Veteran-owned businesses play a pivotal role in the small business landscape. With nearly 2 million businesses owned by veterans employing over 5 million people, their contribution to the economy is significant. Several organizations and programs are dedicated to assisting veterans in achieving their entrepreneurial aspirations after leaving the military. In this article, we'll explore four key benefits available to veteran-owned businesses, including funding options, tax relief, business training programs, and franchising discounts.
1. Funding Options for Veteran-Owned Businesses
Starting a business often requires capital, and veterans have unique options available to them. One notable avenue is through the Small Business Administration (SBA), which offers various loan programs tailored to veterans looking to launch their businesses.
Additionally, for veterans who hire fellow veterans, the SBA provides the Military Reservist Economic Injury Disaster Loan, designed to assist businesses if an employee is called to active duty. Although the U.S. Department of Veterans Affairs does not directly offer loans, they can facilitate improved access to capital through their network.
2. Tax Relief for Veteran-Owned Businesses
The IRS collaborates with community and government organizations to offer valuable tax support and resources to veterans. These benefits encompass free tax preparation services, free filing assistance, and various tax credits exclusively available to veterans. Furthermore, veteran-owned small businesses registered with the VA can benefit from tax relief measures designed to reduce their tax burden.
3. Business Training Programs for Veteran Entrepreneurs
Veterans embarking on entrepreneurship can access a wealth of resources to support their journey. The Veteran Entrepreneur Portal (VEP) provided by the VA serves as a valuable hub, connecting veterans with essential tools, resources, training, and networking opportunities to start and grow their businesses.
Additionally, veterans can tap into the resources offered by the Veteran Business Outreach Center program, a part of the SBA. This program hosts workshops and sessions on various crucial topics, including business planning, entrepreneurial training, and mentorship, providing veterans with invaluable guidance.
4. Franchising Discounts for Veterans
Franchising can significantly ease the path to entrepreneurship for veterans, with exclusive veteran franchising discounts available. An excellent example is Benjamin Franklin Plumbing, a proud member of the International Franchise Association's (IFA) VetFran® Program. This program offers a substantial 30% reduction in the franchise fee and territory fee for all honorably discharged veterans of the American and Canadian armed forces on their first franchise.
By partnering with a nationally recognized brand and leveraging a proven operational system through franchising, veterans gain the support and tools needed for marketing, training, and running their businesses effectively.
Learn More About Starting Your Veteran-Owned Business
If you're a veteran with aspirations of starting your own business, our team at Benjamin Franklin Plumbing is eager to learn more about you and your goals. We're here to connect you with a franchise opportunity for veterans that can turn your dreams into reality.Contact us today to discover more about franchising opportunities for veterans, including the benefits of franchise discounts.