VETERAN’S NEWS From the Internet
Gathered by Bob Kinsler, SSG (ret), US Army, VFW Dept. of Oklahoma, Public Affairs Team Member
VA now offers adoption reimbursement
Veterans with a service-connected disability that results in infertility will now be able to receive reimbursement for adoption expenses as a result of a new rule recently approved by VA. The final interim rule was published in the Federal Register on March 5, 2018, and became effective upon publication.
With this rulemaking, VA may provide reimbursement for qualifying expenses in the adoption of a child under18 years of age.
Who is eligible? Any Veteran with a service-connected disability that results in the inability to procreate without the use of fertility treatment.
What expenses are covered? For expenses to be reimbursable, adoptions must be arranged by a qualified adoption agency as defined in DoD Instruction 1341.9. Reimbursement is capped at $2,000 for a covered Veteran or two covered Veterans who are spouses of each other. In the case of two married Veterans, only one spouse may claim reimbursement for any one adoption. Additionally, no more than $5,000 may be paid to a covered Veteran in any calendar year, or in the case of two married covered Veterans.
Long Description: Expenses such as clothing, bedding, toys and books, travel expenses and expenses incurred in connection with an adoption arranged in violation of Federal, State, or local law are not reimbursable.
When should application be made? The application for reimbursement must be submitted no later than two years after the adoption is final or, in the case of adoption of a foreign child, no later than two years from the date a certificate of United States citizenship is issued.
Apply online: VA Form 10152, Reimbursement Request for Qualifying Adoption Expenses
How to Access Capital for Your Veteran-owned Business
It all starts with a great business idea. You’ve done the research and know this business idea could be the start of something great. But building your business requires more than a great idea and hard work – you need money. Access to capital is essential to getting your business off the ground and through the startup phase of the business lifecycle. Whether you access personal savings or receive assistance through a loan, the U.S. Small Business Administration recognizes that capital is a tricky topic for prospective (and current) small business owners.
There are a number of SBA resources you can take advantage of in order to access capital for your veteran-owned business.
FUN FACT: Did you know veterans typically need less than $50,000 to get started? In fact, 51% of veteran-owned businesses report using $25,000 or less in capital for startup or acquisition.
Tools like SBA Lender Match walk you through the process, matching you with a lender who can answer your specific needs. Here’s a quick breakdown of some of the SBA loan programs available – what it is, how much assistance you may receive, who you would receive assistance from, and what the capital should be used for:
|7a Loan Program||Small business loans||Up to
|CDC/504 Loan Program||Long-term loans||Up to
|Certified Development Companies (CDCs)||Real estate
|Microloan Program||General loans||Up to $50,000||Non-profit financial institutions who also provide technical assistance||Working capital|
|Community Advantage Loan Program||General Loans||Up to $250,000||Non-profit lenders||Personal property (FF&E)
|Military Reservist Economic Injury Disaster Loan (MREIDL)||Disaster Loans||Up to
|SBA||To meet necessary operating costs if a National Guard or Reserve owner or essential employee is called up to active duty|
Bonus Tip! Qualified veterans and military members (including spouses) may receive reduced upfront guaranty fees on select SBA 7a loans. Make sure to note your veteran or military status to the lender during initial conversations.
- The VET Act of 2015 (effective policy) saved veterans approximately $4.8 million in FY17. Overall, this veteran fee relief has saved veteran business owners $37 million.
Still not sure what kind of capital assistance you may need? No problem!
- Get in touch with a local SBA office. There are 22 Veterans Business Outreach Centers (VBOCs) and SBA District Offices located across the country. From there, a business advisor can either guide you through the steps you need to take or refer you to a different qualified partner within the SBA network.
- Explore SBA’s online tools. There are tons of resources on the SBA website that you can access whenever, wherever. Learn how to calculate your startup costs or even how to access funding as you grow your business.