When someone hears the word “Veterans,” they usually think of one of several things. Most of the time, they’re revered as people who have proudly served this country. Others, they’re seen as “older” individuals who may have trouble finding their place in the world following their conflict. However, here’s something you may not know about Veterans—it’s key to have Veterans as business owners.
Even if someone is within an older age range and looks like they’re worn for wear, they’re key people in running a business. This also includes startups, as some begin a new business as a way to start fresh in their life. Either that or build towards a comfortable retirement or even something for their kids.
Here are some reasons why we believe having Veterans as business owners are better than you might realize.
They Have Financial Incentives Over The Younger Class
The door for Veterans as business owners is swung wide open compared to younger entrepreneurs. The reason for this? Better funding sources.
This includes tax incentives, in which they can receive a higher income tax credit compared to others. In addition, they may also be eligible for the Work Opportunity Tax Credit program, earning 25 percent back from first-year wages.
There’s more. A Veterans Advantage Loan program can open up for these older people. This allows them to borrow up to $5 million through an SBA 7 Veterans Loan, though it depends on states and terms. What’s more, they have up to ten years to pay back the investment. Some banks may offer younger business owners a similar term, but probably not for that much money.
Finally, don’t forget government contracts. With these, veterans as business owners can qualify for additional discounts, thanks to federal contracts set aside just for them.
Wait, Free Equipment? Possible, for Veterans as Business Owners
When someone invests in a business, they know they usually have to pay for supplies. But did you know that there are some programs out there set aside for Veterans as business owners? And ones that give them equipment for…free?
Well, it depends, really. But this is due to the Veterans Small Business Enhancement Act, which enables Veterans to gain access to certain surplus equipment. It all depends on certain applications, but this can go a long way to helping them create something new. In turn, Veterans save money for better utilization, such as hiring new people or bringing in equipment not covered by the act.
What’s more, the Office of Veterans Business Development can lend a hand as well. While not offering equipment, they have various other benefits available for Veterans as business owners. These include hiring similar Veterans looking for work, which, in turn, offers even more tax credit. That means more money saved down the line.
Needless to say, it pays more to have Veterans as business owners than it doesn’t. But let’s talk about the one crucial thing that pays it all off in the end – experience.
The Skills to Pay The Bills
Veterans, for the most part, know how to operate. They’ve worked closely within a unit with others and come out the other side. That shows dedication and devotion. Those are the two things that can truly go a long way in a business.
Older people bring tons of experience to a business, particularly those in charge. They know how to work in a team and, more importantly, guide them to the same level of success as them. Does it take work? Of course. But Veterans as business owners bring resilience that isn’t always present in younger business owners. In turn, those working under them are eager to learn and see how they can succeed just as they have.
Some traits coming from the military can easily carry over into an office. That includes keeping everyone on point with their work, but not as soldiers. Rather, just keeping things going while also addressing any matters that come up. And, of course, pushing people with the right motivations so that they aren’t ready to give up.
To Sum Up
In the end, it makes sense to have Veterans as business owners. You’ve got so many benefits they can get from the government, including money back and equipment. Not to mention the sheer expertise that comes from what someone could learn from them. Look to their leadership, as they lead startups and businesses to flourish.