NEW YORK – Many veterans who’ve started small businesses tell a similar story: Their military service prepared them mentally for the task, but they were at a disadvantage when it came to the financial part.
“Vetrepreneurs” – veterans that start small businesses or startups — own nearly 2 million small businesses that employ 5.5 million people in the U.S., according to the Small Business Administration. They take in about $1.3 trillion in revenue annually. Their numbers have shrunk, however, as the veteran population has aged. In a 2023 report, the SBA found veteran ownership declined from 11% of businesses in 2014 to 8.1% in 2020.
Veterans enter the business world prepared with skills they gain in the field like leadership and problem-solving. But they haven’t had a chance to build up credit or savings that civilians have had more time to do. That can cause problems because banks use that information to …