As the nation marks Veterans Day, the U.S. Small Business Administration is pointing out that one of its goals is to provide financing to help the nation's veterans start and grow their own businesses.
It its latest fiscal year that ended Sept. 30, 2012, The SBA's Utah District Office made 64 loans to veterans total $12.8 million. And included in that figure were seven loans to disabled veterans for a total of $1.4 million.
"Around Veterans Day, our thoughts turn to the men and women who are currently serving in the Armed Forces, as well as to all veterans who have made sacrifices and served our country over the year," SBA Administrator Karen Mills said in a statement. "When you consider the leadership and management skills our veterans develop while on active and reserve duty, it's no wonder we see so many of them choose the path of small business ownership."
Data from the U.S. Census Bureau indicates that many veterans are successful small business owners and are 45 percent more likely than those with no active-duty military experience to be self employed.
Nearly one in 10 small businesses nationwide are veteran owned. Collectively, those 2.4 million small businesses employ almost 6 million Americans and generate more than $1 trillion in revenue.
In its 2012 fiscal year, the SBA nationally backed more than 3,200 loans supporting nearly $2.1 billion in financing to more than 2,800 veteran-owned small business.