MARCH 27, 2018
‘Thank You for Your Service,’ but what’s next for veterans? While many always look forward to starting quiet, new life somewhere in Colorado Springs or Virginia Beach, venture creation is never far from the thoughts of ex-service personnel. After their selfless service, we would be happy to see them lead successful and happy lives thereafter.
It is no more boots on the ground and gun salutes but a time to think business and possible sources of funding. Well, whether it is a service or product-oriented venture, the options are many. From IT service businesses, contracts to Agriculture, anything is possible.
The big question however is; are you ready for the challenges that come with business? It is a million dollar question many military retirees must ask before putting their money into any venture. The U.S. Small Business Administration statistics (SBA) indicate that ventures run by veterans account for about 7% of all the businesses in the country, which is a step in the right direction. But whether they have access to adequate funding is a question in limbo and which this post will resolve.
Ex-servicemen/women and business venture There are many reasons why ex-men and women would want to venture into business soon after retiring. They include the following:
- A source of perpetual income and financial stability
- A plan for veterans retirement benefits and savings General investment purposes
- Contribute to economic growth and development
With these at the back of your mind, the next stage is thinking about reliable sources of funding that wouldn’t have a negative impact on accounting books at the close of every trading period. You wouldn’t want to end up paying loans instead of enjoying the profits. SBA lists many grants and low-interest loan options that can best suit the funding needs of our heroes and heroines.
It is noteworthy that veterans are most of the time well-trained in business while still in the service. As a result, they have exceptional entrepreneurship skills such as discipline, risk-taking, leadership, teamwork, perseverance, and adaptability.
BUSINESS FUNDING OPTIONS FOR EX-SERVICEMEN/WOMEN
A bank is the first thing that comes to mind at the mention of loans because they’ve been doing a phenomenal job in helping venture creators access start-up funding. It goes that they are still the best credit facilities even for military retirees who want to start up small, medium or big businesses. The good news is that they can access these facilities at low-interest rates or special loan offers. Apart from banks, franchises and military credit unions have always been helpful.
Funding from friends and family
People with whom you are well-acquainted make a good starting point for loan acquisition. They can help you raise funds through lending. It is vital that you maintain credibility using promissory notes or any other form of loan agreement documentation.
You would be lucky if this applies best in situations like this because it generally involves no borrowing from friends, banks or family members. Equity financing is whereby you sell off shares to raise venture capital. It has worked for millions of starters.
It is an initiative for veterans who want to invest. By providing loans up to $100,000, those who already own or want to start a business have access to a range of credit facilities. There is a program: Patriots Express Loan Program managed by SBA for US veterans. Streetshares also matches those who need funding to viable lenders.
Kick-starter campaigns through crowdfunding Apps and websites is another viable loan option for veterans. Once you provide a clear business roadmap, anything else takes care of itself as people start to contribute.
Business is one of the best options of resort for military veterans. And with adequate funding from reliable sources, you enjoy a peaceful retirement. There are many more options to exploit for funds.