Let’s Honor Our Veterans with A Shot at Business Ownership

By Willie Brown

This week, we honored our veterans for their dedicated military service.  There is no greater sacrifice than risking one’s life to protect our country.  But I feel not enough attention is given to what happens after vets return to civilian life. 

We have all heard the horror stories—and some of us have lived them—of veterans unable to find employment or being so physically and mentally disabled that they can never work again.  Having recently read about what entrepreneurial veterans face, I feel compelled to pass along information to help fulfill their dreams of business ownership. 

The term “vetrepreneurs” refers to veterans who start small businesses or startups.  According to the Small Business Administration, this group consists of nearly 2 million small businesses that employ 5.5 million people in the U.S.  Vetrepreneurs take in about $1.3 trillion in revenue annually. However, because the veteran population has declined due to aging. the number of vet-owned businesses has dropped from 11% in 2014 to 8.1% in 2020 according to a 2023 SBA report.

Making the transition from military to civilian life is not easy, but another daunting challenge is finding the necessary capital.  Because vets have not built up their credit during their service, they face the challenge of having to prove their credit worthiness when they retire from active duty. Getting a business loan from a bank is usually out of the question.  This leaves many in the position of trying to get approved for credit without having established credit.  

It’s unfortunate because veterans are among the most efficient, qualified, hardest working, problem solving group of leaders around.  They have the tenacity, mental prowess, grit and determination that it takes not only to start a business but to stay in business.  If you have ever ran a business of your own, then you know it is not for the weak or the lazy.  It takes a warrior mentality and tons of effort to succeed, regardless of the service or product being offered.

But where there is a will, there is a way.  A good place to start is getting certified by the SBA as a veteran-owned business.  Looking into government contracts and small business grants available through HelloAlice.com and groups like Warrior Rising can help veterans get a jumpstart toward funding.  Not only can they achieve funding, but also find mentorship and resources on how to stay in compliance so their business doesn’t run into problems down the road.

Our veterans deserve the same shot at success as other entrepreneurs.  If you’re a vet wanting to start a small business, or if you know someone, tell them to start with the SBA and nonprofits dedicated to veteran entrepreneurship.  As the saying goes, “The journey of 1,000 miles begins with a single step.”