11 special resources for veteran-owned businesses

Did you know that veterans are 45% more likely to start their own business than nonveterans? And one in 10 small businesses in the U.S. are owned by veterans?

It shouldn't come as a surprise that veterans are such an entrepreneurial group. The military does more than teach specific skills and trades. It offers service members the opportunity to develop leadership skills, discipline, resilience and passion — qualities that give vets an edge when it comes to taking a risk like starting a business.

Of course, it's not always simple to make the transition to civilian life. But as a veteran, you have access to a variety of benefits and resources to start your own business. These advantages can help you kick off the next phase of your professional life and stay on the path to success.

1. Get support through the Office of Veterans Business Development.

The OVBD was designed to promote veteran entrepreneurship and help veterans access special programs through the U.S. Small Business Administration, or SBA. Learn more about the OVBD.^{See note1}

SBA programs can help current and future veteran business owners obtain capital and prepare for business opportunities. They can also connect your business with federal procurement and commercial supply chains.

Many of these resources are available online. Depending on where you live, you may be able to get local support at a Veterans Business Outreach Center (VBOC) or an SBA District Office.

Keep in mind that veterans and service-disabled veterans aren't the only people who can benefit from OVBD services. Reservists, active-duty service members, transitioning service members, and their dependents or survivors can also work with the OVBD for help preparing for, starting and running a business.

2. Find funding for your small business.

Starting, sustaining and expanding a business can be a big expense. And as they say, you've got to spend money to make money. Research indicates that access to capital for veteran business owners is a top challenge.^{See note1} That's why it's important to have a strong financial footing.

The good news is that, as a veteran entrepreneur, you may qualify for exclusive funding opportunities, special lending programs or fee reductions for your business. For example, the Veterans Advantage program offers fee relief for SBA 7(a) loans.^{See note1}

Another tool offered by the SBA is Lender Match.^{See note1} It helps small businesses connect with potential lenders who offer SBA-backed funding.

Keep in mind that if you have any essential employees who are military reservists, you may be able to get a special loan if they're called into active duty. Small business owners can potentially get loans up to $2 million to cover operating costs through the Military Reservist Economic Injury Disaster Loan (MREIDL) program.^{See note1}

If you're seeking angel investors for your business, there are certain groups that invest exclusively in companies led by military veterans. Determine what resources you might need for your business and connect with other networking groups.

3. Insure your small business.

Insurance is an important part of running a small business. In fact, if your business has employees, most states will require you to have workers' compensation coverage. You may also be required to carry liability coverage if you have a lease or business contract.

Small business insurance can help protect your business, employees and personal finances from claims or lawsuits resulting from property damage, professional errors, employee injuries and more. USAA, through USAA and the USAA Insurance Agency, specializes in offering small business insurance — as well as many other benefits, products and discounts for current and former U.S. military members.

4. Work with a veteran mentor.

Veteran entrepreneurs report that mentors are their primary source of help when starting a business.

As a veteran, you may feel a sense of fellowship when you meet another service member. So where better to find support than from someone who's already bridged the gap between military service and business ownership?

One option for finding a mentor is GallantFew.^{See note1} This nonprofit organization is dedicated to helping veterans transition into civilian life by providing services such as spiritual support, professional mentorship and educational opportunities.

VetBiz also offers a variety of services including evaluation, skills development, mentoring and other professional assistance for former service members to build their own businesses. Learn more about VetBiz.^{See note1}

Another way to find potential mentors is to explore a veteran-owned business directory. There are a variety ofoptions available. Check out the following sites:

• VeteranOwnedBusiness.com^{See note1}
• BuyVeteran.com^{See note1}

These directories may be able to help you find experienced veteran business mentors in your industry or local area who can help you navigate entrepreneurship challenges.

5. Grow your expertise.

There are many ways for veterans to build on the skills gained while in the military — whether through universities, nonprofit organizations or the SBA. Many of these programs and courses are offered for free or at a low cost and may be available online or in person. Check with your local university to see if any of these programs are available near you.

One notable education resource is Syracuse University's Institute for Veterans & Military Families (IVMF).^{See note1} The IVMF offers a wide variety of programs, events and resources to help former service members develop valuable professional and entrepreneurial skills, including:

• Boots to Business (B2B)^{See note1}
• Veteran Women Igniting the Spirit of Entrepreneurship (V-WISE)^{See note1}
• Entrepreneurship Bootcamp for Veterans (EBV)^{See note1}
• Coalition for Veteran Owned Business (CVOB)^{See note1}
• Center of Excellence (COE) for Veteran Entrepreneurship^{See note1}
• The Startup Training Resources to Inspire Veteran Entrepreneurship (STRIVE)^{See note1}
• IVMF Resource Library^{See note1}
• The Veterans Network (VetNet) YouTube channel^{See note1}

Another source for free tools, tips and training for veteran-led businesses is Grow with Google.^{See note1}

6. Compete for government contracts.

As a veteran, you can compete for federal contracts. A certain percentage of contracting dollars are set aside for service-disabled veteran-owned businesses by the federal government.^{See note1} While the Department of Veteran Affairs (VA) offers the Vets First Contracting Program.^{See note1}

These programs give veteran-owned businesses priority when you bid on contracts for the VA or other federal or state government agencies.

Take note that female veteran business owners can also compete for government contracts as a woman-owned small business.

7. Access surplus personal property.

You may be able to save money on certain equipment through the Federal Surplus Personal Property Donation Program.^{See note1} Through this program, government agencies donate personal property that is no longer in use. This can include computers, office equipment, appliances and even vehicles. As a veteran-owned small business, you can access federal surplus property as long as you meet eligibility requirements.^{See note1}

8. Open a franchise.

Military service can prepare you for running a franchise — and a franchise can be a stepping stone toward owning a business that's 100% yours.

Consider the VetFran Program.^{See note1} VetFran is a program of the International Franchise Association Foundation aimed to match the unique skills of entrepreneurial veterans with franchise opportunities.

Many franchisors offer discounts and other incentives for veteran franchisees. VetFran also offers numerous resources and tools, as well as a database of franchising opportunities.

9. Hire other veterans and claim a tax credit.

Many veteran business owners are eager to support and hire other veterans. But the opportunity to help another former service member can also benefit you financially. Businesses that hire qualified veterans can receive an income tax credit through the Returning Heroes and Wounded Warriors Work Opportunity Tax Credit program.^{See note1}

If you're interested in hiring veterans for your business, a helpful resource is VeteransHireVeterans.com.^{See note1}

10. Participate in Veterans Small Business Week.

During the first week of November, the SBA celebrates National Veterans Small Business Week.^{See note1} The event is designed to celebrate, connect and empower veteran and military entrepreneurs by sharing valuable resources and hosting virtual events. By participating in this event, you may have the opportunity to network with other veteran entrepreneurs.

11. Share your unique skills and perspective.

Sometimes, military and civilian life can feel worlds apart. But when you make the choice to leave your military career and start a new venture, you may be surprised how well military service has prepared you to succeed professionally.

Being in the military is an experience unlike any other. As a service member, you gained unique skills, training and perspective that you can use to your advantage as you build your post-military career. You can use social media networks to meet other veterans and share experiences. Check out the following sites:

• RallyPoint^{See note1}
• VetFriends^{See note1}
• Together We Served^{See note1}

The resilience, resourcefulness and leadership you bring can set you apart as a business owner and an employer.