Penn State is receiving federal funding to open a Veterans Business Outreach Center that will help military veterans and their spouses across the state looking to set up and run businesses.
Penn State will get $340,000 a year for five years from the grant, which is from the U.S. Small Business Administration.
There are veterans business outreach centers across the country. They offer services including helping with business planning and financing, government contract guidance, marketing and training. Entrepreneurship programs include Boots to Business and the Military Spouse Pathway to Business program.
In a letter of support, U.S. Rep. Glenn “GT” Thompson, R-Centre County, and Rep. Chrissy Houlahan, D-Chester County noted that Pennsylvania is home to more than 720,000 veterans and ranks fifth nationally in veterans’ populations. The center at Penn State, they wrote, will “supply the resources and expertise necessary to effectively transition our service members into business owners and increase new venture success rates across Pennsylvania.”
The Center will be based at Innovation Park on the University Park campus. Its programs will assist veterans across the state.
Robert Yannuzzi, assistant administrator for the Office of Veterans Business Development in the Small Business Administration, noted in a news release, that veterans own nearly 55,000 businesses in Pennsylvania.
“We selected Penn State as a Veterans Business Outreach Center due to their existing connection to the veteran community and their robust entrepreneurial support across the state,” he said. “The VBOC at Penn State will further the mission of all SBA VBOCs: to be a one-stop shop for veteran and military spouse entrepreneurs, no matter what stage of business ownership they’re in.”
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