A DVBE, or Disabled Veteran Business Enterprise, is a type of business entity that is owned, operated, and controlled by one or more disabled veterans. In many jurisdictions, including various U.S. states, DVBEs are recognized and certified by government agencies based on specific criteria related to veteran ownership and management.
To qualify as a DVBE, a business typically needs to meet certain requirements regarding the percentage of ownership held by disabled veterans. Generally, the disabled veteran owner(s) must hold at least 51% ownership in the business. Additionally, these individuals often need to have a service-connected disability as recognized by the Department of Veterans Affairs or a similar authority.
DVBE certification serves several purposes:
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Support for Disabled Veterans: DVBE certification provides disabled veterans with opportunities for entrepreneurship and economic independence. Starting and operating a business can be particularly challenging for individuals with disabilities, and DVBE status offers them a platform to utilize their skills and experience in the business world.
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Diversity in Procurement: Many government agencies and private corporations have initiatives aimed at promoting diversity and inclusion in their procurement processes. By awarding contracts to DVBEs, these entities contribute to a more diverse vendor pool and support the economic growth of veteran communities.
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Legal Requirements: In some jurisdictions, there are legal mandates requiring government agencies and certain private entities to allocate a percentage of contracts to DVBEs. Compliance with these requirements ensures that disabled veterans have access to business opportunities and helps foster inclusivity in government contracting.
Overall, DVBEs play a vital role in supporting disabled veterans and promoting diversity in the business world. By actively engaging with DVBEs, both public and private entities can contribute to the economic empowerment of disabled veterans and create a more inclusive economic landscape.