In This Issue:
- Message from Managing Director, Noah Harris
- Highlights from Veteran Business Mixer with SACLeads
- Veteran Recruiting: Connecting Veterans with Careers
- Veteran Company Spotlight: Kenny’s Heart & Soul
- Advising Corner: Shop Around for Business Financing
Friends,
We’re thrilled to share that to-date we have funded 24 veteran-owned companies with over $3 million in loans deployed. These companies have created and sustained over 160 jobs and provide essential goods and services to communities across California. Through our partnerships, we have been able to showcase many of the companies that operate in Northern California, connecting veterans with each other and building a strong network of support for veteran-owned businesses.
In our position as a trusted nonprofit in the veteran space, we are adapting and evolving our programs and services to meet the needs we’re seeing in our community. We know that small business development and jobs go hand-in-hand. We’ll share more with you in this newsletter about how our work with small businesses is intersecting with jobs to support transitioning servicemen and women to find the right career in civilian life. We’ll also share how you can support this effort.
Thank you for your continued support and help in getting the word out about VeteranLaunch.
Noah Harris
Managing Director, Veteran Launch
Highlights From Veteran Business Mixer with SACLeads
Mike McGrane, Air Force veteran & Vice President – Regional Lending Director at Veteran Launch, partnered with SACLeads to host a special event exclusive to veteran businesses. The event was May 24th in Sacramento and showcased three localveteran business owners: Vanessa Grenyion from HealthQuest, Geoff Sakala from Clickspring, and Mike Donoho from The Waffle Experience. All three business owners described the benefits they received working with Veteran Launch.We’re proud to partner with other veteran support organizations. To connect with us about ways we can work together, click here.
Veteran Recruiting: Connecting Veterans with Careers
Veteran Launch recognizes that transitioning from military service to a civilian career is challenging. The mission of Veteran Launch‘s recruiting program is to make sure every veteran leaves the military with a job offer in-hand by the year 2021. Through the use of state-of-the-art assessment and placement technology and in partnership with corporations and professional mentors, Veteran Launch aims to significantly improve transition outcomes for veterans.
Veteran Company Spotlight: Kenny’s Heart & Soul
In April 2014, Kenny Stuckey, an Army veteran, decided that he wanted to launch a food truck in order to be independent and to create something of his own. He and his now-husband Bill Voget began to research how to start a business, specifically a food truck, while selling chicken on street corners in Oakland to build a following.Now, Kenny’s Heart and Soul is the only soul food truck in the Bay Area, serving hundreds of customers each week their famous homestyle cooking. “Kenny’s Heart and Soul is love on wheels. Our fried chicken is that ‘shake and bake’ style that you shake in a paper bag then cook in some oil. My dad’s recipes inspire us, and our grounded, homespun approach is what our customers connect to,” says Kenny.
Kenny and Bill came to Veteran Launch looking for an organized financing partner. “At Veteran Launch, they asked the pertinent questions. Going through the process gave me confidence and made me feel like my business has value,” says Kenny. “At the time, we got counseling and guidance from Veteran Launch, and that was invaluable. The money let me complete my vision, and the support made it possible for us to start.”
Advising Corner:
Shop Around for Business Financing
If you’re a veteran buying a new car, you will generally shop around to see if the financing from the dealership is better than your bank. If you are buying a new home, most veterans would check with a couple of banks to find the most competitive interest rate they could get for their VA home loan.
That’s why it is so surprising that Lending Tree reported that the majority of small business owners do not shop around when searching for small business loans.
Annual percentage rate is your best measuring stick
It’s important to look closely at Annual Percentage Rate (APR). APR is a common way to measure the true cost of your loan so that you can make an easy and fair comparison among your options. Most of the time the advertised interest rate is not the APR. Upfront fees, frequency of payments, and early payoff penalties can all increase your APR.
To make sure that you are getting the best financing and truly understanding your APR consider asking:
· What is the interest rate?
· Are there loan fees upfront?
· How often do payments occur (daily, weekly, monthly)?
· Is there penalty for early payoff?
· Are there special allowances for my veteran-owned business status?
All of these are important factors in making a decision about the right financing for your veteran-owned business. The most important thing to do is to shop around and consider different options. The time spent doing this research could result in saving thousands of dollars in financing charges and can set your business up for greater opportunities.
Click here to learn more about Veteran Launch‘s business lending resources.
