Originally posted by Laurie Kuilowski on TheStreet.com
Still, for all the effort being put into motion to turn more military vets toward entrepreneurism, in the end it is all about money. Starting a business or a franchise requires savings that not many military vets (especially the younger veterans) are like to have.
One new organization taking an initiative to help more veterans access capital is The Veterans Business Fund, a not-for-profit organization created to provide financial assistance to veterans. It plans to launch on Monday its first low-interest loan for veterans.
The organization was established in response to the high unemployment rate among veterans, many of whom are skilled through their military experience to become successful small-business owners, but lack sufficient equity capital to qualify for a small-business loan.
All principal and interest paid to the organization will be made available to future veteran entrepreneurs requiring assistance in meeting the equity requirements for a small-business loan.
The fund was established by BoeFly, an online marketplace connecting small-business owners with more than 2,400 lenders, in conjunction with the IFA, SCORE, SunTrust and others.