates to SBA’s entire certification platform bring all certification, lending, and available resources under one integral portal, ultimately enhancing the customer experience for business owners involved in one or more of these program.


2. Expansion of Veteran Business Outreach Centers (VBOCs)
   VBOCs play a crucial role in supporting veteran and military spouse entrepreneurs. In 2024, the SBA expanded from 28 to 31 VBOC locations, adding centers in Ohio, Pennsylvania, and Puerto Rico. These centers offer business training, mentorship, and networking opportunities, making it easier for veterans to grow their businesses. VBOCs connect entrepreneurs with vital training, financial guidance, and federal contracting opportunities by acting as a one-stop shop for resources.


3. Increased Lending to Veteran Businesses
   Fiscal year 2024 marked a notable rise in SBA-backed loans, with more than 3,100 loans issued to veteran-owned small businesses, totaling $1.3 billion. Total loans are up almost 48% under the Biden-Harris Administration, and total loan dollars are up 51%. This progress illustrates the SBA’s dedication to helping veteran entrepreneurs access essential funding, ensuring they have the resources needed to launch and grow their businesses.


4. Interagency Collaboration for Enhanced Access to Resources
   The SBA has strengthened its partnership with the VA Veterans Benefits Administration through a Memorandum of Understanding (MOU) that expands access to self-employment assistance, training, and counseling for active-duty service members and service-disabled veterans in the Veterans Readiness and Employment (VR&E) Program. This collaboration promotes veteran entrepreneurship and increases access to SBA resources nationwide, helping VR&E participants pursue business ownership with comprehensive support.


5. Military Spouse Pathway to Business Program
   In support of White House Executive Order 14100, the Military Spouse Pathway to Business Program continues to grow. It offers military spouses no-cost training in essential business skills like market research, finance, and legal considerations. Since July 2023, the program has empowered over 400 military spouses to become entrepreneurs, creating opportunities that fit their unique lifestyle needs and challenges.