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Military veteran entrepreneurs boost U.S. economy, benefit from special loan programs

May 23, 2018 | Small Business Loans

As we honor our military veterans on special days each year, it’s important to acknowledge their sacrifice, but also their contributions to the U.S. economy.

Over two million small businesses in the U.S. are majority-owned by veterans, generate more than $1 trillion annually in sales and employ more than five million people. According to the U.S. Small Business Administration (SBA), in 2012 California had one of the highest state concentrations of veteran-owned businesses – 252,000, and posted sales of more than $135 billion.

The SBA reports that veterans are at least 45 percent more likely than those with no military experience to be entrepreneurs and often times face challenges in raising capital or getting a conventional loan. That’s why mission-driven organizations like CDC Small Business Finance have stepped up to fill this gap in business capital.

Business loan benefits for veteran-owned firms

CDC’s Mission: Small Business Finance is a program of benefits for veteran-owned businesses located in California, Arizona and Nevada needing capital to grow and expand their companies. Specific benefits offered through this program can include:

These discounts also apply to military spouses, who are increasingly turning to entrepreneurism as they adapt to periodic orders to move to other communities. For military spouses, the constant moving from city to city presents employment challenges that threaten the financial stability of the family. According to The Rosie Network, a national nonprofit focused on strengthening military families through entrepreneurial programs, small business ownership is changing the landscape of military spouse employment. Nearly 50% of military spouses are interested in creating a portable businesses to produce reliable income for their families.

What an SBA loan did for this San Diego-based veteran

san diego building contractor and veteran jesus ramirez

Jesus Ramirez, owner of JXR Constructors, is a Marine Corps veteran.

JXR Constructors is one of many veteran-owned companies that have taken advantage of SBA financing, specifically an SBA 504 loan.

Instead of continuing to lease office space, owner Jesus Ramirez, a Marine Corps veteran, chose to purchase office space and build equity for himself.

Already, the loan has allowed him to hire more employees. And thanks to the fixed costs of buying, he’s able to grow his cash reserve, which allows him to bid to on bigger, more ambitious government contracts.

Want to learn more about Ramirez’s story? Visit his story and video interview here.

CDC Small Business Finance offers several loan options for business owners who want to grow their operations and are planning for their long-term needs.

Tell our loan experts about your business, and they’ll work to match you with a financing plan that best suits you. Let’s talk! Reach us at loaninfo@cdcloans.com or (619) 243-8667.

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