Why VBE Certification Matters for Financial Services Companies
For businesses that are at least 51% owned by one or more veterans.
For financial services businesses, VBE certification opens doors to corporate supplier diversity programs and federal contracting opportunities specifically targeting this sector. Many Fortune 500 companies and government agencies have dedicated spending goals for VBE-certified suppliers in financial services.
Financial services is one of the most mature sectors for supplier diversity. Here's why certification matters:
Billion Dollar Commitments: Major financial institutions are among the largest diverse supplier buyers in the world. JPMorgan Chase spends over $2 billion annually with diverse suppliers. Bank of America, Citi, and Wells Fargo each spend over $1 billion. These are not aspirational goals—they are tracked and reported commitments.
Regulatory Expectations: The Dodd-Frank Act established Offices of Minority and Women Inclusion (OMWI) at major financial regulatory agencies, encouraging regulated financial institutions to assess diversity in their procurement. This regulatory backdrop reinforces bank commitment to diverse suppliers.
Broad Procurement Needs: Banks and insurers buy everything—IT services, marketing, legal, facilities management, printing, office supplies, consulting, and more. You don't need to sell financial products to sell to financial services companies.
Community Reinvestment: Financial institutions are evaluated under the Community Reinvestment Act (CRA) and other frameworks that incentivize community investment, including diverse supplier spend.
Insurance Industry: The insurance sector has its own supplier diversity requirements and organizations, providing additional opportunities beyond banking.
Financial services companies in the Billion Dollar Roundtable collectively represent some of the most well-resourced and committed diversity procurement programs in the corporate world.
VBE Eligibility Requirements
Must be at least 51% owned by veterans of the U.S. Armed Forces.
VBE eligibility requires veteran status, honorable discharge, and genuine 51% ownership and control. There is no disability requirement.
Veteran status
- Must have served in the U.S. Armed Forces: Army, Navy, Air Force, Marine Corps, Coast Guard, or Space Force
- Discharge must be under honorable conditions: honorable discharge, general under honorable conditions, or medical separation
- Other-than-honorable and dishonorable discharges do not qualify
- Reservists and National Guard members who completed active duty service qualify if discharge meets the above standard
Ownership
- At least 51% unconditionally owned by one or more veterans who are U.S. citizens
- Ownership must reflect genuine equity, not a nominal arrangement created to qualify
- For corporations: veterans must own at least 51% of all voting stock
- For LLCs: veterans must hold at least 51% of membership interests without override provisions that give non-veteran members effective control
Control: management and operations
- Veteran owner(s) must hold the highest officer position (President, CEO, or Managing Member)
- Veteran owner(s) must control day-to-day operations and make long-term strategic decisions
- Management authority cannot be effectively delegated to non-veteran individuals through employment agreements or informal arrangements
Business requirements
- For-profit enterprise operating in the U.S.
- No specific years-in-business minimum, though newer businesses may be asked for additional evidence of operations
- Independent business: not a subsidiary or affiliate where a non-veteran entity exercises control
Required Documents for VBE
| Document | Status | How to Obtain |
|---|---|---|
| Government-Issued Photo ID | Required | If expired, visit your local DMV or apply for passport renewal at usps.com or travel.state.gov. |
| Business Tax Returns (3 Years) | Required | Request copies from your accountant or download from IRS.gov using Form 4506-T. |
| Organizational Chart | Required | Create using tools like Lucidchart, Microsoft Visio, or PowerPoint. |
| Affidavit of Ownership | Required | Each certifying body provides their own form. Download from their website or request. |
| Operating Agreement or Bylaws | Required | Draft with an attorney or use a legal template service. Must reflect current ownership accurately. |
| DD-214 (Military Discharge Papers) | Required | Request from the National Personnel Records Center (NPRC) at archives.gov/veterans or eVetRecs. |
| Existing Certification Copies | Recommended | From your certification files or download from the certifying body's portal. |
| Bank Statements (6-12 Months) | Recommended | Download from your online banking portal or request from your bank. |
| Certificate of Good Standing | Recommended | Request from your state's Secretary of State office. Most states offer instant online certificates. |
How to Apply for VBE as a Financial Services Business
Step 1: Locate your DD-214 before anything else Your DD-214 (Certificate of Release or Discharge from Active Duty) is the foundational document for VBE certification. It must clearly show your character of discharge. If you need a replacement, request it through the National Archives milrecs.militaryrecords.archives.gov (allow 3-4 weeks for standard requests). Start here if there's any doubt about your DD-214 status.
Step 2: Gather your full document package Before opening the NaVOBA application, collect: DD-214, articles of incorporation or organization, operating agreement or bylaws showing the veteran owner's percentage and management authority, stock certificates or membership ledger, government-issued photo ID, two to three years of business tax returns, current financial statements (P&L and balance sheet), business license, and a representative signed contract or purchase order. Complete preparation prevents mid-session delays.
Step 3: Create your NaVOBA account and complete the application at navoba.org Register at navoba.org/certification/ and work through the application. Sections cover veteran status documentation, ownership structure, management authority, and business profile. Be precise and consistent; any discrepancy between application answers and uploaded documents will trigger a follow-up request.
Step 4: Pay the application fee NaVOBA fees scale with company size, tiered from $350 to $2,000. Verify the current fee schedule at navoba.org before starting the application. Payment is generally required before review begins.
Step 5: NaVOBA review NaVOBA staff reviews the application and supporting documents. For some applicants this includes a follow-up request for clarification or additional documentation. Respond within any stated deadline to avoid delays.
Step 6: Certification decision NaVOBA targets a decision within 30-60 days of a complete application. Once certified, you are listed in NaVOBA's veteran supplier database and can begin using the VBE certification mark.
Financial Services Corporate Programs Accepting VBE
These companies have financial services supplier diversity programs that accept VBE certification:
JPMorgan Chase
JPMorgan Chase is committed to building a diverse supply chain. We actively seek partnerships with minority, women, veteran, LGBTQ+, and disability-owned businesses.
View program details →Bank of America
Bank of America has spent over $2 billion annually with diverse suppliers. We invest in supplier development and mentorship.
View program details →State Farm
State Farm is committed to building a supplier base that reflects the diverse communities we serve.
View program details →The Allstate Corporation
Allstate consolidated its supplier pages on allstatecorporation.com, where the program runs as Supplier Inclusion. The certification bar is explicit: to be counted as a diverse …
View program details →Wells Fargo
Wells Fargo is committed to building mutually beneficial relationships with certified diverse suppliers who share our commitment to excellence.
View program details →Need help getting VBE certified?
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Federal Opportunities
Key agencies in the financial services ecosystem:
- Department of the Treasury: Financial management, IT services, economic policy support
- Federal Deposit Insurance Corporation (FDIC): Banking regulation support services
- Securities and Exchange Commission (SEC): Regulatory technology and services
- Consumer Financial Protection Bureau (CFPB): Consumer protection technology and research
Government Financial Services Contracts
- Financial management and accounting services
- IT modernization for financial regulatory agencies
- Economic research and analysis
- Compliance and regulatory technology solutions
- Training and education services for financial literacy programs
Compliance Technology
Federal regulators need technology solutions for:
- Anti-money laundering (AML) systems
- Know Your Customer (KYC) platforms
- Regulatory reporting tools
- Cybersecurity solutions for financial infrastructure
- Data analytics for market surveillance
State and Local
State treasury departments, pension funds, and insurance commissioners all procure goods and services, often with diverse supplier preferences for investment managers, custodians, legal counsel, and professional services.