The U.S. Small Business Administration has launched the first online Veteran Entrepreneurial Training and Resource Network Streetwise MBA program to provide virtual training for veteran small business owners and their immediate families beginning in August 2020, the administration announced on Friday.
"We're pleased to have the opportunity to continue offering such an impactful program to our veteran small business owners and their families throughout the Northeast," said Larry Stubblefield, associate administrator for SBA's Office of Veterans Business Development.
President Donald Trump donated $100 thousand from his salary to fund the initiative. SBA’s program will mark the second cohort of the Veteran Owned Small Business Growth Training Pilot Program, following the successful completion of the first cohort in Portsmouth, New Hampshire in March 2020.
The VETRN Streetwise MBA program will be powered by Interise. The program was created exclusively for veterans to provide them with the skills, resources, mentoring and networking necessary to grow their own small business.
Since the launch, the demand for the VETRN program has increased. The upcoming training will be held virtually. The online program content is designed to help veteran entrepreneurs build operational capacity, increase revenues, manage cash flow and create sustainable jobs.
VETRN has added classes on crisis management and training on how to work with lending institutions and other stakeholders when facing financial difficulties to address the COVID-19 pandemic.
The VETRN program is open to veteran-owned businesses that have been in operation at least one year, and generate at least $75 thousand in annual revenues. Exceptions may be considered on a case by case basis.
"Now, more than ever, the SBA is dedicated to finding new and innovative ways to provide virtual support for our veteran-owned small businesses during these trying and unprecedented times," concluded Stubblefield.
About the U.S. Small Business Administration
The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations.