According to the Office Of Advocacy, veteran-owned businesses have made a significant impact on the U.S. economy, with over 1.9 million veteran-owned businesses providing jobs for around 5.5 million people and generating substantial economic output, according to data from the SBA.
Many veterans seek control over their careers after service, with entrepreneurship offering a route to independence and financial stability. Research shows that veterans are more likely than non-veterans to start their businesses, leveraging skills like leadership and resilience acquired during service. This trend reflects a broader movement, as veterans account for approximately 5.2% of all U.S. businesses according to the United States Census Bureau, including various sectors from manufacturing to retail.
Regarding economic contribution, According to the U.S. Department of Commerce, veteran-owned businesses generate close to $922.2 billion in annual receipts and maintain an annual payroll of nearly $179.9 billion. However, veteran entrepreneurs often face unique hurdles, such as difficulty securing capital and navigating civilian market dynamics. The Federal Reserve’s Small Business Credit Survey found that nearly half of veteran entrepreneurs report limited access to funding, which can stall business growth.
Numerous programs aim to bridge these gaps. The SBA’s Office of Veterans Business Development offers resources like the Veterans Business Outreach Centers (VBOCs), which provide training and mentorship. Additionally, grant programs and loan options specifically for veterans help address funding challenges, making it easier for veterans to translate their skills into successful businesses.
Veterans' foray into small business ownership demonstrates resilience and adaptability, underscoring their impact on local communities and the broader economy. With continued support, these entrepreneurs can further strengthen their role in driving innovation and economic growth across the nation.