This week President Barack Obama announced that he planned to withdraw the last American troops from Afghanistan by the end of 2016. According to a timeline outlined by the president, 32,000 American troops in Afghanistan would be reduced to 9,800 after 2014, he said.
That means thousands of veterans will be coming home to their families. Many will leave the military, and begin making the difficult transition back into civilian life. Increasingly many, as trend data shows, will also start their own small businesses.
According to the US Small Business Association (SBA), veterans made up 9.1 percent of all business owners in 2012. Of those business owners, 7.1 percent were under 35—an increase from just 4.6 percent in 2012. More than 10 percent of veteran business owners owned two or more businesses. That’s compared to only 7.4 percent of their non-veteran counterparts. The SBA also reports that the 2.4 billion US veteran owned businesses generated $1 trillion in sales and employed nearly 6 million people in 2012.
Despite employing almost 6 million people, more than 53 percent of these businesses are small—employing four workers or less.
If there’s one thing that’s clear to CashFund, it’s that these guys and gals are still serving their country, even after leaving the military.
As more troops come home, the veteran business population is expected to continue to rapidly change. CashFund wants to be there to support these soldiers–whether these troopers plan on buying their first businesses or just need support in strengthening an existing one.
We know it takes business loans and business cash advance loans to help you advertise, stock up on inventory, pay employees even during times of emergency, purchase new equipment or mange the ups and downs of a seasonal business.
You can support veteran-business owners by buying their products and services. From pet grooming to software development, veterans own a diverse array of business across the country. You can search specifically for veteran-owned businesses at buyveteran.com.
As a leader in small business financing, CashFund is committed to supporting our American heroes through small business loans and business cash advances.
Learn more about our hassle-free, small business financing services at cashfund.com