As Veteran’s Day draws near, I thought it would be a great time to direct attention to the number of veteran-owned businesses operating in the United States.  Some estimates show over 2.45 million small businesses in the United States are owned by veterans, representing over 9% of all U.S. businesses. Most of these businesses specialize in technology, consulting or construction and require less start-up capital than a typical small business. Fortunately, the process of obtaining veteran funding is becoming much easier.

Where Do I Start?

If you are a veteran or you know a veteran who is seeking a business loan, a great place to start is with the Office of Veterans Business Development (OVBD), an offshoot of the US Small Business Administration (SBA). The OVBD offers a wide variety of programs designed to assist veterans – counseling, training, and business support are all within the OVBD scope of services. The organization actually maintains dozens of localized resource centers around the country so veterans can receive one-on-one, in-person business assistance when they are ready to start a business.

What Funding Options Are Available for Veterans?

Funding for veteran-owned businesses is becoming easier to procure. If you are a veteran or service-disabled veteran, the SBA has resources to help you start and grow your small business. From creating a business plan to finding your first customer, the SBA has solutions to help you succeed.

One popular resource the SBA offers for veterans is the Patriot Express Loan Program. Under this program, eligible veterans who apply to receive a small business loan can receive approval in as little as ten days. This type of funding is ideal to cover start-up costs, growth and expansion as well as inventory expenses.

There are several options available to veterans who are trying to obtain financial assistance when starting a veteran owned business. Traditional banks offer small business loans to veterans, but it is often more difficult to get approval. However, alternative lenders such as Triton Financial Solutions offer veteran loans from a few thousand to hundreds of thousands of dollars at surprisingly low rates and are a great choice in cases where a veteran may have been turned down by a traditional bank.

Who Should I Talk To?

If you are looking for more information on how to start your veteran-owned business, contact your local chapter of the Office of Veterans Business Development. Once you receive business counseling and work with an advisor to create a business plan, you can call Triton at 770-249-2357 to find out more about small business funding for veterans.

La Mancha Sims is the Founding Partner and CEO of Triton Financial Solutions, a business funding consulting firm located in Atlanta, Georgia. You can reach La Mancha at 770-249-2357.

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