From: 13 News Now By: Mike Gooding
The program was established to provide entrepreneurial development services to eligible veterans who own or are considering starting a small business.
The 2024 federal budget is still a long way from completion. Much negotiating and compromising must still take place.
But, when a final spending does eventually pass, it appears an important program at Old Dominion University (ODU) that aims to help vets will get a much-needed boost.
The ODU Institute for Innovation & Entrepreneurship’s Veterans Business Outreach Center was established to provide entrepreneurial development services to eligible veterans who own or are considering starting a small business.
Virginia U.S. Sens. Mark Warner and Tim Kaine announced they secured $500,000 for ODU to launch a program that accelerates the establishment, certification, success, and growth of veteran entrepreneurial businesses in the Hampton Roads region.
“We feel that funding veteran entrepreneurial acceleration and programs is critical for our region,” said Paul Olsen, executive director of ODU’s Institute for Innovation and Entrepreneurship.
The retired Army Colonel said the additional funds will go a long way towards surpassing the $15 million in contract the Institute delivered in 2020.
“If Congress gets this passed and I get this fund, I’m going to double that number and be proud of it,” Olsen said.
In a joint statement to 13News Now, Warner and Kaine said, “Veterans have made countless sacrifices and immeasurable contributions in communities across the Commonwealth, and we owe it to them to support their goals.”
They continued: “We were proud to secure funding in the draft of this bill for Old Dominion University to launch a program to help veterans establish and grow their businesses in the Hampton Roads region.”
According to the Hampton Roads Veterans Employment Center, more than 200,000 military members transition from the service each year–about 18,000 to 20,000 of them in this region.
