We have been touting the advantages of franchising for military veterans nearly as long as we have been blogging here, and we were very interested to read a recent release of some hard facts about the veterans and franchising from the IFA.
Last week, the IFA released figures which suggest that more veterans than ever are turning to franchising. Here’s some of the material that they have released:
- Since March, 129 veteran-owned franchises have been opened using IFA provided discounts.
- There are now 1,499 veterans who operate franchises via the VetFran program.
- Almost 400 IFA companies now offer discounts to honorably-discharged military veterans
- The 10 leading sellers of franchises to veterans are Matco Tools (177), The Dwyer Group (167), The UPS Store (146), Dunkin’ Brands (84), CruiseOne (68), Meineke Car Care Centers (48), PostNet International (41), Sport Clips (33), Mr. Handyman (32) and Maui Wowi Smoothies (29).
- There are 228 VetFran franchise agreements pending at the moment, which will presumably bump the number of VetFran sponsored initiatives over the 1,500 mark.
This all shows the gathering strength of the veteran franchise market. The IFA also announced it is supporting the bi-partisan The Help Veterans Own Franchise Act, which is being put before Congress. The bill would provide a tax credit for veterans, with a cap at $25,000 per unit.
“Given the current economic climate, many franchised businesses are finding it harder to access the capital they need to open new stores and recruit new investors,” said Dina Dwyer-Owens of VetFran. “The Help Veterans Own Franchises Act is a natural compliment to IFA’s Veterans Transition Franchise Initiative.”
This bill will only help more veterans become franchisees and we hope that this will be quickly ratified into law.