What does VetBiz Means?
VetBiz is a pro-veteran company registration body. The U.S Federal Government in accordance with the Veteran Benefits, Healthcare and Information Technology Act, 2006 discovered it.
By VetBiz, any business own or significantly controlled by a veteran qualifies for preferential consideration in the procurement of contracts awarded by the U.S federal government.
The VetBiz registration is not limited to tied any industry. It requires that the business meets the small business requirements as created by the S mall Business Administration.
What are the registration/certification requirements of VetBiz?
For a firm to qualify as a Veteran-Owned Small Business, it must:
- Operate as a “small” business
- Be owned by a veteran or controlled by one or more veterans with at least 51 percent equity share
- Include one or more veterans (particularly those with disabilities), making long-term decisions and managing the company’s everyday operations.
How to Register as a VetBiz?
Businesses wishing to register and certify as a veteran owned small business must first apply to the department of Veteran Affairs (VA). The VA will review your application and evaluate your business for VetBiz eligibility—all within the space of 90 days.
A letter will confirm that you and/or your partners are recognized and honorably discharged from any of the armed forces; they are issued to you if you meet the eligibility test.
If your application fails to satisfy the VA’s eligibility requirements and your registration is denied, you can appeal the decision for reconsideration.
What are the benefits in obtaining a VetBiz registration?
Once you register and have certification to operate as a veteran owned small business, you can access a broad network of programs designated to benefits veterans.
For example, the U.S government allocates a staggering amount of $500 billion for contracts. 3% of that amount (approximately $15 billion) is for for small businesses. Your business will move to the front row for bidding, when you get all the contractual opportunities.
In other words, by being a VetBiz member, you have less competition to worry about when bidding for federal government-own contracts. Furthermore, it will give you the opportunity to have your share of that $15 billion set-aside program. Also, being a VetBiz doesn’t stop you from bidding and competing for contracts available in other social-economic programs of government provided you qualify.
Other benefits you get after registering as a VetBiz member:
- Enable qualified veterans to put their business online and inform the federal government
- Asking corporate personalities about their capability to undertake and perform requirements
- Enable corporate buyers to easily locate the business of veterans and place them on genuine source lists
- Since the federal government is a reliable customer that always have jobs; veteran businesses will never run out of contracts to bid on and secure
- No shortage of finance as the federal government always have the necessary funds to pay for work done
- Gives veteran businesses exclusive access to other forms of SBA funded veteran programs
- Open door to other prime corporations that exclusively consider veteran own businesses when subcontracting.
These and more are the benefits inherent in registering as a VetBiz.
This blog was written by Linda Rawson, who is the founder of DynaGrace Enterprises (dynagrace.com) and the inventor of WeatherEgg (weatheregg.com). She, along with her daughter, Jennifer Remund make up the mother-daughter duo of 2BizChicks (2Bizchicks.com). For further information, please connect with Linda on LinkedIn, or contact her at (800) 676-0058 ext 101.
Please reach out to us at GovCon-Biz should you have any questions.
