Veterans: Overcoming Challenges in Small Business Ventures

Veterans face unique challenges when starting small businesses, but a plethora of resources are available to help them overcome these obstacles and thrive in the entrepreneurial world. This article explores the financial challenges veterans encounter, the resources and programs designed to support them, and success stories that illustrate the potential for veteran-owned businesses.
Veteran entrepreneurs often struggle with financial challenges distinct from their non-veteran counterparts. According to SCORE, about a third of veteran businesses have limited access to capital or lack of financing, compared to a quarter of non-veteran-owned firms. This disparity is due to factors like lack of credit history or savings, and the mental toll of transitioning from military to civilian life. However, numerous resources and programs exist to help veterans overcome these financial hurdles.
The Small Business Administration (SBA) offers the Veterans Advantage Program, which provides fee reductions on SBA loans for veterans. Additionally, the StreetShares Foundation offers grants to veteran entrepreneurs through their Veteran Business Grant program, with amounts ranging from $4,000 to $15,000. The International Franchise Association (IFA) offers the VetFran program, which provides financial incentives, training, and mentoring to veterans interested in franchising. Furthermore, the SBA's Boots to Business program offers entrepreneurial education and training to veterans as part of the Department of Defense's Transition Assistance Program (TAP).
These resources and programs are designed to help veteran entrepreneurs access capital, reduce startup costs, and navigate the complexities of small business ownership. The SBA's Veterans Business Outreach Centers (VBOCs) offer business training, counseling, and resource partner referrals to veterans, including workshops and mentoring programs designed to support veterans in starting and growing their businesses. Nonprofit organizations like Bunker Labs and Warrior Rising provide coaching, mentorship, and educational programs to help veterans start and grow their businesses.
Veteran-owned businesses (VOBs) also face unique challenges when it comes to connecting with potential customers, including government contracts. Programs like the SBA's Veteran Small Business Certification (VetCert) help VOBs bid on federal sole-source and set-aside contracts. Additionally, the Department of Veterans Affairs' Vets First Contracting Program offers similar opportunities. Organizations like the VBOCs provide business training, counseling, and resource partner referrals to veterans, including workshops and mentoring programs designed to support veterans in starting and growing their businesses.
Success stories abound, demonstrating the impact of these programs on veteran entrepreneurs. For instance, Jackson Dalton, a U.S. Marine veteran, started Black Box Safety, a personal protective equipment manufacturer, after obtaining SBA certification. Today, he serves major clients like the Department of Veterans Affairs and the State of California. Similarly, Adam Isch, a Marine Corps veteran, launched Isch Body Works with the help of Warrior Rising, a nonprofit organization. The company donates part of its revenue to charities supporting Texas children in foster care and awaiting adoption.
In conclusion, veterans face unique challenges when starting small businesses, but numerous resources are available to help them overcome these obstacles and succeed. With targeted support, mentorship, and access to capital, veteran entrepreneurs can thrive in the small business world. As the veteran population ages and the number of veteran-owned businesses declines, it is crucial to invest in and promote these resources to ensure the long-term success of veteran entrepreneurs.