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The biggest hurdle facing military veterans when considering any business opportunity is the start up funding. However, the International Franchise Association has taken steps to address this problem. The IFA set up VetFran to meet the growing needs of military veterans in the USA. The program brings together over 350 franchises dedicated towards the promotion of franchising as a viable business opportunity for veterans. Typically, although it is not a requirement, franchises offer a discounted franchise fee. Some franchises, such as Little Caesars waive the franchise fee in some circumstance.
In addition to a dedicated directory of veteran franchise opportunities, VetFran also offer funding opportunities:
VetFran Business Grant Fund: In conjunction with PepsiCo and the IFA Educational Foundation, the VetFran Business Grant Fund offers veteran franchisees, through the VetFran program, financial grants for business development, education, training and/or technical assistance. The fund provides funds of up to $10,000 to franchisees of VetFran franchise members.
Veterans Scholarship Program: The IFA Educational Foundation, along with a collection of other organizations has set up this program to provide an annual scholarship of $2,500 to chosen military veterans to support their education in entrepreneurial studies.
For more information on either of these programs, you should visit the VetFran information page.
Small Business Association’s Patriot Express: The SBA’s program accepts applicants from military veterans for business loans to kick start their career following transition. This program is not strictly confined to franchise opportunities. Loans are available up to $500,000 for business start up, expansion, purchase of equipment, working capital, inventory or business-occupied real-estate purchases.
