The National Veteran Business Development Council (NVBDC) is a non-profit organization that helps promote and support veteran-owned businesses in the United States. One of the key ways that the NVBDC accomplishes its mission is by certifying veteran-owned businesses, a process that can have significant benefits for both the veteran community and the U.S. economy as a whole.
The NVBDC was founded in 2013 with the goal of creating a national standard for certifying veteran-owned businesses. Prior to the establishment of the NVBDC, there was no uniform certification process for service-disabled and veteran-owned businesses, which made it difficult for these businesses to compete for contracts and opportunities with larger corporations and government agencies. The NVBDC’s certification program helps level the playing field by providing a standardized certification process that is recognized by corporations and government agencies across the country.
One of the primary benefits of NVBDC certification is that it can help veteran-owned businesses access new opportunities for growth and success. Many corporations and government agencies have programs in place to promote the hiring of service-disabled and veteran-owned businesses, and being NVBDC Certified can help these businesses stand out and secure contracts and partnerships that they might not otherwise have been able to win. By giving service-disabled and veteran-owned businesses access to new opportunities, the NVBDC helps these businesses grow and succeed, which in turn strengthens the U.S. economy as a whole.
In 2017, the BDR governance committee evaluated NVBDC’s certification process and recognized its program as the only accepted service-disabled and veteran-owned businesses certification that meets the BDR audit standards.
The BDR Governance Committee evaluates certification organization requests on an ongoing basis as a means for recognizing greater numbers of diverse suppliers. To maintain consistency among the 32 Members of the Billion Dollar Roundtable, diverse suppliers must be certified by one of these third-party certification agencies:
- National Minority Supplier Development Council (NMSDC)
- The Women’s Business Enterprise National Council (WBENC)
- National Veteran’s Business Development Council (NVBDC)
- Disability:IN
- National Gay Lesbian Chamber of Commerce (NGLCC)
For BDR purposes, certified means that U.S. suppliers have been confirmed by a third-party certification agency as being at least 51% owned, operated, and controlled by one of the five diversity certification organizations it recognizes.
Today, 32 corporations make up the Billion Dollar Roundtable, 28 of whom are NVBDC corporate members. By demonstrating the BDR and NVBDC impact, we believe that others will embrace our vision and join us on this important mission to support our Service-Disabled and Veteran-Owned Businesses. As noted in the 2022 BDR Impact Report, the aggregate Tier I supplier diversity spend of BDR member companies increased over the past year by $20 billion to $96 billion.
NVBDC Certified SD/VOB 2022 Economic Impact Data for Tier 1 Spend by BDR Members.
As a result of this partnership, Billion Dollar Roundtable members have spent over $3.3 billion with NVBDC Certified SD/VOBs, creating a significant impact on the U.S. economy as shown below:
- $3.3B Tier I Spend
- $2B Payroll
- $3.7B Added value to GDP
- 44,498 # of jobs
- $6.7B BDR’s Impact on Service-Disabled and Veteran-Owned Businesses.
In addition to helping individual businesses, NVBDC certification also has broader economic benefits. Veteran-owned businesses are a vital part of the U.S. economy, generating billions of dollars in revenue and creating jobs for millions of Americans. By promoting and supporting veteran-owned businesses, the NVBDC helps to create a more diverse and resilient economy, one that is better able to weather economic downturns and promote sustainable growth over the long term.
The NVBDC views entrepreneurship as another form of employment and believes that helping our veterans succeed in business helps them, their families and the communities in which they reside.
Overall, the National Veteran Business Development Council plays an important role in supporting the veteran community and promoting economic growth in the United States. By providing a standardized certification process for veteran-owned businesses, the NVBDC helps these businesses access new opportunities, grow, and succeed, which in turn benefits the U.S. economy as a whole. Whether you are a veteran looking to start your own business or a corporation or government agency looking to partner with a veteran-owned business, the NVBDC is an important resource that is well worth exploring.