Syracuse University’s D’Aniello Institute for Veterans and Military Families has launched an innovative initiative aimed at tackling the barriers to access for veteran business owners located in rural areas away from cities and urban development. Supported by a recent $3 million technical assistance grant from the U.S. Department of Commerce’s Minority Business Development Agency, the IVMF is partnering with the National Association for Community College Entrepreneurship (NACCE) to provide these critically needed programs and services in rural communities across the country.
According to the Department of Veterans Affairs, almost one-third of veterans live in a rural area, compared to 19% of the nation’s non-veteran population. Like their urban or metro peers in small business, rural veteran business owners see access to capital as one of their primary barriers when trying to grow their business. While a wide variety of programs and services have been developed to help veteran entrepreneurs over the years, most are found in the urban and metro areas with denser populations.
“The IVMF has been educating, connecting, and supporting veteran and military-affiliated entrepreneurs for more than a decade,” said Dr. Mike Haynie, Syracuse University Vice Chancellor, Founder and Executive Director of the IVMF and Executive Dean of the Martin J. Whitman School of Management. “This new award enhances pathways to capital for veteran entrepreneurs, supports the development of curriculum to educate future business owners about capital access, and facilitates research and analysis to inform policymakers and practitioners as to the opportunities and challenges associated with military-connected business ownership in the U.S.”
Corey Christman, owner of Bravery Winery in Central New York, loading recently harvested grapes for wine making.
Rural business owners face several unique challenges when trying to scale their business and seeking capital to fund growth. Labor shortfalls are common in rural businesses due to the smaller populations found further away from cities. When companies are looking to scale up their production, labor shortfalls can bring the entire plan to a grinding halt. The new initiative named V-CAP aims to provide capital access and financial readiness training to prepare veteran business owners for federal contracts or procurement deals with large companies. Current participants in the IVMF’s STRIVE program will have access to V-CAP with free business training and mentorship, as well as technical assistance and more opportunities to connect virtually for their business needs.
The program will deliver custom-tailored training modules to eligible participants through the partnership with NACCE. Participants will go through a three-phase program that includes 1 week of online training, five weeks of in-person training, and a year of post-program support through the IVMF’s expansive alumni network.
“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,” said Rebecca Corbin, president & CEO of NACCE.
The V-CAP resource is currently available at the following NACCE colleges:
- Central Oregon Community College
- East Tennessee State University
- Hillsborough Community College
- Houston Community College
- Kaua’i Community College
- Pellissippi State Community College
- Salt Lake Community College
- University of South Florida
The program is made available to all participants of the IVMF’s Startup Training Resources to Inspire Veteran Entrepreneurships (STRIVE) program and is available to all IVMF alumni pending eligibility requirements. Those interested in learning more about this program are encouraged to visit the IVMF’s Veteran Capital Readiness Initiative page.