The U.S. Small Business Administration (SBA) is providing veterans looking to transition into entrepreneurship with free advice and resources.
SBA Deputy Administrator Bill Briggs, speaking to Department of Veterans Affairs (VA) Deputy Secretary Paul Lawrence, outlined the opportunities the SBA provides to veterans who he said “have the natural skill set” needed for business.
Every year, more than 200,000 service members leave the military and begin the often complex transition to civilian life. Some struggle with that transition, including navigating employment, benefits, housing and health care.
Around 50% of veterans leave their initial post-military jobs within the first year, according to the Department of Defense’s Transition Assistance Program, cited by Fortune.
“Veterans should certainly look at being entrepreneurs,” Briggs said. “They have the natural skill set.”
“They have the ability to adapt, adjust and overcome,” he added. “They have great determination, they have leadership from all their years in the military.”
SBA Resources
Briggs said that in some cases, the SBA certifies small businesses that veterans own for specific federal contracting opportunities that only veterans can apply for.
“We’re really proud about this,” he said.
He added that the SBA provides resources for veterans who want to join a franchise, and said that there are more than 6,000 franchises eligible for SBA financing.
“Franchises are great opportunities,” Briggs said.
In terms of funding, Briggs said the SBA provides various loans to veterans looking to launch or grow a business. The smallest loan, called the Micro Lender Program, offers veterans loans of up to $50,000 to get business started.
“It’s part of our mandate to help veterans and all small businesses access capital,” he said. “That’s why we exist.”
He also described the Boots to Business scheme, which acts as a “boot camp for entrepreneurship” by teaching veterans key skills including developing a business plan and managing finances.
The Farmer Veteran Coalition’s (FVC), founded in 2006, has more than 30,000 members in all 50 states in addition to 13 state chapters that work to help service members and veterans begin and sustain a career in agriculture.
The organization identifies applicants with strong business plans and provides direct assistance to veterans beginning their careers in farming or ranching, in the form of supplies, equipment and training. Grants range from $1,000 to $5,000.
Briggs added that veterans interested in starting a business should go to SBA.gov/vets for further information, or to contact their local Veteran Business Outreach Center or Small Business Development Center.
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