New York SBDC Research Network

Small businesses that suffered economic losses when the owner or a key employee was called up to active duty are eligible to apply for a low interest loan of up to $2 million from the U.S. Small Business Administration. Small businesses can apply for a Military Reservist Economic Injury Disaster Loan (MREIDL) any time from the date of notice of expected call-up and ending one year after the date of discharge or release. The program was created to enable eligible small businesses to pay operating expenses it could have covered if the owner or key employee hadn't been called to active duty. "The absence of just one employee whose expertise is critical to the success of the company can pose significant challenges for a small business," said SBA Acting Administrator Jeanne Hulit.

From the IRS (Tax Tip 2013-15): IRS to Employers: Hire Veterans by Dec. 31 and Save on Taxes If you plan to hire soon, consider hiring veterans. If you do, you may be able to claim the federal Work Opportunity Tax Credit worth thousands of dollars. You must act soon. The WOTC is available to employers that hire qualified veterans before the new year. Here are six key facts about the WOTC: 1. Hiring Deadline.   Employers hiring qualified veterans before Jan. 1, 2014, may be able to claim the WOTC. The credit was set to expire at the end of 2012. The American Taxpayer Relief Act of 2012 extended it for one year. 2. Maximum Credit.  The tax credit limit is $9,600 per worker for employers that operate a taxable business. The limit for tax-exempt employers is $6,240 per worker. 3. Credit Factors.   The credit amount depends on a number of factors. They include the length of time a veteran was unemployed, the number of hours worked and the amount of the wages paid during

WASHINGTON – The U.S Small Business Administration (SBA) announced new measures to help get small business loans into the hands of veterans by setting the borrower upfront fee to zero for all veteran loans authorized under the SBA Express program up to $350,000. This initiative will start on January 1 and continue through the end of the fiscal year. “Our nation’s veterans are highly-skilled and highly-trained leaders in their communities,” said Acting SBA Administrator Jeanne Hulit. “This initiative will set fees to zero for SBA Express loans to veterans up to $350,000, and is part of SBA’s broader efforts to make sure that veterans have the tools they need to start and grow a business. As we honor our veterans and thank them for their service and sacrifice, let’s continue to identify ways to support them when they come home.” Of all SBA loans that go to veterans, 73 percent are $350,000 and below. The SBA Express Loan Program, which supports loans under $350,000, is SBA’s mo

The U.S. Department of Labor announced two final rules to improve hiring and employment of veterans and for people with disabilities. One rule updates requirements under the Vietnam Era Veterans' Readjustment Assistance Act of 1974; the other updates those under Section 503 of the Rehabilitation Act of 1973. For more than 40 years these laws have required federal contractors and subcontractors to affirmatively recruit, hire, train and promote qualified veterans and people with disabilities respectively. "In a competitive job market, employers need access to the best possible employees," said Secretary of Labor Thomas E. Perez. "These rules make it easier for employers to tap into a large, diverse pool of qualified candidates." "Strengthening these regulations is an important step toward reducing barriers to real opportunities for veterans and individuals with disabilities," said Patricia A. Shiu, director of the department's Office of Federal C

The winner of the 2013 Veterans Business Outreach Center Excellence in Service Award is John A. Narciso, small business adviser at the New York State Veterans Business Outreach Center through The Research Foundation of the State University of New York. Narciso, who works out of the Farmingdale SBDC office, has had a 30-year career as a talented and successful U.S. Naval officer and decorated combat veteran, followed by two decades advising veterans in entrepreneurship. This was announced last week the during National Small Business Week in the Entrepreneurial Development category.

When he was in the Air Force, while traveling extensively throughout Asia, Europe, Middle East, and the United States, Peter DelCotto developed a wealth of knowledge about food and exotic cultures. He came to believe that food tells a certain story about the people and their environment. He decided to become a chef to share his experiences in other cuisines by highlighting the most popular dishes of each respective culture. In 2011, Peter expressed his passion for cooking in an essay submitted to a ChefUniforms.com contest and won a trip to the National Restaurant Association conference. After earning a degree in Hospitality Management from the Russell J. Salvatore School of Hospitality and Business at Trocaire College in Buffalo, Peter consulted the SBDC for assistance in refining his business plan and financing. With the help of Business Advisor John McKeone, he got funding and founded The Woodshed , a family owned and operated restaurant that serves up traditional Southern style

