The service members sacrifice a lot by serving their country in combat. As a way of appreciation and gratitude, the United States government offers several benefits and advantages to both active and retired service members.

For those veterans who are looking to open a business in the community, there are several benefits of looking into such a venture. In this article, we seek to highlight some of those options.

Loans

 

To start up a business, you will need capital for various reasons; for purchasing of licenses and approvals, purchase of equipment, or advertising and marketing of your services. In addition, one might not have the money and will be looking to get funding from elsewhere. As a veteran, there is one option that you should look to take advantage of.

The Veteran’s Advantage Loan offers veteran business owners up to $5 million worth of loans. The length of repayment can be spread over 10 years.

Government Contract

There is a percentage of all government contracts that are offered to veteran-owned businesses. All that you need is to identify your business and take advantage of such an opportunity.

Veteran’s Small Business Week

Taking place every November, the U.S. Small Business Administration takes a whole week to appreciate the thousands of veteran business owners. It is a week to acknowledge and appreciate their endeavors and accomplishments.

During the week, veterans are also offered resources that will help them improve the standards of their businesses. This is often in the form of webinars, short courses, and guide books. Veterans are able to grow their businesses and achieve their entrepreneurial dreams.

Tax Incentives

In the occurrence that a business offers employment to a veteran, it can enjoy a tax credit to a limit of $1,500. Employers are able to take advantage of this benefit by claiming 25% of the first-year paid wages to an upper limit of $6,000.

The Office of Veterans Business Development

Imagine a large directory of information and resources available in one central place. That image is the Office of Veterans Business Development. It is here that you can find information on your fellow veterans and their businesses. You can be able to boost your fellow veterans’ business or partnering with them on a new venture.

Acquisition of surplus equipment and assets

Not long ago, the government passed the Veterans Small Business Enhancement Act. The Act provides for service veterans, in particular business owners, to acquire additional equipment that the federal government may have acquired. And the cost of acquisition for these service veterans is absolutely free.

Veteran-owned businesses have access to quality equipment and supplies. It is possible for a service veteran to open a new business with almost zero capital. With access to these items, it is also possible to boost your business to the next level.

Conclusion

If you are looking to start a veteran-owned business, the stars are aligned! Take advantage of the policies in place and enjoy the benefits of being an entrepreneur.