In the past several years thousands upon thousands of service men and women have spent time abroad serving and protecting our country. Now as they return home and transition back into civilian life, many are wondering what their next steps will be. For about 22 percent of them, that will mean starting or purchasing a new business, according to the Small Business Administration’s Office of Advocacy.

Not too long ago the SBA developed a program to further encourage and support the entrepreneurial dreams of service men and women. The program is called the Patriot Express Loan initiative, and since its inception it has loaned more than $100 million to veterans looking to start or expand a small business. 

So where are veterans getting their entrepreneurial spirit from? Well, entrepreneurs are known for their willingness to take risks for something they believe (their businesses), as is also the case for members of the military. While on active duty they are willing to risk their lives because they believe in this country. In addition, more than one-third of veteran entrepreneurs say they gained skills from their military service that are directly related to business ownership, according to the SBA.

Veterans are playing a significant role in our economy. The most recent research cites that right now they number more than 1.6 million or 14 percent of the U.S. self-employed. “Veterans make great entrepreneurs,” Carl Schramm, president and CEO of the Kauffman Foundation said in an article. “They bring exceptional focus, leadership and tenacity—all hallmarks of successful entrepreneurs.”

Happy Memorial Day Weekend!

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