So, you’re a military veteran and you’d like the challenge and reward of owning your own business. You’ll join a large and impressive group—over 2.5 million U.S. Businesses are veteran-owned. Financing your small business idea is the first challenge for veterans (as it is for any entrepreneur.)
What are Some Small Business Opportunities for Veterans?
There are many business opportunities for veterans. Franchising is one of the key opportunities–about one in every seven franchised businesses in the U. S. are owned by veterans. While the franchising field is extensive, some of the most veteran-friendly franchise concepts include brands like the UPS Store, and Fast Signs, for example.
Additionally, there are many business start-up possibilities including the trucking business, being a personal trainer, a consultant, working in the staffing industry, doing software development, being a government contractor, becoming a barber or cosmetologist, and many others.
5 Best Financing Options for Veterans
Getting the necessary funds to start and operate a business is essential. Here are 5 of the best financing options for veterans, in addition to traditional lenders:
• The Small Business Administration. The Small Business Administration provides loans exclusively focused on small businesses. While the SBA is not exclusively focused on veterans, it does include special benefits for veterans including waiving fees for small loans and providing training and counseling.
• Accion is a non-government entity that provides veterans with financing as well as other resources including financial planning and management resources.
• StreetShares is another non-government entity that accesses funds from investors for applicants including veterans.
• Government special assistance. The U.S government provides special assistance to military reservists through a Military Reservist Economic Injury Disaster Loan. Also, there loans available to service-disabled veterans through the Service-Disabled Veteran-Owned small business program.
• Government grants. There are many government grants available. See grants.gov. for information.
Seek Expert Financial Assistance
Contact Lionheart Commercial Capital, based in Westfield, IN for expert financing solutions. We provide the financing that you need, when you need it, to help you meet your business goals.