Veterans have made an immense contribution to the economy, and their entrepreneurial spirit has helped create opportunities for many while also driving economic growth – and there are now many veteran owned small businesses in the United States.
Veterans make up a significant portion of business owners – including small businesses. According to the U.S. Census Bureau, veteran-owned businesses make up 5.9% of all companies in the United States. This translates to more than 335,000 veterans who own businesses, employ close to 3.9 million employees, and take in approximately $947 billion in receipts.
With stats like that, it is clear that veteran-owned small business leaders may also benefit from furthering their own education – and their employees – by working with a university that has its roots in the military.
American Military University: Roots in The Military
American Military University (AMU) is a great choice for veteran-owned small businesses who wish to help provide their employees with the opportunity to earn a quality degree.
With curriculums formatted and designed for professionals who are dedicated to making a difference – AMU offers affordable tuition and relevant online degree programs.
There are many reasons why AMU is a great fit for veteran-owned small businesses.
- An Affordable Education for Small Businesses
AMU offers grants to active members of the military, veterans, their families and other qualified individuals. This makes it easier for veteran-owned small businesses to fund higher education for their employees without having to worry about the financial burden associated with many traditional universities.
- Learn on Your Own Schedule
With asynchronous online courses, students are able to work around job or family obligations without compromising their academic goals. This is especially beneficial for veteran-owned small businesses who may not have flexible scheduling options available. Students can complete most assignments and classes online, anywhere in the world and at any time of day.
- Support Teams to Guide You Through Veterans’ Benefits and More
AMU provides a dedicated student services team to help students throughout their entire educational journey. They provide support with admissions, career services, financial aid and more. This ensures that students have access to resources that may help them succeed.
[Related article: An Alumni Story Honoring Veterans Day: ‘Do It Scared’]
The Small Business Administration and Veteran Owned Small Businesses
With AMU’s flexible online courses, transfer credit policies*, and diverse range of majors, the university offers a unique academic program tailored to the needs of today’s military families and veterans. Combined with AMU’s institutional knowledge and history of helping veterans, the university is well-versed in the many benefits and entities available to veteran small business owners through the Small Business Administration (SBA).
The SBA provides a variety of assistance for veterans transitioning into civilian life who are interested in starting their own businesses. Through workshops and training programs, the SBA offers guidance on how to create business plans, as well as mentorship opportunities. With this support, veterans can gain access to resources and information about how to become entrepreneurs and small business owners.
The SBA’s commitment to helping veterans start a business is an invaluable resource for those wishing to take that path. The SBA 7(a) program is an attractive option for financially qualified veterans who are looking for a loan. Through the SBA 7(a) loan program, eligible veterans can apply for loans ranging from $200,000 to $5 million.
Additionally, the SBA offers Express Loans – designed to provide capital for veteran-owned businesses in areas that are not well-served by major or regional banks. SBA Express Loans offer between $25,000 and $500,000 with fixed-rate terms of up to 25 years if funding is needed rapidly.
The Veterans Business Outreach Center Program
The Office of Veterans Business Development (OVBD) – and its Veterans Business Outreach Center (VBOC) program – are great assets for veterans and helps equip veterans with the necessary tools and resources for success in small business ownership.
With their help, veterans may gain confidence and knowledge to become successful business owners – and by utilizing these resources – veteran business owners can stay up to date with government policies, find mentors in their field or industry and learn how to access capital.
OVBD also provides guidance and counseling regarding the legal, technological and financial aspects of starting a business.
The program provides a network of VBOCs across the country, as well as offers workshops on developing a business plan, concept assessments, mentorship opportunities and specialized training. To locate the nearest OVBD center, visit the SBA website.
American Military University Alliances and Other Information
Forming an alliance with AMU can enable veteran business owners to empower their workforce to fulfill their full potential. Here are some resources that may help you with making a decision about furthering the education of veteran-owned small business leaders and employees:
- AMU’s Veterans Benefits
- Military Tuition Assistance
- Find Your Local Military Education Manager
- AMU’s Associate Degrees
- AMU’s Bachelor’s Degrees
- AMU’s Master’s Degrees
*The University reserves the right to accept or deny credits according to the policies outlined on the University website.