Lending commitment will support estimated 2,000 Veteran-Owned Small Businesses, Add $475 Million in Capital WASHINGTON – The U.S. Small Business Administration (SBA) has announced the SBA Veteran Pledge Initiative, a commitment by its top national, regional and community lenders to collectively increase their lending activity to veterans by five percent per year for the next five years. Oftentimes, veterans face challenges in raising capital or have trouble receiving a conventional loan. With the support of SBA’s top 20 national lending partners, and approximately 100 additional regional and community lending partners across the United States, SBA expects to assist an additional 2,000 veterans obtain loans to start or expand small businesses by increasing lending by $475 million over the next five years. This equals a five percent increase above historic veteran lending activity by the SBA. The initiative also complements SBA’s existing partnership with the National Association o

WASHINGTON – As the nation marks Veterans Day 2012, the U.S. Small Business Administration continues to build on its successful programs for America’s military veterans, helping tens of thousands of veterans each year with small business financing, comprehensive business training and counseling and access to federal contracts. “Around Veterans Day, our thoughts turn to the men and women who are currently serving in the Armed Forces, as well as to all veterans who have made sacrifices and served our country over the years,” said SBA Administrator Karen Mills. “When you consider the leadership and management skills our veterans develop while on active and reserve duty, it’s no wonder we see so many of them choose the path of small business ownership.” According to data from the U.S. Census Bureau veterans are successful small business owners. Nearly one in 10 small businesses nationwide are veteran-owned. Collectively, these 2.4 million small businesses employ almost 6 million Ame

The U.S. Small Business Administration (SBA) has launched a new program in partnership with the Department of Veterans Affairs and the Defense Department to train transitioning servicemembers and veterans to help them become entrepreneurs and create jobs. The national initiative, called Operation Boots to Business: From Service to Startup, will be piloted first with the U.S. Marine Corps in four locations, at Quantico, VA.; Cherry Point, NC; Camp Pendleton, CA.; and Twenty-Nine Palms, CA. It will later be expanded nationwide during fiscal year 2013 to service members from all military branches. More details HERE .

From the Brooklyn SBDC From his initial weeks of basic training to the Reserve Officer Training Program at Syracuse University and throughout his career as an Air Force officer, Jon Quinn experienced firsthand the benefits of group exercise - military style. Jon started Captain Quinn's Fitness Boot Camp because he is passionate about fitness and about serving others through fitness education. His dedication to fitness has spanned over twenty years of service in the military, the private sector, and in non-profit organizations. Jon, a Certified Personal Trainer is on a mission to ignite a lifetime passion for fitness and healthy living in as many people as possible through programs designed to motivate, educate and inspire transformation and self-improvement. His Fitness Boot Camp provides results-oriented fast paced group fitness classes, private and small group fitness training and coaching, nutritional guidance and, eventually, on-line/retail video instruction. Jon consulted Bu

From the Rockland SBDC Oscar Nordstrom, a Service Disabled Veteran, founded Nordstrom Contracting & Consulting, Corp (NCC) in 2004 as a family-owned and operated small business. NCC provides a variety of construction and renovation work for Federal Agencies, including electrical, mechanical, plumbing, interior fit-outs and finish trades. In that time NCC has performed projects totaling more than $10 million and NCC is especially proud that all projects have been completed on or before required completion and within original budget! NCC’s trademarks are attention to detail, responsiveness, integrity, and genuine pride in its work. Since its inception NCC has grown consistently every year. Mr. Nordstrom says “By aligning the client’s goals with ours, working as a team on each job, we develop and maintain close working relationships with every client. Our past projects, current service contracts and ever-growing portfolio are a testament to the abilities and superior performance of

On March 21, the Bureau of Labor Statistics released its 2011 report on the unemployment situation of Veterans. Unfortunately, some news outlets and Veterans organizations have keyed on a single statistical measure—the mean (average)—that, when taken out of context, is a bit misleading. For that reason, it’s important to look at the bigger picture and note what’s actually happening: While we still have a long way to go, the unemployment rate for Post-9/11 (Gulf War II-era) Veterans is—and has been—in an overall downward trend since January 2010. In covering the BLS report, one news headline blared, “Unemployment Rises for Afghanistan and Iraq Era Veterans.” Another called the situation “bleak.” And one Veterans organization called the report “discouraging.” But, in fact, these reactions aren’t entirely accurate. Below, charts demonstrate the reason why. For more, here .

