2009 November 09 | The Business Success Blog

Business Finance in a Recession- Part 4: Business Funding for Veterans

November 9, 2009 by Frank Goley, Business Consultant

Growing or starting a company during a Recession certainly is not impossible. In fact it can have a lot of advantages, which are discussed in detail in ABC’s Article on Recessionary Business Tactics. I discussed in the previous three Blogs on Business Finance, finding funding during a down economy is not impossible. Please review these Blogs for some funding alternatives available to you today.

I am going to switch gears a bit in this blog and write about something near and dear to my heart: U.S. Service Men and Women. Having served in the Navy, I know firsthand the level of service and sacrifice service people make on a daily basis. I also know from 20 years business building and consulting experience that Veterans make fantastic entrepreneurs and business owners. They have the discipline, the skills and the drive to succeed as a business owner, and most importantly, they clearly understand service, often giving back many fold to their communities.

Unfortunately, as chronicled by Patrick Doyle of Entrepreneur Magazine (July 2009, “…How Veterans can Find Funds”), Veteran business ownership has fallen from 20% of all small businesses 15 years ago to today of only 12%. We must correct this backslide because Veterans are great Americans and entrepreneurs. In response, Congress and the SBA have launched some programs to help Veterans start small businesses.

Veteran Small Business Programs:

Patriot Express Pilot Loan:

Summary:

Up to $500,000 Bank Loan; guaranteed up to 85% by the SBA.

Lowest SBA Interest Rates: 2.25 to 4.75 point spread over prime.

Express: approved within a day.

As of April, SBA guaranteed more than 3,000 loans to Veterans, with an average loan size of $86,000.

Disadvantages: Need a good credit history.

Ask the SBA for alternatives.

More Info: www.sba.gov/vets

Military Reservists Economic Injury Disaster Loan:

Summary:

Up to $2 Million Loan to help your business continue and survive when you or an employee are called to active duty.

A great key person protection mechanism.

Disadvantages:

Doesn’t replace the lost skills and experience.

More info: www.sba.gov/vets

Veterans Transition Franchise Initiative (Vet Fran):

Summary:

10 to 20% off initial franchising fees from 385 prospective franchise companies.

Advantages:

Franchisors offer proven business plans, business models and marketing strategies, along with great support.Lower your equity investment exposure.

What it isn’t:

Not a loan but consider pairing it up with a Patriot Loan.

More Info: www.vetfran.com

For more information on Franchises and How to Find and Analyze a Franchise opportunity, please see ABC’s Franchise Article.

Veterans are great investment risks and make fantastic entrepreneurs. Let’s help them succeed. Provide ABC Business Consulting with a copy of your Military ID or discharge papers, and we will grant Veterans and Active Duty Service People 20% OFF our Services.

Let us hear from you! We appreciate all your Feedback.

If you are a Vet, thank you for your service!

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