Veterans who have served our country in protecting from external threats often find it difficult to fend for themselves when they have given up their uniforms. 

For years, the National Veterans Small Business Coalition (NVSBC) has urged Congress to raise the government-wide goal for awards to Service-Disabled Veteran-Owned Small Businesses (SDVOSB) from 3% to 5%. In 2023, this change was amended in the National Defense Authorization Act (NDAA) for FY 2024. Many want it to be even higher.

On February 15th, US Congressmen Mike Waltz (FL-06) and Jimmy Panetta (CA-19) introduced the bipartisan Contract Our Veterans Act, which sets targets for the US Department of Defense (DOD) to expand contracts with small, veteran-owned businesses.

The DOD has set contracting goals for five small business categories: women-owned, service-disabled veteran-owned, socially and economically disadvantaged, historically underutilized business zones, and disadvantaged. The legislation would add veteran-owned small businesses to the list and establish a contracting objective of 5% of the value of all prime contracts and subcontracts granted each year, similar to the goal previously established in NDAA.

Through this act, lawmakers are trying to instill entrepreneurial spirit among veterans and create jobs while strengthening military supply chains.

“It is a win-win scenario for both our Department of Defense and veteran-owned small businesses to work together,” explained Waltz. 

“As a veteran and US Representative, I believe that the federal government should support entrepreneurship among our veterans,” said Panetta. “That’s why I support the bipartisan Contract Our Veterans Act. 

This proposal will expand the number of veteran-owned small companies by tens of thousands of new veteran employees, enhance national supply chains, and provide a much-needed recruiting incentive for our armed forces recruiters.