Military veterans who retire at a relatively young age normally try to re-establish themselves by engaging in business or seeking employment. The option of starting new businesses is normally quite favorable among many veterans. The key challenge is normally how to appropriately finance their businesses. However, there exist various financial resources and opportunities for such veterans seeking to start a business.
SBA Veteran Loan Programs
The Small Business Administration Veteran Loan Program gives veterans an opportunity to expedite their ambitions to establish businesses. The SBA offers veteran business loans of to $350,000 within 36 hours of application. The veterans, however, are required to have a credit score of above 680 to qualify for such a loan.
The Bunker is an incubation program targeting helping veterans to establish a foothold in the market within 6 months of incubation. The program provides veterans with office space from where they can base and have their tech-startups incubated and nurtured. This program provides mentorship and professional development while opening the veterans to various capital opportunities.
Vocational Rehabilitation and Employment Program
The Vocational Rehabilitation and Employment Program is run by the US Department of Veteran Affairs. This program targets financing veterans with disabilities through the purchase of inventory, licensing, equipment, and business supplies.
Boots to Business
The Boots to Business program is run under the US Small Business Administration program as a free service where veterans are offered training on introduction to entrepreneurship. The program targets helping veterans through the various stages of business establishment right from the process of writing a business plan.
Institute for Veterans and Military Families
This program is designed to offer educational training for veterans targeting venturing into business. The program is jointly run by the Syracuse University and other veteran business financing programs. Veterans get trained on crucial business topics such as accessing capital and running a successful business.
Veteran Women Igniting the Spirit of Entrepreneurship
The V-Wise Program offers help to female veterans through training, mentorship, and support for launching and running businesses. The program comes at a low cost of $75 and is open for both veterans and active duty service members and their spouses.
Military Reservist Economic Injury Disaster Loan
This is a loan program run under the SBA to help veterans aspiring to venture into business. The program targets financing already established businesses by providing loans at the interest of 4%, a maximum loan term of 30 years, and a loan limit of $2 million.