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Supporting Veteran-Owned Businesses Makes Sense

Supporting Veteran-Owned Businesses Makes Sense

Last June, The Supreme Court of the United States ruled that the U.S. Department of Veterans Affairs needed to set aside more contracts for veteran-owned small businesses, like Hartford Technology Rental.

The case concluded that veteran-owned businesses should get the edge if:

  • businesses are bidding on the contract
  • The winning bid is fair and reasonable
  • The offer is in the best interest of the United States

In addition, last November, the House of Representatives voted to amend the Department of Transportation’s definition of Disadvantaged Business Enterprises to include Veteran-Owned Small Business Concerns. This was amended because the House passed The Fairness to Veterans for Infrastructure Investment Act of 2015 the same month. However, the act has not passed the Senate and it has a 15% projection rate of becoming a bill.

In Connecticut, veteran-owned businesses receive a 15% preference on bidding for state contracts under legislation unanimously approved Wednesday in the state Senate.

While all this sounds terrific, you need to know exactly what a Veteran-Owned Business is and why you should consider doing business with one, even if your business is not a governmental agency.

What is a Veteran-Owned Small Business (VOSB)?

The U.S. Department of Veterans Affairs, states this type of business is:

  • 51% is owned by one or more veterans
  • Managed by veteran owners who have full decision-making authority and day-to-day operations within the business
  • Positioning the vet as the highest officer position
  • Giving the veteran the highest compensation unless there’s a logical explanation otherwise

Why support VOSBs?

When you support Veteran-Owned Small Businesses, you accomplish three things:

  1. Provide ongoing support for U.S. veterans
  2. Benefit from the work ethic of those vets, and
  3. Encourage others businesses and governmental agencies to support VOSBs through your example

Why Many VOSBs also become GSA contractors

The General Services Administration (GSA) is an independent agency of the United States government that manages and supports federal agencies through long-term and short-term contract.

In order to be a GSA contractor, a business must be:

  • Financially stable, with at least $25,000 per year in revenue
  • In business at least 2 years in business
  • Producing products (or services) that are commercially available
  • Compliant with the Trade Agreements Act

The GSA contract process allows small businesses to adequately compete against large ones.

Hartford Technology Rental – A Veteran Owned Company

Whether you need to rent a laptop, scanner, or AV equipment, we have the equipment you need. We are an approved GSA contractor for short-term rentals and our expert staff will help you obtain exactly what you need at an excellent price. Call us at 888-520-5667 to learn about our product and service offerings!