Equipment Funding For Veteran Owned Small Business
Starting a business after military service may seem like uncharted territory, but there are resources to help you. The U.S. Small Business Administration (SBA) offers support for veterans transitioning from military service to business owners. The SBA provides veterans access to business counseling, training and business development opportunities through government contracts. The Office of Veterans Business Development (OVBD) promotes veteran entrepreneurship. Every year, the federal government awards contracting dollars to businesses owned by veterans.
The U.S. Department of Veteran Affairs (VA) supports small businesses owned by veterans. The Veterans First Contracting Program provides unique procurement and sourcing opportunities. (https://www.va.gov/OSDBU/entrepreneur/vetsFirst.asp). Verify your company as a Veteran-Owned Small Business (VOSB) or Service-Disabled Veteran-Owned Small Business (SDVOSB) to take part.
Above And Beyond
With an estimated $947.7 billion in annual receipts, veteran owned businesses have a positive influence on the American economy. Every year, nearly 200,000 service members transition to civilian life. 20 percent of them are looking to start businesses. Veterans make up roughly 7 percent of the population. According to the U.S. Census Bureau, veteran-owned businesses make up 6.1 percent of all firms in the United States. For every ten veterans, there’s approximately one veteran owned company. 5.8 million people across the nation work for veteran owned companies. That’s around 2.4 million businesses. According to the SBA, veterans are 45% more likely to be self-employed than non-veterans.
Veteran entrepreneurs face difficulties when accessing capital for equipment purchases. Many businesses are not considered “lender-ready” by traditional banks. This is an impediment to growth. Most small businesses don’t have a bucket of discretionary cash lying around. Financing is always a major concern. If you have the grit and determination to start your own business, bootstrapping may be an option. Bootstrapping is when a business owner starts a company with little or no assets. Making something out of nothing isn’t new, but the advantage would be starting up with little or no debt. Building a company from personal finances or its operating revenues can be difficult. This form of financing allows the entrepreneur to maintain more control, but it also can increase financial strain.
A Reliable Financial Partner
The post-pandemic economy has been tough for small businesses. We’re all working through those difficulties. Being prepared for the next opportunity is crucial. Our flexible lease options allow business owners to be well-equipped. Navigate difficult situations, adapt to new environments, and pivot against the unknowns. We want to make sure small businesses like yours can access the capital you need to move forward. Be competitive and expand your horizons.
Easy as 1-2-3
We’ve made it quick and easy for entrepreneurs to get qualified, approved and funded. Put your new or used equipment to work and make money right away. Apply Online today. Use our equipment finance calculator to estimate payments. Give us a call for further details.
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