Finding work has been a challenge for many Americans in the past few years, and United States military veterans haven’t been immune to difficult job searches. In particular, male veterans under 25 returning home face an unemployment rate of over 24%.
Job searching is not the only employment option available. Nearly 10% of US veterans own their own businesses, demonstrating that entrepreneurship is a viable employment path for many of the men and women returning from overseas. These 2.4 million US small businesses generate about $1 trillion dollars in annual sales each year and are major contributors to our economy.
Launching a business can be intimidating, but there are great resources out there to support you as you get started. OBDC Small Business Finance is launching FastTrac, a training program for aspiring and established business owners. The first 10-week course of the year begins in February for US veterans and aspiring entrepreneurs. There is still space to register. At the end of the 10 weeks, each participant will have a business plan and, more importantly, will have spent time with a trained facilitator and peers developing their business idea and implementation plan.
OBDC is honored to work with veterans, offering business advising, training, and loans. Our borrowers are deeply invested in their businesses, and we are thrilled to serve as a partner and supporter.
For more information about how serving in the military can provide helpful skills in running a business, check out this article. For more information about OBDC’s work with veterans, please visit our Veteran’s Program site.