The Small Business Administration has some programs tailored to assist veterans who are looking to start or expand small businesses.
In general, to qualify for the SBA’s veteran programs, you must demonstrate that you:
- directly and unconditionally own of at least 51 percent of a company
- exercise full decision-making authority within the company
- have amassed enough managerial experience to plausibly run the company
- manage the company both strategically and day-to-day
- hold the highest position within the company
- earn the greatest compensation (unless taking a lower salary somehow helps the business).
Operation Boots to Business is a program that trains veterans who are looking to start or expand a small business.
SBA Veterans Advantage offers guarantees on loans approved to businesses that are at least 51-percent owned by veterans or military spouses.
SBA Veterans Entrepreneurship Act of 2015 reduces the upfront borrower fee to $0 for eligible veterans and military spouses for SBA Express loans up to $350,000.
The Military Reservist Economic Injury Disaster Loan Program (MREIDL) provides loans of up to $2 million to cover operating costs that cannot be met due to the loss of an essential employee called to active duty in the Reserves or National Guard.
For more details about the SBA Veteran Pledge Initiative or any of these programs, visit the administration’s website.