During National Veterans Small Business Week, our Nation recognizes the dedicated men and women who have selflessly served our country in uniform and who now apply their knowledge and skills as small business owners.
During their military service, these veterans defended the Nation at home and abroad, protecting our freedoms and very way of life with courage and tenacity. As small business owners, they continue to contribute to the strength and prosperity of our Nation with their entrepreneurial spirit and innovative ideas, achieving tremendous success in industry. In the United States, nearly 1 in 10 businesses is owned by a veteran, collectively generating more than $1 trillion in sales and employing more than 5 million people annually.
My Administration is committed to supporting these patriotic men and women as they transition from military service to the business sector and is fostering an environment in which all businesses, including veteran-owned businesses, can grow and thrive. Since I took office in January 2017, my Administration has cut burdensome regulations for American entrepreneurs and business owners. We have eliminated 12 outdated, unnecessary, or duplicative regulations for each new significant regulation created, saving $23 billion for American families and businesses in Fiscal Year 2018 alone. Through the Tax Cuts and Jobs Act, we have also made it easier for businesses to create new jobs, purchase new equipment, increase wages, and provide bonuses for their hardworking employees. Additionally, through the efforts of the Small Business Administration’s Office of Veteran Business Development, we are providing entrepreneurship training and enhancing access to capital for veterans and military spouses as they start and grow their businesses.
This week in particular, we honor the critical role that veteran-owned businesses play in the success of our economy and of our Nation as a whole. The contributions of our veterans in the Armed Forces and in business have helped to build and preserve America’s greatness, and we owe them a debt of gratitude we can never repay.