After Midterms Loss, J.D. Vance Simply Joined the SBA to Unveil Main Perks for Veteran Founders

The SBA is sweetening the pot for veteran business owners with doubled federal contracting goals and relaxed loan rules.

Vice President JD Vance speaks during an event to kick off “National Veterans’ Small Business Week” in Washington, DC. Photo:

Vice President J.D. Vance headlined a veteran-focused small business event announcing major changes in federal procurement and government-backed loans for veteran entrepreneurs on Monday.

In his beginning remarks, Vance cracked a joke

In his beginning remarks, Vance cracked a joke about the midterms by comparing last week’s sweeping losses Republicans suffered to the back-to-back losses sustained by the Ohio State football team this past weekend.

“Before I get into the meat of my remarks, I wanted to talk about the devastating loss last week,” Vance said on Monday. “There are a lot of people I think unfairly criticizing the leader of the team, despite leading us to a great victory two years ago. There’[s] a lot of staff infighting and questions about reshuffling.”

The vice president paused, then added: “I’m talking, of course, about the Ohio State Buckeyes, and let me just assure you that I really believe in Luke Fahey, our backup quarterback.”

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The event, sponsored by J.P

The event, sponsored by J.P. Morgan Chase, kicked off National Veterans Small Business Week, and featured cameos from Rep. Roger Williams (R-TX), the head of the House Small Business Committee, and Kelly Loeffler, the head of the Small Business Administration.

During a panel at the event, Loeffler announced that the SBA is increasing its target goal for the amount of federal contracts the government awards veteran-owned small businesses, doubling the goal to 10 percent. 

A 1999 law known as the Veterans Entrepreneurship and Small Business Development Act historically set the procurement threshold at three percent for businesses owned by service-disabled veterans. During the last two fiscal years, that target nudged up to five percent for these companies, and the government just met the goal both years.

Source: www.inc.com