Erin Roth, of Enterprise, Mississippi, celebrates the grand opening of her business, L’Academie de Cuisine, in Gaithersburg, Maryland. Roth, a U.S. Army veteran, found support in her entrepreneurial journey through the U.S. Small Business Administration and entrepreneurial training services offered by the D’Aniello Institute for Veterans and Military Families.
In a recent announcement at the White House, Vice President Kamala Harris celebrated the University’s D’Aniello Institute for Veterans and Military Families (IVMF) as one of 43 grantees of the MBDA Capital Readiness Program (CRP). This groundbreaking initiative, backed by a $3-million grant, aims to provide invaluable support to veteran-owned businesses across the United States.
“The IVMF has been educating, connecting and supporting veteran and military-affiliated entrepreneurs for more than a decade. This new award will enhance pathways to capital for veteran entrepreneurs, support the development of curriculum to educate future business owners about capital access, and facilitate research and analysis that will inform policymakers and practitioners as to the opportunities and challenges associated with military-connected business ownership in the U.S,” says J. Michael Haynie, vice chancellor of strategic initiatives and innovation and the executive director of the IVMF.
A significant aspect of the program is its commitment to building pathways to success for minority and underrepresented veteran-owned small businesses. The services offered will combine both virtual and in-person opportunities to reach a broad and diverse audience. To extend their reach to businesses located in rural communities, the IVMF has formed a strategic partnership with the National Association for Community College Entrepreneurship (NACCE). NACCE is renowned as the nation’s leading advocate for transforming underserved communities through community college engagement.
Rebecca Corbin, president and CEO of NACCE, expressed enthusiasm in looking ahead at the opportunities this grant will provide. “NACCE is delighted to partner with Syracuse University’s D’Aniello Institute for Veterans and Military Affairs to execute the MBDA Capital Readiness Program. This transformative initiative will reach thousands of underserved and would-be entrepreneurs and advance NACCE’s vision to create equity and prosperity for all, through our network of over 360 community colleges, universities, and HBCUs.”
Launching and expanding a business can be a daunting challenge for anyone, but for veteran-owned businesses, unique obstacles often stand in the way. This program will focus on veteran-owned businesses in their first ten years of operation and with revenue under $10 million. According to IVMF research, these young and new ventures are most impacted by the barriers associated with accessing the capital required to launch and grow a business.
Over the next four years, the CRP is expected to provide support to more than 2,500 eligible business owners. This extensive program will include up to six networking events annually, with the goal of generating over $8.5 million in raised capital for socially and economically disadvantaged individuals.
The IVMF’s innovative approach is designed to address the challenges faced by veteran entrepreneurs comprehensively. Their program will offer education, technical assistance, access to capital and vital networking opportunities. These elements are crucial for veteran-owned businesses to harness corporate and federal contracts, which can significantly boost their growth and success.
For more information on how the IVMF supports veteran and military-affiliated entrepreneurs, please visit the IVMF’s website for entrepreneurship.
