Captain BUZ's Blog
Perspectives about small business start-up, growth and success.
3 Tips for Veterans Starting and Growing a Small Business
August 12th, 2008
Tom from Ohio writes:
Dear Captain BUZ:
I have been on active duty in Iraq and am planning for separation in 6 months. I would like to start my own business, but don't know where to begin, or where to find resources, especially a loan that I will need to get started.
Dear Tom:
First, thank you for your time and sacrifice through your military service in protecting Americans at home and abroad.
There is some good news in these troubled economic times for you and your fellow veterans who are in business or who are thinking about going into business. There are a wide range of business development resources including loan programs - yes, even loan programs - targeted to support your business development activities.
Here are three valuable actions that you can take to help you build your business success:
First: Determine your "business readiness"
Use the 10 Step Venture eMentoring Program, a free, online, interactive learning system that provides a thorough, step-by-step framework for developing business skills, knowledge and a support network for successfully launching or growing your own business venture. Here you can work through a series of worksheets that will return a score to help you to understand your relative business readiness. These results can also be emailed to a pre-selected business counselor from SCORE Counselors to America's Small Business, where you will receive feedback from an experienced business professional without charge.
The program begins with a self-assessment of suitability for being in business, and concludes with a blueprint for implementing the venture. It is self-paced - you proceed to the next session when you are ready. It is important to devote sufficient time to each of the exercises. For once, there are no predetermined right or wrong answers - the right answers are the ones that work for you.
It is valuable to have someone to discuss the various worksheet results with. That is why using someone else such as a SCORE mentor as a sounding board can help determine whether it all really makes sense.
Click here to register for the program, and visit www.score.org/index.html to locate a SCORE counselor.
Second: Build Your Networks
There are thousands of business assistance agencies that our tax dollars pay for to help veterans and others to build the skills and find the information they need to start, grow and succeed in their own business. These organizations offer free and low-cost help in practically all areas of business management including business planning, marketing, import/export, site location, funding, international business, government contracting and other core management disciplines. Through these free and low-cost business support relationships, you may also obtain referrals to local private sector support organizations such as bankers, accountants and attorneys. Collectively, these resource providers will help you gain more insight and skills based on your own particular entrepreneurial needs and interests, and also help you to begin building your support network for the longer term.
Visit Buzgate.org, select your state, and click on "Free Help" to find the right person in your local area that can provide the specialized expertise that you need.
Third: Find the Financing You Need - The Patriot Express Loan Program
The US Small Business Administration (SBA), in partnership with selected banks across the country, has established the Patriot Express Loan as an important new lending program to support veterans who want to go into business or who are already in business.
The Patriot Express Loan is for veterans and members of the military community who want to establish or expand a small business. Eligible military community members include:
- Veterans
- Service-disabled veterans
- Active-duty service members eligible for the military's Transition Assistance Program
- Reservists and National Guard members
- Current spouses of any of the above
- The widowed spouse of a service member or veteran who died during service of a service-connected disability
The Patriot Express Loan is offered by SBA's network of participating lenders nationwide and features expedited turnaround for loan approvals. Loans are available up to $500,000 and qualify for SBA's maximum guaranty of up to 85% for loans of $150,000 or less and up to 75% for loans over $150,000 up to $500,000. The Patriot Express Loan can be used for most business purposes, including start-up, expansion, equipment purchases, working capital, inventory or business-occupied real-estate purchases. Patriot Express Loans feature SBA's lowest interest rates for business loans, generally 2.25% to 4.75% over prime, depending upon the size and maturity of the loan.
Visit www.sba.gov/patriotexpress/sba_patriot_expressloan.html to learn more or contact your local SBA office. Click here to learn about other SBA loan guaranty programs.
Sincerely,
Captain BUZ
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