BIG News for Veteran-Owned Businesses

Owning a government contracting business is a very attractive option for veterans after the military. Why?

1. You may be able to make a business out of what you did in the military. If you have a niche skill or are able to maintain your clearance, this can be a unique differentiator for you as a business owner in the federal market.

2. It’s comfortable. Going from the military to the federal government market is a road where you can experience a lot of similarities in culture as the military.

3. The government sets spending goals for veteran-owned businesses.

It’s this last point I want to highlight today.

For the FY 2024 National Defense Authorization ACT (NDAA), Congress and the Senate both agreed to up the spending goal for service-disabled veteran-owned small businesses (SDVOSB) from 3% to 5%. That may not sound like a huge increase, but this is the federal budget we are talking about.

It’s huge.

For FY ‘23, discretionary spending was set at $1.598 trillion.

I did some quick grunt math and that means SDVOSB spending is going from $47.9 billion to $79.9 billion.

That’s a lot of cheddar.