Currently, one in 10 small businesses are owned by veterans. If you're among those veterans making the leap into owning a business, the rewards (and challenges) can be significant, but there is help out there if you're looking to become an entrepreneur. One of the first places to start is the U.S. Small Business Administration (SBA), which has an Office of Veterans Business Development that offers support to those braving the new waters of running their own business.
"We can help accelerate the learning curve that comes with owning a business," said William Elmore, associate administrator of the Office of Veterans Business Development. "We have business development assistance in three primary areas: technical assistance, business financing and government contracting programs."
Entrepreneurship Training
The SBA provides free individual face-to-face and internet counseling for small businesses, as well as low-cost training to first-time entrepreneurs and established small businesses. To make use of these services, contact one of the SBA's district offices, which put you in touch with veteran business officers as well as Small Business Development Centers (950 offices in the U.S.), SCORE (which provides free advice to entrepreneurs in 350 chapters across the U.S.) and the Office of Women's Business Ownership.
Business Financing
The SBA also provides various financing programs that help small businesses get off the ground:
These loans help startup and existing small businesses obtain financing when they might not be eligible for business loans through normal lending channels. The SBA itself does not make loans, but rather guarantees a portion of loans made and administered by commercial lending institutions (most American banks participate in the program). Participating lenders agree to structure loans, according to the SBA's requirements, and apply and receive a guaranty from the SBA on a portion of this loan.
One helpful loan program for veterans and members of the military community looking to establish or expand small businesses is the SBA Veterans Advantage loan fee relief initiative, which offers fee relief for veteran-owned businesses.
Microloans
The SBA makes funds available to local lenders with experience in lending as well as management and technical assistance; the lenders then offer loans of up to $50,000 to eligible borrowers.
CDC/504 Program
The CDC/504 loan program is a long-term financing tool that provides small businesses with long-term, fixed-rate financing for infrastructure improvements (i.e., buying a building, equipment, production improvements). Loan amounts can be up to $1.5 million.
Government Contracting
The federal government has strict guidelines regulating purchases of goods and services; the SBA's Government Contracting Program helps contracting officials, as well as small business owners do business with the government. The SBA also assists service-disabled small businesses looking to be competitive in government contracting.
Other Related Programs
Other related small business programs for military veterans include the Entrepreneurial Bootcamp for Veterans with Disabilities (EBV), as well as the Veterans Fast Launch Initiative by SCORE, which both offer counseling, mentoring, workshops and other services for veterans seeking to start their own business.
Veterans Business Outreach Centers
If you're a veteran looking for more information on SBA and veteran-specific programs that might help you, contact your local district office. The SBA also has Veterans Business Outreach Centers (VBOCs) that offer assistance in outreach, assessment, long- and short-term business training, counseling, directed referrals and online assistance to veterans, service-disabled veterans and reserve business owners and entrepreneurs. Details on individual outreach centers are below.
REGION I (Massachusetts, Maine, Vermont, Rhode Island, Connecticut, New Hampshire):
Northeast Veterans Business Resource Center
Lawrence, Massachusetts
REGION II (New York, New Jersey, Puerto Rico, U.S. Virgin Islands):
State University of New York SUNY at Farmingdale
Albany, New York
https://www.farmingdale.edu/admissions/veterans.shtml
Rutgers University
Newark, New Jersey
https://veterans.rutgers.edu/contact-us
REGION III (Pennsylvania, Maryland, Virginia, West Virginia, Delaware, District of Columbia):
Old Dominion University
Norfolk, Virginia
University of Pennsylvania
Philadelphia
https://srfs.upenn.edu/financial-aid/veterans
REGION IV (Florida, Georgia, Alabama, South Carolina, Mississippi, Kentucky, Tennessee, North Carolina):
University of West Florida, Pensacola
Pensacola, Florida
Fayetteville State University
Fayetteville, North Carolina
REGION V (Michigan, Minnesota, Wisconsin, Illinois, Ohio, Indiana):
VetBiz Central
Flint, Michigan
REGION VI (Texas, New Mexico, Arkansas, Louisiana, Oklahoma):
University of Texas Rio Grande Valley
Edinburg, Texas
https://www.utrgv.edu/veterans/
New Mexico Department of Veterans' Services
Santa Fe, New Mexico
http://www.dvs.state.nm.us/vetpro.html
Southwest Louisiana Business Development Center
Jennings, Louisiana
REGION VII (Missouri, Kansas, Iowa, Nebraska):
Veterans Advocacy Foundation
St. Louis
REGION VIII (Montana, North Dakota, South Dakota, Wyoming, Utah, Colorado):
Chippewa Cree Tribe
Box Elder, Montana
REGION IX (California, Arizona, Guam, Hawaii, Nevada):
Vietnam Veterans of California
Sacramento, California
https://www.calvet.ca.gov/veteran-services-benefits
University of Guam
Mangilao, Guam
The Next Step: Find the Right Veteran Job
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