STATEHOUSE – Legislation expanding veteran-owned, small business opportunities was signed into law by Governor Mike Pence today. Senate Enrolled Act (SEA) 564, Sponsored by State Representative Jim Baird (R-Greencastle), will go into effect July 1, 2013.
This law aims to increase the number of state contracts secured by veteran-owned small businesses (VOSBs). Working towards this goal, SEA 564 allows those businesses to receive a 15 percent price preference for those contract bids.
Furthermore, SEA 564 requires the Indiana Economic Development Corporation (IEDC) to simplify contract conditions and assist VOSBs in the bidding process. However, the products and/or services must meet the state’s contract requirements, and the VOSB must submit a Request for Proposal (RFP) and follow all other contract guidelines.
“Our Hoosier veterans sacrifice a great deal for our state, and I believe it is important to provide them with the tools they need to succeed in their civilian affairs,” said Rep. Baird. “According to the Indiana Business Research Center, there are roughly 71,000 veteran-owned small businesses, and this law is another step towards creating an environment where those businesses can thrive.”
Additionally, SEA 564 would allow VOSBs to obtain up to 3 percent of all state contracts. The law requires the IEDC to submit a list of all VOSBs to the Indiana Department of Administration (IDOA). With that information, the IDOA, who maintains records of all state contract bids, is required to produce an annual report to the governor, Department of Veteran Affairs and the General Assembly to make adjustments or recommendations so that the 3 percent goal might be achieved.
“Tracking the progress of state contracting bids by veteran-owned small businesses demonstrates Indiana’s commitment to achieving the 3 percent goal,” said Rep. Baird. “As the unemployment rate for veterans remains considerably higher than the national average, I am pleased this law aims to reduce that number by helping those businesses grow.”
Visit www.in.gov/legislative for more information about SEA 564.