According to the latest Small Business Administration (SBA) report, “veteran-owned small businesses contribute approximately $1.4 trillion to the nation’s total sales/receipts per year.” Linda McMahon, the head of the SBA, is currently looking to increase this number on her nation wide tour to meet with small businesses from all 50 states. The purpose of her tour is to raise awareness for small businesses in America and educate business owners on SBA offerings.
The SBA looks to help veteran entrepreneurs in a myriad of ways, including loans, mentorship opportunities and more. “For veterans and active-duty service members specifically, the SBA has more than 20 specialized outreach centers and a handful of training programs.”
Last year, the organization’s Boots to Business program educated about 17,000 people on the process of transitioning from the military to the private workforce. “Servicemembers leaving the military and their spouses face many of the same challenges associated with starting or growing a business as civilians, such as access to capital, financial management, regulation and compliance, and marketing strategy.” The program acts as a guide to create a smooth a transition as possible.