Veteran-Owned Business Resources Affected by the Pandemic

According to a Small Business Administration study on veteran-owned firms and their owners published in 2017, veterans owned roughly 2.52 million enterprises in the United States. The research also indicated that over 9% of all firms in the United States were owned by veterans, emphasizing the substantial contribution veterans contribute to the country’s overall economic well-being.

Although veterans may seem to be exceptionally equipped to be successful company owners because to their training and discipline, all business owners encounter challenging and unanticipated difficulties. Being a company owner is not easy, from everyday operating concerns to personnel management to acquiring financing. Add to it the obstacles posed by the epidemic, which have harmed enterprises across the board, and you have a terrible environment for the contemporary vet-owned firm.

We have compiled this list of governmental and private organizations to assist veteran-owned companies and self-employed veterans during these difficult times.

The Government’s Resources

The federal government provides a number of services and initiatives to veterans:

Administration for Small Businesses

The Small Business Administration (SBA) is a government organization that assists small businesses. The Veterans Advantage 7(a) loan was designed expressly to assist veterans in obtaining the money they need to launch a small company. These loans feature longer periods, lower down payments, and less severe credit standards than typical company loans. For qualifying veterans who apply for the loan program, some loan costs are also lowered.

There is also a coronavirus-specific option in the SBA. The SBA Economic Injury Disaster Relief program provides disaster loans to specific states and territories for small companies that have been harmed by the coronavirus. Although they aren’t just for veterans, they are beneficial in this particular economic circumstance.

Veterans Administration Veteran Employment and Readiness Program

Veterans Affairs’ Veteran Readiness and Employment (VR&E) program assists veterans with service-related impairments in achieving their career aspirations. It provides a self-employment course for entrepreneurs who are unable to obtain work due to a handicap. To be eligible for this program’s support in launching your own company, you must first enroll in VR&E and demonstrate that your impairment prohibits you from getting conventional work. If you qualify, you will get training in small-business operations, financing, and marketing.

Small and Disadvantaged Business Utilization Office (OSDBU)

The OSDBU is a branch of the United States Department of Veterans Affairs that aids veteran-owned companies who are experiencing financial difficulties. The OSDBU does not directly offer funds, but it does link small enterprises with government entities that need their services. It is simple to get assistance from the OSDBU. Just register and validate your company, and the information about your company will be included to the directory. Your company will then be paired with appropriate government projects. If the epidemic has caused your company to lose certain possibilities, obtaining some of these government contracts may be beneficial.

Disaster Loan Program for Military Reservists (MREIDL)

MREIDL provides loans to enterprises who have a critical employee that is summoned to active service. Many veteran-owned companies use military personnel, and they might suffer if those workers are called away. Adding the death of a key employee to the losses incurred during the epidemic may be too much for a company to bear. The MREIDL loan money enables the employer to keep the soldier’s employment open until he or she can return home. While this program is not exclusively for veterans, many veterans may benefit from it.

Private Groups Providing Assistance to Veteran Entrepreneurs

In addition to these government agencies, the following non-governmental organizations may assist you with your business:

Organization of Veteran and Military Business Owners (VAMBOA)

VAMBOA is an organization that assists veteran-owned companies and its owners with business coaching, financial information, mentoring, and contracts. It’s a terrific location to network with other seasoned entrepreneurs or to get your company in front of people who want to help it. You may be able to get additional contracts via VAMBOA to get you through the epidemic.

Veterans Starting Businesses

Farleigh Dickenson University’s Veterans Launching Ventures program offers a certificate course on how to establish and run a successful company for veterans and their families. During 10 months, vets are paired with other vets who act as mentors. During the pandemic, this education might provide the groundwork for overcoming the problems of the coronavirus and establishing a new, profitable company.