Entrepreneurship Boot Camp for Disabled Veterans Expands to Eighth School WASHINGTON – With thousands of service men and women returning from wars in Iraq and Afghanistan, the U.S. Small Business Administration is welcoming them home with programs and initiatives to help them start, grow and expand their businesses. “Around Veterans Day, our thoughts turn to the men and women who are serving or have served in Iraq and Afghanistan, as well as to all who have made sacrifices and served our country in the armed forces,” SBA Administrator Karen Mills said. “When you consider the leadership and management skills our veterans develop while on active and reserve duty, it’s no wonder we see so many of them choose a path as entrepreneurs and small business owners.” SBA provides veterans access to much needed business counseling and training, capital and business development opportunities through government contracts. Those products and programs include: Entrepreneurial Development SB

In 2007, U.S. military veterans owned 2.4 million businesses, which accounted for 9.0 percent of all businesses nationwide, according to the U.S. Census Bureau. These businesses generated $1.2 trillion in receipts, or about 4.1 percent of all business receipts nationwide, and employed nearly 5.8 million people. All in all, businesses where veterans were majority owners or half-owners numbered 3.7 million, representing 13.5 percent of all businesses nationwide, accounting for more than $1.6 trillion in receipts and employing 8.2 million people. The new data come from the Survey of Business Owners (SBO): Veteran-Owned Businesses: 2007 , which provides the first-ever detailed information for all veteran-owned businesses in the United States, including number of firms, sales and receipts, number of paid employees and annual payroll. Statistics are also shown for nonveteran-owned businesses, as well as for businesses that are equally owned by both veterans and nonveterans. Nearl

We know from previous Advocacy-sponsored research and more than three decades of data from the Bureau of Labor Statistics, that year in and year out veterans have a consistently higher rate of self-employment than non-veterans. Why is this? The new study by the SAG Corporation, Factors Affecting Entrepreneurship among Veterans [PDF] , investigates this question and quantifies a variety of factors observed in its analyses. The research summary can be found here [PDF] . Should you need further information, please feel free to contact Joe Sobota at (202) 205-6533 or advocacy@sba.gov.

WASHINGTON – A very popular initiative that in just three-and-a-half years has provided more than $560 million in loan guarantees to nearly 7,000 veterans to start or expand their small businesses is being renewed for three more years, according to the U.S. Small Business Administration. Patriot Express, a streamlined pilot loan product based on the agency’s SBA Express program, offers an enhanced guaranty and interest rate on loans to small businesses owned by veterans, reservists and their spouses. Over the past two years, due in part to the American Recovery and Reinvestment Act, loan volume increased dramatically. “America’s veterans have the leadership skills and experience to become successful entrepreneurs and small business owners,” said SBA Administrator Karen Mills. “The impact of this program over the last three-and-a-half years has meant thousands of veterans and their families have had the resources to pursue their dreams as entrepreneurs, and at the same time create j

Veterans Day originated as “Armistice Day” on Nov. 11, 1919, the first anniversary of the end of World War I. Congress passed a resolution in 1926 for an annual observance, and Nov. 11 became a national holiday beginning in 1938. President Dwight D. Eisenhower signed legislation in 1954 to change the name to Veterans Day as a way to honor those who served in all American wars. The day honors living military veterans with parades and speeches across the nation. A national ceremony takes place at the Tomb of the Unknowns at Arlington National Cemetery in Virginia.

The U.S. Departments of Defense, Labor and Veterans Affairs, as part of their continued commitment to our Nation’s Service Members, Veterans, and their families, launched a new and improved National Resource Directory . This free online tool provides access to thousands of services, programs and resources at the national, state and community level. The Web site has a fresh look with many key features that include an improved search engine, Really Simple Syndication (RSS) news feeds, subscriptions to e-mail updates, and new subject areas such as “Homeless Assistance.” The National Resource Directory is designed to serve a broad base of users including transitioning Service Members, Veterans, Wounded Warriors, and their families and caregivers. In addition, it is a useful tool for service providers who support Veterans and Service Members, such as Department of Defense Recovery Care Coordinators and AW2 Advocates, Veterans Affairs Federal Recovery Coordinators, health care providers

The SBDC at Onondaga, along with the Syracuse District SBA is presenting Operation: Start Up and Grow on Thursday, March 18 in Syracuse, NY. This is a resource day for veterans and has been a very successful event in the past. The SBDC and SBA have received a lot of good feedback from veterans who attended this event. This all day event, is at no-cost to veterans, and includes breakfast and lunch. Please feel free to pass the information on to any veteran that may be interested in attending.

We get quite a few requests about veterans, so here's something from the SBA Office of Advocacy: This study compares changes in the income and wealth of veteran and non-veteran households; veteran small business households with veteran non- business households; and veteran small business households with non-veteran small business households from 1989 to 2004. It classifies all households with a business owner/manager or self-employed individual as a business- owning household. This study uses the 1989 through 2004 Surveys of Consumer Finances (SCF), conducted by the Federal Reserve Board as its primary data source. A full copy of this report is available here and the research summary can be found here . Should you need further information, please feel free to contact Charles Ou at (202) 205-6533 or advocacy@sba.gov.