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5 Great Financing Resources for Veteran Entrepreneurs

Small Business

You've served your country as a member of the U.S. military, and now you're ready to serve your community with a great new business idea. But jumping from one career to the next can be tough, especially as a veteran. You'll face unique challenges as you adjust to civilian life, from establishing good credit to securing the business loans that you need to succeed. Fortunately, there are plenty of options and resources available to you as a veteran because you already have the skills and resume needed to branch out on your own. Here are five excellent resources to get you started as you build your brand.

Small Business Association

The Small Business Association isn't strictly reserved for veterans, but it's one of the best-known organizations for helping entrepreneurs start and grow their business. The organization's stated purpose is threefold: to protect and serve small business ventures, to "preserve free competitive enterprise" and to bolster the U.S. economy as a whole. Founded in 1953, the association has been helping small businesses nationwide for over 60 years by connecting them with financing options, advocating for their interests, and offering training and other resources to entrepreneurs.

Veteran Entrepreneur Portal

For service members who don't know where to start, the federal government offers a convenient jumping off point in the Veteran Entrepreneur Portal or VEP. This one-stop shop offers a bevy of information to veterans who need help finding funding and connecting with the right government agencies to create or expand a small business. Administered by the Department of Veterans Affairs, the VEP caters to former service members looking to start a new business, expand an existing company or even buy a franchise.

StreetShares

If you've been in business for a year already, earn at least $25,000 in annual revenue and have a personal credit score of at least 600, veteran-owned StreetShares may be a good choice for you. The company offers convenient financing options, APRs of 9 to 40 percent, and loans of between $2,000 and $40,000. There are other businesses that you can use to apply for a business loan, but StreetShares caters to veterans. It's best for those who need smaller loans and working capital.

Accion Veteran-Owned Business Loans Program

You don't have to secure a loan from the government or a for-profit entity to start your business. The Veteran-Owned Business Loans Program from nonprofit Accion can help you start or expand your business idea. Accion offers a simple application process and financing up to $1 million depending on the need. You can use Accion's loan for everything from buying equipment to hiring staff. The company also offers educational resources to get you loan-ready if you need help.

The Veterans Business Resource Center

If you're looking for training, counseling and other educational resources to start or grow your business, contact the Veterans Business Resource Center or VBRC in St Louis, or visit their website. The center has been working with service members since 2004, offering a host of training resources to active and former military members online and at their physical location in Missouri. The VBRC is a project of the nonprofit Veterans Advocacy Foundation.

When launching a business, veterans should always start with the federal resources available because they've been designed specifically for former service members. If you're looking for robust funding options from a traditional for-profit venture, then there are several options available to you as well. How much funding you can get depends on several factors, including your personal credit score and debt. Business loans aren't right for every person, especially for veterans with low credit scores, but there are ways to bring your business to life with the right assistance.

If you have comments or feedback about any article, please email your thoughts to info@acp-advisornet.org.

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