Resources for veteran entrepreneurs

July 16, 2024 | 3 minute read

Steve Strauss

Written by
Steve Strauss
Founder
MrAllBiz

The senior small business columnist for USA Today, Steve is also a brand ambassador with 20 years of experience and the author of 18 books, including his latest, Your Small Business Boom.

After leaving the armed forces, veterans are faced with transitioning to civilian life, which can include finding a job or starting a career. A growing number opt into going into business for themselves. The Small Business Administration (SBA) estimates that over 2.5 million businesses in the United States are majority owned by veterans.

 

For many veterans, starting a business is a clear choice. The skills acquired and honed during their time of service carry over well into the business world. For example; leadership, teamwork, perseverance and resilience are only some of the characteristics that comprise a great service member. These same attributes are also commonly associated with being a successful entrepreneur or small business owner.

 

However, despite the many transferable skills acquired during service, it doesn’t mean that service members are immediate business experts and ready to tackle the inevitable obstacles that come with starting and growing a business. Veterans face the same challenges that new and existing small business owners commonly face such as access to capital and acquiring business knowledge. That being said, there are a number of dedicated resources to help veterans along the way as they embark on the entrepreneurship journey.

 

Resources for veteran entrepreneurs

SBA veteran programs

A best friend to small business, the SBA’s Office of Business Veterans Development provides many resources for veteran entrepreneurs looking to start or grow a business. Some of these resources include access to capital and preparation for small business opportunities.

 

For example, Operation Boots to Business is a business course for veterans. It guides veterans through the transition from serving to becoming a business owner, covering topics like business plans and launching a product, and provides follow up support for those looking to continue building their business knowledge.

 

Another great SBA resource is IGNITE, a one-day entrepreneurship training event offered in cities across the country. The curriculum is intended to help veterans, active duty, and military spouses/life-partners who are exploring small business ownership as a post-service career path.

 

The Veterans Administration (VA)

Similarly, the VA has a great small business resource center, the Veteran Entrepreneur Portal. Offering help for everything from starting to financing to growing a business, this is a great place for the beginner or seasoned veteran entrepreneur alike.

 

Veteran entrepreneurship courses

Patriot Boot Camp offers entrepreneurship training programs in various cities nationwide.

 

The leader for in-person, live entrepreneurship training is the Institute for Veterans and Military Families (IVMF) at Syracuse University (in conjunction with a host of other major universities). Here you will find an online 30-day curriculum, followed by a 9-day in-person session at the university. Participants also receive follow-up support and mentoring.

 

Warrior Rising is a program exclusively for verified members of the military and veterans. Designed and facilitated by veteran entrepreneurs, the course is offered online “so that anyone, anywhere can participate in a well-designed, collaborative online environment.”

 

Other resources

  • The National Veteran Owned Business Association: NaVOBA’s mission is to create corporate contracting opportunities for America’s Veteran’s and Service-Disabled Veteran’s Business Enterprises through certification, advocacy, outreach, recognition and education.
  • Hivers and Strivers: An alternative to common financing options, Hivers and Strivers is a veteran-focused angel investment group.
  • Second Service Foundation: This 501(c)(3) nonprofit organization provides access to capital opportunities, education and other support to military entrepreneurs nationwide.

 

Veteran entrepreneurs come equipped with a wealth of valuable skills. That doesn’t mean they don’t require some help along the way from mentors, networking opportunities and business strategies.

 

If you are, or know, a veteran seeking a career as an entrepreneur, take advantage of some of the great resources available.

Important Disclosures and Information

Bank of America engages with Steve Strauss to provide materials for informational purposes only, and is not responsible for, and does not guarantee or endorse any of the third-party products or services mentioned. All third-party logos and company names mentioned herein are the property of their respective owners and are used under license from Steve Strauss.

Bank of America, Merrill, their affiliates and advisors do not provide legal, tax or accounting advice. Consult your own legal and/or tax advisors before making any financial decisions. Any informational materials provided are for your discussion or review purposes only. The content on the Center for Business Empowerment (including, without limitations, third party and any Bank of America content) is provided “as is” and carries no express or implied warranties, or promise or guaranty of success. Bank of America does not warrant or guarantee the accuracy, reliability, completeness, usefulness, non-infringement of intellectual property rights, or quality of any content, regardless of who originates that content, and disclaims the same to the extent allowable by law. All third party trademarks, service marks, trade names and logos referenced in this material are the property of their respective owners. Bank of America does not deliver and is not responsible for the products, services or performance of any third party.

 

Not all materials on the Center for Business Empowerment will be available in Spanish.

 

Certain links may direct you away from Bank of America to unaffiliated sites. Bank of America has not been involved in the preparation of the content supplied at unaffiliated sites and does not guarantee or assume any responsibility for their content. When you visit these sites, you are agreeing to all of their terms of use, including their privacy and security policies.

 

Credit cards, credit lines and loans are subject to credit approval and creditworthiness. Some restrictions may apply.

 

Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as “MLPF&S" or “Merrill") makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation (“BofA Corp."). MLPF&S is a registered broker-dealer, registered investment adviser, Member SIPC, and a wholly owned subsidiary of BofA Corp.

 

Banking products are provided by Bank of America, N.A., and affiliated banks, Members FDIC, and wholly owned subsidiaries of BofA Corp.

 

“Bank of America” and “BofA Securities” are the marketing names used by the Global Banking and Global Markets division of Bank of America Corporation. Lending, derivatives, other commercial banking activities, and trading in certain financial instruments are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Trading in securities and financial instruments, and strategic advisory, and other investment banking activities, are performed globally by investment banking affiliates of Bank of America Corporation (“Investment Banking Affiliates”), including, in the United States, BofA Securities, Inc., which is a registered broker-dealer and Member of SIPC, and, in other jurisdictions, by locally registered entities. BofA Securities, Inc. is a registered futures commission merchant with the CFTC and a member of the NFA.

 

Investment products: