In This Issue:
- Message from Managing Director, Noah Harris
- Veteran Company Spotlight: Nido
- Advising Corner: The Cost of Online Loans
- Military-to-Civilian Transition Experiences
We’re in the midst of Veterans Small Business Week (October 31 to November 4, 2016), and there are events happening all of the country (click here to learn more). This is a great opportunity to meet and connect other veteran entrepreneurs and to get updates on services available to support your business development.
We continue to see some small business owners being challenged by having taken online loans that weren’t the right fit for their business needs. So this month our advising corner focuses on two different types of online loans, questions to ask as you consider your options, and some ways to help you make these options more affordable when you do choose them.
We’re also sharing CivCom’s survey results about the transition from military-to-civilian careers. CivCom is a new veteran-owned organization looking to ensure all transitioning veterans have jobs before they leave the military by 2020. This survey reflects our stories and the stories that our clients have shared with us about the challenges they faced as they transitioned into civilian roles.
If you’re not sure about your next step, give us a call. We can help you get connected to the right resources to help you take your business to the next level.
As always, thank you for helping us spread the word about Veteran Launch and for your continued service to our communities as small business owners.
Meet Our Clients: Nido
Cory McCollow, Coast Guard Lieutenant, and his wife Sylvia own and operate Nido, an incredible Latin American restaurant in Oakland featuring dishes created with local produce and innovative cocktails.
Cory manages the business side of the restaurant, making use of the discipline and focus that he sharpened during his time in the military academy. Even now, with the restaurant in full swing, Cory retains his position in the Coast Guard. Silvia, who is the head chef, manages the kitchen and develops the menu. Her resume is a “who’s who” of East Bay restaurants.
“There were no lenders other than Veteran Launch willing to give us a second look,” Cory said. “We needed capital to finance leasehold improvements as well as acquire equipment, furniture and fixtures, and the acquisition of start-up inventory and supplies.”
The Cost of Online Loans
Recently, online lenders have multiplied, offering small business owners more options to access the capital they need for their small businesses. However, some of these lenders are not transparent about their terms, and small business owners have faced obstacles in successfully paying back while continuing the operate their businesses. Many of these financing options have a time and a place, and knowing how to evaluate them can help you determine the best fit for your small business.
In the rest of this post, we discuss revenue-based loans and online loans with a higher interest rate. In addition, we offer some things to consider as you evaluate your options.
Military Transition Lessons Learned
CivCom’s goal is to improve military career transitions by getting useful information to military families early enough to clarify and support their experience. Every challenge is easier when you have more time, including career transition.
CivCom launched a survey to learn from veterans about their transition to civilian careers. Nearly everyone reported wishing they started earlier, that they needed a trusted advisor to support them in navigating through different options, and that salary negotiations were especially challenging. Click here to read the full analysis of this survey.
Subscribe to CivCom’s YouTube Channel to help them make military reintegration videos.