Resources are available for veterans looking to start a business, and people are available to help them succeed.
That was the message Wednesday at the Veterans’ Business Forum, hosted by the U.S. Small Business Administration at the University of Toledo. About 100 veterans, entrepreneurs, and members of the business community spent the day learning about opportunities for veterans interested in owning a business.
Marianne Markowitz, the Chicago-based regional administrator for the SBA offices in the Midwest, said the agency has dedicated efforts to increase services for veterans. Among them, she said, was SBA’s decision to eliminate fees for veterans borrowing up to $350,000. Fees for larger loans have been cut in half, she said.
The SBA’s Cleveland District Office, which serves 28 counties in northern Ohio, facilitated $390 million in lending in 2015. Of that, $19 million went to veterans, a 40 percent increase from the previous year, Ms. Markowitz said.
“We’re very focused on veterans and transitioning service members and you might wonder why,” she said. “What you may not know about this group is that they are far more likely to start a small business than a normal, average American.
“Veterans are 45 percent more likely to start a business. We know that one in 10 businesses in this country are owned by veterans and 6 million Americans owe their job to a veteran-owned company.”
U.S. Rep. Marcy Kaptur (D., Toledo) told the crowd that veterans possess valuable qualifications to start a business, including a global perspective and a commitment to getting the job done.
“Veterans in general don’t think about themselves first; they invest in whatever their mission is, and they do it with full energy,” she said.
Navy Reserve Lt. Haraz Ghanbari, the university’s director of military and veterans affairs, called on those in the business community to practice “purposeful engagement” with returning veterans to explore mentoring and employment opportunities.
“You never know who is serving, who has served,” Lieutenant Ghanbari said. “But if you are purposeful in your engagement, oftentimes veterans will open up and share with you their journey, their struggles ... and how they are adjusting to post-service life.”
He said UT continues its efforts to help facilitate transitions “to the classroom and beyond,” noting that the university had recently been named an outstanding employer by the United States Navy Reserve, the only higher learning institution to receive that distinction.
Panel discussions later in the day covered business financing, government contracts, and technical assistance.
Local veteran business owners also shared stories of their successes and challenges in growing their businesses.
To contact the SBA Cleveland District Office, call 216-522-4180, or go to sba.gov for online resources.
Contact Lauren Lindstrom at llindstrom@theblade.com, 419-724-6154, or on Twitter @lelindstrom.
First Published March 31, 2016, 4:00 a.m.
