As the United States celebrates Veterans Day, some veterans struggle with life after service. Many who’ve started small businesses say the military prepared them mentally. But some have difficulties with the financial part of entrepreneurship. The good news? Business owners who served in the U.S. military have multiple paths for getting help to set up shop.
In 1938, Franklin Roosevelt declared Veterans Day a legal holiday. Today, there are about 16.2 million military veterans, according to statistics site Statista. Many are “vetrepreneurs”—veterans who start small businesses. These people own nearly two million small businesses in the United States, according to the Small Business Administration.
But many would-be vetrepreneurs struggle. Sure, they enter the business world prepared with strong leadership and problem-solving skills. However, many haven’t had the time to build credit or savings that civilians have. That can cause problems when they need loans—since banks use such stats to lend money.
Business coaching nonprofit SCORE says about a third of veteran businesses have limited access to startup money or lack ample financing.
SCORE CEO Bridget Weston says there’s plenty of help for veterans. That can include nonprofit groups aimed at getting vets on their feet and building financial knowledge. There are also veteran-only loans and grants.
The Small Business Administration (SBA) offers a program for certifying veteran-owned or disabled veteran-owned small businesses. That endorsement can make it easier to get certain loans and federal contracts.
The SBA program was the route Jackson Dalton decided to take. Dalton enlisted in the U.S. Marines in 2000 and was selected for the prestigious Marine Corps Special Operations. But a badly broken leg during training forced him to retire after two years of active duty.
The transition to civilian life was difficult, but Dalton went on to get a master’s degree in public health. He spent 10 years working in the health and safety industry. When he ventured out on his own, he decided to focus on federal contracts and got certified by the SBA. He started Black Box Safety, a maker of personal protective equipment. Today, he serves major clients like the Department of Veterans Affairs and the State of California.
Besides the SBA, Dalton credits his military training with his success. “The skills and attributes that I picked up in the military were resilience and grit and the ability to adapt, improvise, overcome . . . when encountering resistance or obstacles and barriers,” he says.
Adam Isch went the nonprofit route. Isch served two tours in Iraq. He worked with nonprofit Warrior Rising in Salt Lake City, Utah, to find a mentor to help him start his business. Similar nonprofits include Bunker Labs, Tactical Launch, and others around the country.
“Anybody who wants to start a business, especially a veteran, go find a group,” Isch says.
One of the biggest challenges veterans face is finding funding.
John Griveas spent two years as a Navy Seal in the mid-1990s and four more years in the active reserves. In 2015, he started making and selling dog treats. He found a $10,000 grant via the FedEx Entrepreneur Fund. He calls the grant “literally a lifesaver” because it helped him move into a new location for the business.
Griveas advises other veterans to look for places that help veterans. He says, “There’s tons of resources out there.”
Helping those who have protected our country shows gratitude. Do you know any veterans? Thank them for their service!
Pay to all what is owed to them: . . . respect to whom respect is owed, honor to whom honor is owed. — Romans 13:7
