Veteran business owners and military business owners often need SBA loans to either get off the ground or to grow their businesses. SBA business loans provide businesses the chance to build larger facilities and obtain necessary equipment and machinery, among other things, by offering small business loans specifically created for smaller entities. There are different SBA loan programs to help starting and growing a business. These programs come with different SBA loan rates but they are all loans that can be used for fundamental businesses investments.

One of these SBA lending programs is the Patriot Express Loan Program, a program specifically created for SBA small business loans for veteran business owners and military business owners. The Patriot Express loans are only available to veteran business owners and military business owners, generally decreasing the competition between businesses, but competition is still high among veteran owned businesses. Eligibility for these SBA loans is only applicable through the end of December 2010. SBA business loans programs such as the Patriot Express loans are a step forward for military business owners and veteran business owners because they often have smaller SBA loan rates than other SBA lending programs.

SBA small business loans for veteran owned businesses and military owned businesses are made to meet the financial requirements for small businesses in terms of SBA loan rates and SBA lending repayment programs. SBA loans specifically created for military businesses are usually more affordable than other small business loans from other lenders. Veteran business owners can use SBA business loans to purchase a multitude of business items. These small business loans can be used toward expanding a business structure, adding an additional room or purchasing new business space altogether. The SBA small business loans are very flexible in this regard. Unlike certain other general loans or small business loans that must be put toward a specific purpose in order to be obtained, SBA business loans help businesses thrive and grow in every department.

The SBA loan programs that are offered for veteran and military businesses are created to support the growing community of military and business owners who make up about 5% of all small businesses. The Small Business Administration works to promote these businesses by offering their low SBA loan rates, specific SBA business loans created for military and veteran businesses and SBA loan programs and SBA lending services, offering flexible and helpful loans. The growth of the military and veteran business community has been largely helped by SBA small business loans and will continue to succeed with the support of SBA loans.

Contact the Small Business Administration for more information on SBA loans.

FOR IMMEDIATE RELEASE:  TUESDAY, JULY 13, 2010

• VETERAN BUSINESS OWNERS NUMBER 2.4 Million
• VETERAN BUSINESS OWNERS totaled receipts of $1.2 trillion in 2007.

The number of minority-owned businesses increased by 45.6 percent to 5.8 million between 2002 and 2007, more than twice the national rate of all U.S. businesses, according to the U.S. Census Bureau. In addition, the number of women-owned businesses increased 20.1 percent during the same period. The total number of U.S. businesses increased between 2002 and 2007 by 18.0 percent to 27.1 million.

These new data come from the Preliminary Estimates of Business Ownership by Gender, Ethnicity, Race and Veteran Status: 2007, from the U.S. Census Bureau’s 2007 Survey of Business Owners. The preliminary report released today is the first of 10 reports on the characteristics of minority-, women-, and veteran-owned businesses and their owners scheduled for release over the next year.

Increases in the number of minority-owned businesses ranged from 60.5 percent for black-owned businesses to 17.9 percent for American Indian- and Alaska Native-owned businesses. Hispanic-owned businesses increased by 43.6 percent.

Receipts of minority-owned businesses rose 55.6 percent to $1.0 trillion between 2002 and 2007. Increases ranged from a high of 62.9 percent for Native Hawaiian- and Other Pacific Islander-owned businesses to 28.3 percent for American Indian- and Alaska Native-owned businesses. Over the same period, receipts of Hispanic-owned and women-owned businesses increased by 55.5 percent and 27.0 percent respectively. Receipts of all U.S. businesses increased by 33.5 percent, to $30.2 trillion.

Additional highlights:

All U.S. Businesses

• Employer firms: Of the nation’s 27.1 million businesses in 2007, roughly 5.8 million had paid employees. These businesses employed 118.7 million people, a 7.1 percent increase from 2002. Their payrolls totaled $4.9 trillion, up 28.2 percent from 2002, and their receipts totaled $29.2 trillion, up 33.8 percent.
• Non-employer firms: An estimated 21.4 million businesses had no paid employees in 2007. Receipts at these firms totaled $972.7 billion, up 26.8 percent from 2002.

Veteran-Owned Businesses

• The 2007 Survey of Business Owners includes for the first time the number of veteran-owned businesses. The number of veteran-owned businesses totaled 2.4 million in 2007, with receipts totaling $1.2 trillion.
• In 2007, 32.5 percent of veteran-owned businesses were categorized in professional, scientific and technical services and construction.
• California accounted for 9.8 percent of veteran-owned businesses. Texas, Florida and New York accounted for 8.1 percent, 7.2 percent and 5.2 percent of veteran-owned businesses, respectively.

