Monthly Archives: July 2021

Can Being A Veteran Help When Starting A Business?

After leaving the forces and adjusting to civilian life, many veterans opt to start their own business instead of seeking traditional employment. Starting a business allows veterans to control their own future and helps them achieve the American Dream. These benefits are available for veterans of designated military occupations and can accrue in significant ways when starting a business.

These benefits include:

Student Loan Forgiveness : This applies to veterans who obtained a degree under the Post-9/11 GI Bill. If the veteran is in repayment status for the student loan, he or she may be able to lower his or her monthly payments by applying for and receiving Taxpayer Remission (TAR). The TAR program eliminates payments on Federal student loans and grants the taxpayer’s right to receive $5,000 from the government.

Disabled Veterans Business Enterprise (DVBE) Program : This is a government-funded program that assists veterans in starting and maintaining their own business. The DVBE Program provides training, advice, guidelines, and access to capital for aspiring entrepreneurs. Successful businesses qualify for up to $500,000 in loan assistance.

Service-Disabled Veteran – Owned Small Business (SDVOSB) : This is a government-supported initiative aimed at helping service members be successful in the business world. SDVOSB helps veterans obtain federal contracts and develop business and practical skills.

Small Business Administration (SBA) : The SBA makes available to veteran small business owners many resources that will help them understand the intricacies of starting and maintaining a small business. The SBA is an excellent place to start for information on how to apply for loans and other forms of assistance for starting a business.

Veterans Affairs (VA) Business Development Program : This program allows veterans to use their GI Bill benefits while taking entrepreneurship courses. The program entails business plan writing and financial analysis. The VA also provides counseling and guided tours to help veterans create successful, viable businesses.

Small Business Administration (SBA) : The SBA makes available to veteran small business owners many resources that will help them understand the intricacies of starting and maintaining a small business. The SBA is an excellent place to start for information on how to apply for loans and other forms of assistance for starting a business.

In order to take advantage of these benefits, veterans need the proper training. The DVBE Program and the SBA offer a wealth of information on launching a small business. Veterans can also turn to organizations like SCORE for training, support, and resources.