Small Business Owned and Controlled by Veterans Law and Legal Definition

According to 13 CFR 115.10 [Title 13 -- Business Credit and Assistance; Chapter I -- Small Business Administration; Part 115 -- Surety Bond Guarantee; Subpart A -- Provisions for all Surety Bond Guarantees], Small Business Owned and Controlled by Veterans means:

(1) A Small Concern of which not less than 51 percent is owned by one or more Veterans; or a publicly-owned Small Concern of which not less than 51 percent of the stock is owned by one or more Veterans; and

(2) The management and daily business operations of which are controlled by one or more Veterans.