SDVOSB
The Veterans Benefit Act recognizes the service and sacrifice made by veterans suffering from a service-connected disability by providing assistance with federal contracting opportunities. Public Law (P. L.) 108-183 was created as a program in part to address concerns and criticism directed at P. L. 106-50, The Veterans Entrepreneurship and Small Business Development Act of 1999. Some thought that the lack of a specific procurement mechanism under P.L. 106-50 to encourage government activities to award contracts to SDVOSBs limited their ability to do so. P. L. 108-183, the Veterans Benefit Act of 2003, provided the solution. The four main objectives of the Veterans Benefit Act are to:
- Achieve a goal of at least 3% of federal contract dollars awarded to SDVOSBs
- Provide the needed program mechanisms
- Provide guidance to contracting officers
- Establish federal accountability and enforcement
Recently the Department of Veteran Affairs started certifying Veteran and Service Disabled Veteran Owned Small Businesses. SDVOSB owners must be prepared to support their SDVOSB status with documentation from the Department of Defense and/or the Department of Veteran Affairs.
While this program is a significant opportunity for veterans, it is neither “easy money” nor a guarantee of success for SDVOSBs.
