There are many reasons why people should stand by our Veterans and support small business Veteran businesses. Our servicemen and women transition from the military, returning back home, only to be jobless. Many of these men and women are choosing to start or run a small business. These businesses are giving the economy the necessary boost of growth it needs to survive during difficult times.
Many lenders offer specialized small businesses loans that are approved for Veterans. These Veteran business loans offer low interest rates and set payment schedules. The Small Business Administration regulates these loans and Veterans are required to meet specific qualifications. The VA also provides Veterans with assistance and advice for emergency loans and business counseling services. Veterans can also apply for short-term business capital loans, working capital loans and even business lines of credit.
Last year, the White House honored veteran small business owners with a National Veterans Small Business Week. The Obama Administration helped connect small Veteran owned businesses with U.S. Business Administration district offices, holding more than 100 nationwide events. This included contract roundtables, Veteran training seminars and job fairs.
Statistics show that nearly one in every 10 small businesses are owned and operated by U.S. Veterans. These businesses help generate more 1.1 trillion annually, employing more than six million American workers.
Contributing to more nationwide unemployment, young veterans between the ages of 18 and 24 experience higher-than-average unemployment rates. Conversely, if we can help Veterans obtain small business loans, they can in turn hire employees, which will help decrease the overall unemployment rates.
Reports show that in 2002, nearly three million Veterans owned interest in a small business, which helped to employ nearly 811,000 people. The National Veteran-Owned Business Association cites statistics that claim that one in seven Veterans own businesses, which means that Veterans are twice as likely as non-Veterans to own their own businesses.
Fortunately, over the last two years, President Obama and his Administration have provided small business owners with tax relief, counseling, improved access to capital and support for growth and innovation.
Many lenders offer services that are specifically for Veterans and small businesses, allowing them to take advantage of programs that can help boost revenues, increase profits and reduce overall debts.