According to the U.S. Small Business Administration, veterans are responsible for one in ten small businesses, providing employment to nearly six million workers. Veterans are more likely than non-vets to be self-employed, possibly because their military training prepares vets to start and run a business.
Unfortunately, sometimes it can be difficult to access financing. Accion provides loans that help veterans start or grow their own businesses.
Take the story of veteran Pamela Jones, who founded International House of Sauces & Seasonings. When asked about getting funding for her business, Jones says, “Sales grew little by little, but I needed an infusion of capital to get to the next level of production. Even with a couple of years of solid sales, no banker wanted to talk with me. But at Accion the loan process was straightforward. Now I have a whole line of sauces available in 200 stores.”
The experience of veteran Erik Spalding, founder of Bullets2Bandages, echoes Jones’s. Spalding says, “We had difficulty finding financing. It became clear that we needed to team up with Accion when a lack of resources was preventing us from growing.”
Accion can provide a loan so you can:
- Buy or upgrade equipment
- Purchase inventory
- Secure a commercial space
- Purchase supplies
- Hire staff
- Market and promote your businesses to attract new clients
As a nonprofit organization, Accion’s mission is to help small businesses thrive. It’s important that veterans have access to the right tools for success in business, which is why Accion also offers financial planning, networking opportunities, and organizational and management resources.