VA and SBA jointly support restaurant recovery
Secretary McDonough and Administrator Guzman visit local Veteran-owned business to highlight Restaurant Revitalization Fund
WASHINGTON — Department of Veterans Affairs Secretary Denis McDonough and Small Business Administration Administrator Isabella Guzman visited Compass Coffee, a local Veteran-owned business in the nation’s capital, May 5, to show their joint support for SBA’s recently announced Restaurant Revitalization Fund.
The SBA-led RRF program is part of President Biden’s $1.9 trillion American Rescue Plan, and provides funding to help restaurants and other eligible businesses across America keep their doors open.
During the first 21 days, RRF will prioritize and fund applications received from eligible small businesses that are owned by Veterans, women, and socially and economically disadvantaged individuals.
“Entrepreneurship has been the bedrock of our nation and Veterans continue to be major contributors in the restaurant industry,” said Secretary McDonough. “Veterans are 45% more likely to be self-employed than non-veterans. Compass Coffee, is one of thousands of examples of how Veterans take the skills, experience, talent and leadership they’ve developed in our armed services and deliver them to Americans throughout our neighborhoods and communities.”
Registration for the RRF began April 30, and the portal to apply opened May 3, which began the 21-day priority registration period for eligible businesses.
“Restaurants are the core of our neighborhoods and propel economic activity on main streets across the nation,” said Administrator Guzman. “They are among the businesses that have been hardest hit and need support to survive this pandemic. We want restaurants to know that help is here.”
The SBA has focused on the marketplace realities of the country’s food and beverage industry in designing the Restaurant Revitalization Fund to meet businesses where they are. This includes ensuring equity among Veteran-owned businesses, some of which have suffered the most, so they can access this critical relief, recover and grow more resilient.
For assistance in preparing an RRF application, interested business owners may call 844-279-8898, visit sba.gov/restaurants or contact their local SBA district office or resource partner by visiting sba.gov/local.
To set up an account and apply once the portal opens, interested business owners can visit sba.gov/restaurants.
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