In honor of Veteran’s Day, OnDeck is celebrating veteran small business owners all month long. Here are seven awesome facts about veteran small business owners:
1. Extremely Motivated
According to the SBA, veterans are roughly 45% more likely to form their own business compared to people who haven’t served any time in the military.
2. Highly Skilled
78% of veteran-owned small business owners are retiring from the military with 20 years of service – that’s a lot of experience to bring to any organization.
3. Great Long Term Planners
Not only are veterans diving into the entrepreneurial game, but they are also sticking around. Last year, the SBA reported that military veterans owned as many as 2.4 million businesses. That means on average, 1 out of every 10 business in the U.S is owned by a veteran.
4. Values Safety
According to the SBA, 13.2% of all companies in the finance and insurance sector were veteran-owned firms.
5. Know How to Perservere
Out of the more than 20 million veteran owners in the U.S., an estimated 8.3% have a service-related disability.
6. Creating Jobs
SBA data showed that veteran-owned SMBs generated $120 billion in payroll last year and employed almost 6 million people.
7. Lenders Are Ready to Help
The SBA has several different programs for veterans that offer entrepreneurial education and financing options. At OnDeck, we’re also waiving the origination fee for all veteran-owned businesses in November.
Are you a veteran small business owner? If so, comment below and let us know.