As Veterans Day approaches, the U.S. Small Business Administration says it's continuing to build on its programs for military veterans.
The SBA helps tens of thousands of veterans each year with small business financing, comprehensive business training and counseling and access to federal contracts.
“Around Veterans Day, our thoughts turn to the men and women who are currently serving in the Armed Forces, as well as to all veterans who have made sacrifices and served our country over the years,” stated SBA Administrator Karen Mills in a press release. “When you consider the leadership and management skills our veterans develop while on active and reserve duty, it’s no wonder we see so many of them choose the path of small business ownership.”
Nearly one in 10 small businesses nationwide are veteran-owned, according to U.S. Census Bureau data. Collectively, these 2.4 million small businesses employ almost 6 million Americans and generate more than $1 trillion in receipts. In the private sector workforce, veterans are 45 percent more likely than those with no active-duty military experience to be self-employed.
SBA supports veteran business owners through entrepreneurial training and mentoring, access to capital, and business development opportunities through government contracts.