Minority-Owned Businesses

• Of the nation’s 5.8 million minority-owned businesses in 2007, an estimated 5.0 million had no paid employees. Receipts of these nonemployer businesses totaled $164.4 billion.
• Among all minority-owned businesses, 768,147 had paid employees in 2007. These businesses employed 5.9 million people with a total payroll of $168.2 billion. Receipts for minority-owned businesses with employees totaled $864.2 billion.
• In 2007, 30.0 percent of minority-owned businesses were in repair and maintenance, personal and laundry services, and health care and social assistance.
• Minority-owned businesses accounted for 56.9 percent of businesses in Hawaii, which led the nation, followed by the District of Columbia, where 40.2 percent of businesses were minority-owned, and California, where 35.6 percent of businesses were minority-owned.

Women-Owned Businesses

• The number of women-owned businesses totaled 7.8 million in 2007, up 20.1 percent from 2002. By comparison, men-owned businesses totaled 13.9 million, up 5.5 percent from 2002.
• In 2007, 31.9 percent of women-owned businesses were in repair and maintenance, personal and laundry services, and health care and social assistance.

White-Owned Businesses

• The number of white-owned businesses increased by 13.6 percent to 22.6 million between 2002 and 2007. Receipts of these businesses totaled $10.3 trillion, up 24.1 percent from 2002.
• In 2007, 28.5 percent of white-owned businesses were in professional, scientific and technical services and construction.

Black-Owned Businesses

• There were 1.9 million black-owned businesses in 2007, up 60.5 percent from 2002. Receipts of these businesses totaled $137.4 billion, up 55.1 percent from 2002.
• In 2007, 37.6 percent of black-owned businesses were in health care and social assistance, repair and maintenance, and personal and laundry services.
• Black-owned businesses accounted for 28.2 percent of businesses in the District of Columbia, which led the nation, followed by Georgia, where 20.4 percent of businesses were black-owned, and Maryland, where 19.3 percent of businesses were black-owned.

Asian-Owned Businesses

• There were 1.6 million Asian-owned businesses in 2007, up 40.7 percent from 2002. Receipts of these businesses totaled $513.9 billion, up 57.3 percent from 2002.
• In 2007, 32.3 percent of Asian-owned businesses were in repair and maintenance; personal and laundry services; and professional, scientific and technical services.
• Asian-owned businesses accounted for 47.2 percent of businesses in Hawaii, 14.9 percent in California and 10.1 percent in New York.

Native Hawaiian- and Other Pacific Islander-Owned Businesses

• The number of Native Hawaiian- and Other Pacific Islander-owned businesses totaled 38,881 in 2007, up 34.3 percent from 2002; receipts of these businesses totaled $7.0 billion, up 62.9 percent from 2002.
• Repair and maintenance, personal and laundry services, and construction accounted for 26.9 percent of all Native Hawaiian- and Other Pacific Islander-owned businesses.
• Native Hawaiian- and Other Pacific Islander-owned businesses accounted for 9.4 percent of businesses in Hawaii, highest among all states.

American Indian- and Alaska Native-Owned Businesses

• The number of American Indian- and Alaska Native-owned businesses totaled 237,386 in 2007, up 17.9 percent from 2002; total receipts of these businesses were $34.5 billion, up 28.3 percent from 2002.
• In 2007, 30.5 percent of American Indian- and Alaska Native-owned businesses were in construction, repair and maintenance, and personal and laundry services.
• American Indian- and Alaska Native-owned businesses accounted for 10.0 percent of businesses in Alaska, 6.3 percent in Oklahoma and 5.3 percent in New Mexico.

Hispanic-Owned Businesses

• The number of Hispanic-owned businesses totaled 2.3 million in 2007, up 43.6 percent from 2002. Receipts of these businesses totaled $345.2 billion, up 55.5 percent from 2002.
• In 2007, 30.0 percent of Hispanic-owned businesses were in construction, repair and maintenance, and personal and laundry services.
• Hispanic-owned businesses accounted for 23.6 percent of businesses in New Mexico, 22.4 percent of businesses in Florida and 20.7 percent of businesses in Texas.

Respondents to the 2007 Survey of Business Owners were asked to report the percent of ownership by gender, ethnicity, race and veteran status for up to four primary owners (Hispanics may be of any race). Business ownership is defined as having 51 percent or more of the equity, interest or stock in the business.

Separate reports for minority-, women- and veteran-owned businesses will be issued over the next year and will include more detailed data on the number of firms, sales and receipts, number of paid employees and annual payroll. Data will also be presented by geographic area, industry and size of business. Subsequently, separate publications will be issued highlighting characteristics of all businesses and business owners.

