Is there life after the military? Yes - in fact, chances are good that after you leave the military, you're in business. Literally.
The estimated military veteran population in the United States is about 24 million; and of those, approximately four million veterans own businesses - of the total eighty million small businesses in the US. That's a full 6 percent of businesses owned by US veterans. Additionally, the success rate of veteran business startups is high in comparison to other business startups. We think it's because veterans bring a vast depth of experience, confidence and a winning attitude that so many veterans gain as a result of their years of strong service in the Armed Forces. It could be that veterans are entrepreneurs at heart, making it a logical step for so many veterans to start their own businesses.
Today, there are a number of services to help veterans with business education and loans. It started in 1999, when Congress implemented a full array of services to help support veterans determined to succeed in the commercial market place, just as they had in the military.
During and after the Persian Gulf War, in the early 1990's, Congress was faced with military reservists whose businesses were harmed, damaged, or even lost when they left and went to serve their time in the military. Congress vowed to change this for the better and provide all the technical, financial and procurement assistance needed by veterans to support their small businesses.
In August 1999, Congress enacted Public Law 106-50, , . Initially designed to cushion the impact on small businesses when their owners or essential employees who are military reservists are ordered to active duty during military conflicts, the bill also provided assistance to veteran entrepreneurs and to service-disabled veteran entrepreneurs, with access to loans, loan payment deferrals during time of call-up, technical, and managerial assistance.
The following provisions were contained in this law:
The Veterans Entrepreneurship and Small Business Development Act of 1999 also provides that which was its initial commitment to veterans: financial relief for military reservists ordered to active duty during times of conflict.
The US government is working to encourage and support the entrepreneurial spirit of success in veterans.
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