The mayor announced a new initiative Monday that will help the city's veterans start their own businesses.

Under the Veterans Entrepreneurship Program, former soldiers will mentor newer veterans on ways to utilize the skills they learned while on duty to strengthen their small businesses.

"We can never repay our veterans the debt we owe them, but we can do everything possible to support those who have served by improving services that can help their transition to civilian life," Mayor Michael Bloomberg said in a statement.

The program, which is a partnership with the Institute for Veterans and Military Families at Syracuse University, will launch in February and include a two part set up. The Syracuse University institute will hold a two-day session covering entrepreneurship topics, and that will be followed by free, four-week business training course at the SUNY Levin Institute in Midtown.