Veteran Business Owners Share Financial Hurdles with Lawmakers in Washington

Veteran Business Owners Share Frustrations with Lawmakers Over Bureaucratic Red Tape

WASHINGTON — Small businesses owned by veterans are a vital part of the U.S. economy, employing millions of people, but many veteran business owners face significant financial hurdles when trying to get their businesses off the ground.

Channel 2 Washington Correspondent Samantha Manning recently spoke to veteran business owners at the Capitol, where they shared their experiences with lawmakers. The nearly two million small businesses owned by veterans in the U.S. employ about 5.5 million people, but business owners say it’s often an uphill battle, whether it’s getting started or staying open.

During a House of Representatives committee meeting, Rep. Nick Lalota (R-N.Y.) highlighted the challenges faced by veteran-owned businesses due to bureaucratic red tape. Lawmakers from both parties expressed concern over the difficulties small businesses, especially those owned by veterans, face in navigating government contracts.

One major issue raised by veteran business owners is the struggle to compete against larger companies for government contracts. The process is often too complex and difficult to navigate, resulting in a significant decrease in the number of small businesses winning federal contracts over the past decade.

Bill Belknap, president of AEONRG, LLC, emphasized the unique and persistent challenges faced by veteran businesses and called for lawmakers to consider military service as relevant experience when awarding contracts.

In addition to addressing the challenges faced by veteran-owned businesses, lawmakers also heard from military spouses who struggle to secure funding to start their own businesses. Stephanie Brown, CEO and Founder of the Rosie Network, highlighted the financial institutions’ reluctance to support military spouses due to their nomadic lifestyle.

Lawmakers are now actively exploring solutions to make it easier for veterans and military spouses to access contracts and financial support. By recognizing the valuable contributions of veteran-owned businesses and addressing the barriers they face, lawmakers aim to create a more supportive environment for small businesses owned by veterans and military spouses.