The Survey of Business Owners is conducted every five years as part of the economic census. The 2007 survey collected data from a sample of more than 2.3 million businesses. The collected data in a sample survey are subject to sampling variability as well as nonsampling errors. Sources of nonsampling errors include errors of response, nonreporting and coverage. More details concerning the SBO survey design, methodology and data limitations can be found at https://www.census.gov/programs-surveys/sbo/technical-documentation/methodology.html

Uniting Veteran and Military Business Owners For Collaboration, Connections and Contracts – VAMBOA, the premier association for Veteran and Military Business Owners

VAMBOA Mission:

Ensuring the development, growth and prosperity of Veteran Business Owners, Service Disabled Veteran Owned Businesses (SDVOB) and Military Business Owners of all sizes worldwide. We do so by connecting our members with private corporations and government agencies. We provide networking, collaboration, mentoring, education, certification and advocacy. VAMBOA’s “Vet Owned” seal symbolizes the talent, dedication, leadership and courage of these special Americans who currently serve or have served in our nation’s Armed Forces.

You have honorably served our nation. VAMBOA is here to serve you and be your voice.

JOIN TODAY

There are many business loans for veterans, business loans for military and service disabled veteran business loans available. Most of these small business loans are provided by the Small Business Administration and some are specifically created for veteran business owners, military business owners and vet-owned businesses. The Small Business Administration understands the value of small businesses owned by veterans—vet-owned businesses make up about 5% of the total small business market—and want to help support them by offering these service disabled veteran business loans, business loans for veterans and business loans for military businesses. Small business loans are, sometimes, the only way veterans wanting to become veteran business owners or military business owners can pursue those dreams.

The Small Business Administration recently enacted the Patriot Express Loan, a program providing business loans for veterans, business loans for military and service disabled veteran business loans for military and veterans looking to start a new business. They are similar to regular small business loans but the Patriot Express program is available only to prospective veteran business owners and military business owners. Utilizing resources from the Small Business Administration such as the Patriot Express Loan Program can jumpstart vet-owned businesses and other military owned businesses.

Veteran and Military Business Owners Association (VAMBOA) acts as a great connection between vet-owned businesses, veteran business owners and military business owners. It bridges the gap between veterans and the small business loans they need by connecting veterans and businesses with the Small Business Administration and other veteran business owners. The best way to find out about the best loans for small businesses is by connection with others who are either experienced with loans or who are also searching for business loans for veterans, business loans for military organizations or service disabled veteran business loans. VAMBOA is a key resource when it comes to business loans for veterans.

The Veteran and Military Business Owners Association (VAMBOA) provides many networking and membership benefits for military business owners and veteran business owners. Military small business owners can utilize VAMBOA to connect with other veterans who have good advice on the best business loans for military small business owners. The Veteran and Military Business Owners Association acts as a pivotal networking point for veteran small business and military small business owners.  When veterans and military business owners establish their membership with VAMBOA, they gain access to the multitude of networking and business-building tools unavailable in abundance elsewhere.

Many military small business owners, military business owners and veteran business owners need help finding or obtaining business loans for military businesses or a veteran small business. There are many business loans for military and veteran business owners available through the Small Business Administration (SBA). About 5% of the small businesses located in the United States are run by military business owners. That makes up for about 4 million of the 80 million small businesses. Because of the impressive amount of veteran owned small businesses, the SBA offers many business loans for military small business owners and veteran business owners. Sometimes, the paperwork and filing procedures can be a bit confusing for veterans, which is why it is nice to have a membership with the Veteran and Military Business Owners Association. Veterans who own a small business and military small business owners alike have networking abilities for situations like this only with VAMBOA. With their membership, they not only gain thousands of connections to other veteran and military business owners like themselves, but they also tap into a dense well of experience, wisdom and information.

Military business owners have generally been extremely successful, and a large reason why is because of their networking and communications skills. This is why the Veteran and Military Business Owners Association is a great reference to have at your fingertips when military business owners embark on new ventures or want to continue their success.

In the past two decades, there has been much progress in veteran business legislation and small business legislation. For military business owners, this progress has helped build strong businesses and opened up veteran business opportunities tremendously. In the past, veteran owned small businesses could barely receive funding from small business loans, let alone receive the veteran business legislation necessary to succeed and stand out in the business market. Through the support of organizations like VAMBOA (Veteran and Military Business Owners Association), service disabled veterans, military business owners, veteran owned small businesses and veterans just starting a business have been able to grow and prosper in progressive ways.

Small business legislation has opened up the doors for veterans wishing to start veteran owned small businesses. Some of that legislation has come in the form of simplified paperwork for veteran businesses and service disabled veterans businesses. Other veteran business legislation has called for more accessible small business loans for military business owners and other veteran businesses. This has increased the number of veteran business opportunities available to veterans and military business owners.

VAMBOA is actively pursuing further small business legislation to better assist service disabled veterans, military business owners and veteran owned small businesses and to open up new veteran business opportunities to those veterans looking to get into the veteran business market. By networking veteran business owners and pushing helpful veteran business legislation, such as better small business loans, VAMBOA hopes to increase veteran business opportunities and expand and strengthen the market, since most veteran small business owners need small business loans to get off the ground.

In an effort to accelerate small business legislation, VAMBOA encourages service disabled veterans and other veteran small business owners to network, connect and collaborate using its services.