There are more than 2.5 million veteran-owned companies as per the United States Census Bureau. This is due to the reason that veterans contribute hugely to the country’s economy. Currently, there are various opportunities through which the federal government and private organizations are helping to grow service-disabled veteran-owned businesses.
But, now, let us start from the beginning. If you are a veteran and willing to start your own business, you should first register as a veteran-owned small business or VOSB through the SBA (Small Business Association).
You can first register as a veteran-owned small business through the Small Business Administration or the SBA website. To qualify for this, 51% of the business should be owned and operated by veterans, and the commercial venture should meet all the qualifications of being a small business, as referred to by the SBA. Besides, the total number of employees and the amount of revenue generated from the business is also considered. Once the business is registered on VOSB, you can have various opportunities like getting access to funds and several government contracts that only the veterans can apply for.
However, several veterans feel uncomfortable or do not realize their potential to start a new business after retiring from their service. In such cases, organizations like KW Productions provide the necessary motivation and support to them to have their dreams come true.
These are some of the major funding options for these businesses. They are-
This loan program obtained through the SBA is mainly designed for helping veterans to start and expand their businesses. Several people take advantage of this loan as it has low-interest rates, and there is no upfront guarantee for these loans until $125,000. When the loan exceeds over $125,000, but it is less than $350,000, the SBA itself provides a 50% discount on the total fee. It helps the veterans who have fast access to the money and will allow them to hire new employees, invest in any equipment, buy real estate, etc.
The service disabled veteran owned business owners can apply for several government contracts through the Department of Veteran Affairs. These programs are also called the Veterans First Contracting Programs, supported by the U.S Government and help veterans access several contracts that are easy to bid on. To participate in such a bidding, your business should be verified through the Vets First Verification Program.
If you have a small business and one of the employees is on active duty, you can qualify for this particular loan. Loan amounts up to $2 million can be obtained under this program.
If you are one of those who want to start a veteran small business and do not have much access to loans or are not able to gather enough courage to stand up on your feet once again, you can consult with the team from KW Productions. They can help you find the right way out through the necessary consultation and guidance. To know more, visit their official website.