Washington, Nov 10 (IANS) US Vice President JD Vance called for stronger domestic manufacturing to reduce dependence on foreign suppliers for critical components, arguing that the COVID-19 pandemic exposed supply risks as he pledged more funding for veteran-owned American businesses.
Speaking at an event opening National Veterans Small Business Week, Vance linked support for small enterprises to national security. He said the United States needed an industrial base capable of supplying its troops and sustaining economic growth.
Vance argued that the country had spent decades paying too little attention to where goods were produced. Businesses and policymakers, he said, had treated access to products as more important than their place of manufacture.
He cited Mexico, China and his hometown of Middletown, Ohio, to illustrate an approach that he said had overlooked the importance of domestic production.
“Well, I think we all learned during COVID, and frankly, we should have learned the lesson well before then, that sometimes when you rely on other countries to make those critical components, they’re not always there.”
Vance said the administration would put hundreds of millions of dollars this year into supporting veteran-owned small businesses, with support potentially reaching billions over the next couple of years.
Vance said he believed $1.3 billion had already gone into veteran-backed small businesses through the Small Business Administration under Kelly Loeffler’s leadership. He provided no period or breakdown for that figure.
The assistance, he said, would give businesses more money to hire, train workers and expand their products.
“You guys are in many ways the backbone of the economy.”
Vance highlighted the contribution of small businesses to military supply chains, citing their involvement in Patriot missiles. He also said 1,200 small businesses supported those developing sidearms for American troops.
He argued that these companies helped ensure military personnel had reliable weapons made by fellow Americans, including veterans. Supporting them, he said, was therefore about more than jobs or economic output.
Vance thanked Loeffler and JPMorgan Chase for their support for veteran-owned businesses. Introducing him, Loeffler highlighted his Marine Corps service and business experience.
Drawing on that experience, Vance said he had worked as a technology investor in Cincinnati before entering politics. His firm backed young technology companies, including veteran-owned businesses and companies contributing to weapons supply chains.
He also praised Loeffler’s efforts to combat fraud in small business assistance. Vance claimed fraud had risen sharply after pandemic-era funds began flowing, diverting money from legitimate companies.
He said the administration was tightening checks to ensure SBA loan applicants were eligible. He gave no figures for recoveries or savings resulting from those efforts.
Vance urged business owners and congressional leaders to help identify gaps in government support.
“Tell us how we can better support the veteran backed small businesses in our communities.”
He said the administration wanted companies to expand, recruit workers and develop products while strengthening the country’s capacity to make essential goods.
–IANS
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