One of the biggest perks an individual gains when they undergo service in the military is their unique leadership skills, which are especially useful in the business world. After completing your service, there are many resources available to veterans to help them start a business.
Veteran Business Loans Offered By The Federal Government
The VA offers many programs that invest in businesses that are started by veterans. The Veterans Advantage Lending Program from the SBA (U.S. Small Business Administration) provides loans of up to $350,000 for small businesses that are owned and controlled at least 51% by a veteran. For loans under $125,000, there are no initial costs; for eligible veterans, there are no up-front costs for loans from $150,000 to $350,000. This program provides the necessary funds to not only help veterans get their business off the ground, but it also gives them a leg up on the competition through the generous lending program.
After starting a business, the next logical step is the grow the business. The Veterans Advantage Lending Program not only offers loans for veterans to start their businesses but also to develop them.
Business Education
Veterans can also take entrepreneur programs offered by the SBA including “Boots to Business,” “Women Veteran Entrepreneurship Training Program,” “Service Disabled Veteran Entrepreneurship Training Program,” and “Veteran Federal Procurement Entrepreneurship Training Program.” Veterans and active-duty members can utilize these programs to learn skills for managing and growing a business.
For more intensive business education, veterans can utilize their GI Bill to get a degree or certificate. A degree not only opens doors, but also provides valuable networking opportunities, knowledgeable mentors, and a business education that will prove to be immensely helpful.
Military Training Advantages In The Business World
According to a study by the SBA Office of Advocacy, veterans are much more likely to start a business than their civilian counterparts—at least 45% more likely, in fact. Additionally, over two million businesses across America are veteran-owned, which accounts for almost one-tenth of all businesses.
Experts from the SBA say this is due not only to the business and educational opportunities available to veterans but also because of the leadership and skills training that servicemen and women go through. Military training teaches valuable skills like organization, attention to detail, working under pressure, risk assessment, and hard work, all of which are essential skills for successful entrepreneurs.
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References:
Vista College | Why Military-Owned Businesses Have an Advantage
Low VA Rates | Popular VA Loans
SBA | Veteran-Owned Businesses and Their Owners
Check out this other article: A Veteran’s Guide to Starting a Small Business