According to the U.S. Census, 9% of American businesses have been started by veterans, including Rocket Lawyer. If you have served our country and are now considering starting your own business, there are several resources that you won’t want to miss out on.
With 61.8 of veteran-owned businesses relying solely on personal or family savings to get up and running, many vets aren’t using loans from banks or other lenders to finance their endeavors—often due to inconsistent or even non-existent credit history. With that in mind, here are just a few examples of organizations that do provide support to veterans on the path to entrepreneurship:
U.S. Department of Veteran Affairs and the Small Business Administration (SBA)
While the U.S. Department of Veterans Affairs does not offer small business loans, they do offer VA home loans and education benefits to help veteran entrepreneurs manage other financial responsibilities. The SBA, on the other hand, has an Office of Veterans Business Development, that offers access to training programs like Boots to Business and access to government loans and other entrepreneurial resources.
In addition to other reintegration services around education and employment in tech, VetsinTech offers financial workshops for veterans who want to start their own companies. Participants have access to a range of programs including Entrepreneur Bootcamp and Office Hours, where vets can connect with industry leaders to discuss funding strategy, to VetCap, a financial workshop where veterans can learn about the right type of funding for their company and practice their pitches to a seasoned panel of experts. Learn more about VetsinTech.
The last several years have seen tremendous growth in online options for private lenders and many of those companies offer support for veterans. StreetShares, for example, was founded by a veteran and offers flexible and affordable financing to help other vets and their businesses succeed. They offer a simple term loan, which allows you to get a lump sum up front, a line of credit, or contract financing. Learn more about StreetShares.
If you’re a veteran and thinking about starting a business, Rocket Lawyer can help. We’re proud to assist veterans with their small business goals by helping them incorporate, connect with attorneys, and make business documents.
To all the veterans and their families who serve: Thank you, from the Rocket Lawyer team.