Small Business Administration shines light on resources for vets looking to start businesses

In recognition of “Veteran’s Small Business Week” and Veteran’s Day later this month, the Small Business Administration and Veteran Business Outreach Branches of Vermont are letting service members know the opportunities that are available to them.“The reason it’s important to provide these services for veteran, active duty and military spouse businesses is because those folks face unique challenges to entrepreneurship and small business ownership that other folks might not,” said Faye Longo of the Center for Women and Enterprise. The Veteran Business Outreach Center, or “VBOC,” is a regional organization serving all of new England with a branch in Vermont. The organization is a branch of the Center for Women and Enterprise, which is also a branch of the Small Business Administration, or “SBA”.As veterans start to grow their businesses, almost every bank or credit union in Vermont participates with the SBA on loan servicing. Veterans have an advantage where they’re not charged an upfront guarantee fee. “As they start to grow their business and they want more capital to grow, they can go to a bank or credit union and they can get what we call a SBA ‘guarantee loan,’” said Darcy Carter, U.S. Small Business Administration VT district director. “So that means that the bank or the credit union makes the loan and we reduce the credit risk for them.”In regard to the concern of running a business while deployed or based in another part of the country, the SBA wants service members to know their options. “if you own a business, and you’ve been called up for active duty, we have a loan program called the “military reservice economic injury disaster loan and basically you can get working capital to help pay for someone to come and take on your roll while you’re called out,” Carter said.The Small Business Association in partnership with the Veteran Business Outreach Center wants service members to know free trainings and one-on-one consultations are always available to them through their Vermont-based branches.To access any of the Small Business Administration’s Services, people are recommended to reach out to their Vermont Branch at 802-828-4422.To get in touch with the Vermont Business Outreach Center under the Center for Women and Enterprise for their services under the SBA, people can reach out to Faye Longo directly at 802-391-4873 or [email protected]

In recognition of “Veteran’s Small Business Week” and Veteran’s Day later this month, the Small Business Administration and Veteran Business Outreach Branches of Vermont are letting service members know the opportunities that are available to them.

“The reason it’s important to provide these services for veteran, active duty and military spouse businesses is because those folks face unique challenges to entrepreneurship and small business ownership that other folks might not,” said Faye Longo of the Center for Women and Enterprise.

The Veteran Business Outreach Center, or “VBOC,” is a regional organization serving all of new England with a branch in Vermont. The organization is a branch of the Center for Women and Enterprise, which is also a branch of the Small Business Administration, or “SBA”.

As veterans start to grow their businesses, almost every bank or credit union in Vermont participates with the SBA on loan servicing. Veterans have an advantage where they’re not charged an upfront guarantee fee.

“As they start to grow their business and they want more capital to grow, they can go to a bank or credit union and they can get what we call a SBA ‘guarantee loan,’” said Darcy Carter, U.S. Small Business Administration VT district director. “So that means that the bank or the credit union makes the loan and we reduce the credit risk for them.”

In regard to the concern of running a business while deployed or based in another part of the country, the SBA wants service members to know their options.

“if you own a business, and you’ve been called up for active duty, we have a loan program called the “military reservice economic injury disaster loan and basically you can get working capital to help pay for someone to come and take on your roll while you’re called out,” Carter said.

The Small Business Association in partnership with the Veteran Business Outreach Center wants service members to know free trainings and one-on-one consultations are always available to them through their Vermont-based branches.

To access any of the Small Business Administration’s Services, people are recommended to reach out to their Vermont Branch at 802-828-4422.

To get in touch with the Vermont Business Outreach Center under the Center for Women and Enterprise for their services under the SBA, people can reach out to Faye Longo directly at 802-391-4873 or [email protected]

https://www.mynbc5.com/article/small-business-administration-resources-vets-start-businesses/41860348