Veterans Day serves as a small reminder of the gratitude that we owe the men and women who have given so much to serve the United States. Their work both domestically and overseas has brought monumental contributions to our country, and deserves to be recognized year round.
For many veterans, their service to the United States endures long after they leave the military. This can be seen across America’s local communities. In fact, one in six military veterans in the US are small business owners, and one in ten small businesses in the US are veteran-owned.
Studies have shown that the success rate of these veteran-owned businesses is higher on average than other businesses. This transition into successful small business owners across America’s main streets is far from coincidental. The military instills values of leadership, discipline, and flexibility in its members. With 78% of veteran small business owners benefiting from over 20 years of service in the military, one cannot discount the impact that their experiences have had in influencing the creation of successful businesses.
With that said, like all business owners, veterans face distinct challenges in building their businesses. One of the hardest things small businesses face in setting up shop is getting access to capital early on in their operations. There do, however, exist many great resources with offerings specific to veterans, such as the Small Business Administration,SCORE, and Small Business Development Centers. The most recent military veterans who served in Iraq, Afghanistan, and across the world, like many of their predecessors, are returning from difficult duties and looking to build up communities and continue their service in towns across the country.
With the advent on online lending, more resources are available to business owners, including veteran-owned businesses. As a company that employs veterans, The Credit Junction is committed to being another reliable and valid solution to the needs of these businesses.
Contributions to this article made by Sergio Rodriguera, Jr., Chief Strategy Officer at The Credit Junction, who is a decorated veteran of the Afghanistan war and multiple deployments as a Navy Intelligence Officer.