There are more than 32 million businesses in the United States and most of those are considered small businesses. Importantly, 9 percent of all businesses in American are owned by veterans, according to the Small Business Administration. These are great men and women who have served their country, each of whom has decided to apply their skills to become a veteran entrepreneur.
Steps to Start a Business as a Veteran Entrepreneur
To start a business as a veteran entrepreneur, it is first necessary to come up with a business idea. This one can be based on the veteran’s skills, interests, specific resources, and perceived needs that could be filled. Next, it is critical to developing a comprehensive business plan based on an analysis of the market and including a business organizational structure, products or services to be offered, and a financial plan with financial projections. Third, a business must be properly registered and licensed.
Sources of Financing for a Veteran Entrepreneur
Getting adequate financing is critical for success and there are many good resources for the veteran entrepreneur:
-The SBA looks favorably upon veterans as it is a provider of SBA-backed loan programs which offer favorable rates and payment terms compared to the traditional bank and credit union commercial loans.
-Crowdfunding is a way to obtain funding from backers who are interested in supporting veteran-owned businesses.
-Microloans can be available through the SBA and from many community Development Financial Organizations.
-Online lenders have demonstrated that they approve funding for veteran-owned businesses twice as often as for non-veterans.
-Other alternative lenders and financial institutions often specialize in loans to veterans.
Veteran Business Loans and Grants Can be Given to Persons in the Following Categories:
-An honorably discharged veteran.
-A service-disabled veteran.
-An Active Duty military member participating in the Transition Assistance Program.
-Reservists and National Guard members.
Seek Expert Financing Assistance
Contact Progressive for financing that you can depend on. We offer customized financing options that are critical to your success.