4 Ways Veterans Can Find Help Starting a Business

Veterans have more options than ever when it comes to receiving training and financing to start their own business. Specifically designed for veterans, these programs and funding sources give our nation’s heroes the financial edge and training they need to become successful business owners.

1) Military Reservist Economic Injury Disaster Loan

This type of funding is administered by the Small Business Association and is designed to help veterans whose businesses are facing, or will face, financial difficulties because an essential employee was transferred to active duty. Eligible applicants can borrow up to $2 million, but must have collateral for all loan amounts over $50,000. The funds in this loan can only be used to cover necessary operating expenses (not lost income or profits) and are only available to those businesses that the SBA determines are unable to obtain other sources of financing. Veterans do not have to pay the SBA funding fee, which could save them thousands of dollars.

2) Veteran Women Igniting the Spirit of Entrepreneurship

Designed specifically for female veterans and their spouses, the Veteran Women Igniting the Spirit of Entrepreneurship, or V-WISE, is a three-part program that provides training and ongoing support for female veterans who currently own a business or are interested in starting a new venture.

3) Service-Disabled Veteran Owned Small-Business Program

This program helps veterans with a service-connected disability gain a competitive edge in obtaining government contracts of up to $5 million. In order to qualify, the applicant must be the majority owner as well as the highest-ranking employee who handles daily operations of the business.

4) Boots to Business

For active-duty military members who are transitioning out of the military, Boots to Business is a no-cost education program that provides training and resources for both military members and their spouses. The program includes a two-day training that is held at many military bases and offices around the country. For those already off active duty, the program is Re-Boot.

Legal help for Virginia’s veteran business-owners

At Wilson Law Group, PLC, we understand that veterans have unique legal needs. We offer free consultations and reduced fees for our veteran clients. If you are a veteran who is interested in starting your own business or receiving legal help for an already-established venture, please visit us online at www.wilsonlawgroup.net or contact our office at (804) 864-5268.

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Wilson Law Group

Jim Wilson is the founder and principal attorney of the Wilson Law Group. For the past 25 years he has been combining legal dexterity with an entrepreneurial mindset to help aspiring and established business owners start, finance, buy, sell, and run their companies.

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