Tag: Veterans

9/11 anniversary makes it easy for veterans to remember why we were in Afghanistan

“Why does Afghanistan matter so much to you?”

This is a question that comes up a lot in my interviews, most recently with a young reporter while discussing the actions of Operation Pineapple Express and other volunteer groups during the botched August 2021, evacuation of Kabul.  

I was floored. How could these people not know why Afghanistan mattered so much to all of these veterans?

Then, it hit me. They don’t remember why we were there. They didn’t even live through 9/11. 

How do you explain this deadly lack of understanding to generations who weren’t born yet or were too young to understand what was happening? Or to those who were there, but have simply forgotten?

How can you make them understand that history is about to repeat itself, but it doesn’t have to be that way? 

There is a generation of Americans that can never forget the images burned into their minds of planes striking the Twin Towers and the Pentagon. The worst terrorist attack on U.S. soil, killed 2,977 people, and for the veterans, it was personal. It happened while they stood vigil. American warriors, eyes narrowed and fixed on the smoldering rubble displayed on the television, made a single, silent vow “never again on my watch.” 800,000 American warriors would deploy to Afghanistan, sacrificing youth, marriages, limbs, mental health, and in some cases, their very lives.

America built relationships and made promises during those two decades of war.

Al Qaeda’s attack was largely due to bad U.S. ground intelligence and the inability of a partner force to counter them in their unrestricted planning and preparation. To prevent this from happening ever again, our combat veterans and civilians built partnerships with Afghan police, soldiers, nonprofits, Afghan schools, and a myriad of other organizations. America asked the people of Afghanistan to stand up, reach for freedom, and oppose oppression in all its forms. Like proud parents, we assured them they could be whatever they wanted to be, and we would be there by their sides.

Then, in August 2021, we left. We broke those promises, squandered those relationships, and handed control back to the very oppressors we fought against 20 years before.

Why can’t veterans forget?

Veterans know something most Americans don’t. The enemy gets a vote in what happens next. The United States might be done with al Qaeda and ISIS, but they aren’t done with us. This enemy will follow us home.

There is credible evidence that al Qaeda is fully re-constituting right now. Foreign fighters from Syria, Iraq, North Africa, and even Southeast Asia are openly training on former Afghan Army bases in Kandahar and Helmand. The Taliban are fully accommodating and have gone so far as to issue visas to al Qaeda members that allow them to move freely throughout the country in clear violation of the Doha Agreement.

Additionally, Iran and al Qaeda have set sectarian differences aside and are cooperating to foment disruption in the Middle East. According to numerous Afghan Special Operations Forces, this al Qaeda is a younger, more capable force. ISIS-K is also in play.

There is an unthinkable yet highly possible scenario in how all this plays out. It’s not a stretch to imagine that America’s enemies will launch another catastrophic attack on the homeland. Out of the ashes emerges a freshly mobilized U.S. blinded by revenge and short-term memory toward “bringing justice to the evildoers.” Backed by American citizens, young warriors will load up again on C-17 cargo planes and fly back into the graveyard of empires to exact justice.

But this time it will be different.

Instead of Northern Alliance resistance allies waiting on the ground to receive and work with our troops, there will be thousands of forlorn, pissed-off former Afghan commandos who are well-trained and well-equipped in U.S. tactics and gear. They have been co-opted by al Qaeda after watching their children starve, salivating for revenge over unkept promises.

This September 11th, Americans should demand change and accountability from their government. It’s not too late to protect our homeland if we act now.

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The U.S. government must resume all sanctions on the Taliban and stop all aid. Credible sources tell us that millions of dollars in humanitarian aid is not getting to its intended victims.

The government must assume the care and management of Afghan special operations partner forces and other at-risk, high-impact Afghan security officials from veteran groups.

And the government must support the Afghan National Resistance Front, which is the legitimate Afghan Government. They are the best option for standing against terrorism emanating from Afghanistan.

Even if America doesn’t pull its head out of the sand, veterans won’t stop trying to intervene in this impending disaster because they know what’s at stake. Without immediate action, the next 9-11 Commission testimony is practically writing itself. 

CLICK HERE TO READ MORE FROM SCOTT MANN

Spend This Veteran’s Day Building Strong Business Credit and Finding Resources to Help You Build the Business of Your Dreams

As a veteran, your country owes you a debt of gratitude.  Unfortunately, it can be difficult to reacclimate to normal life after the trauma of service. Starting a business can be a great way to get back on your feet, and there are a ton of resources that can help.  These resources, coupled with opportunities opened by strong business credit, mean veterans have more support than ever before to help start and run their own businesses successfully.  F

Find Out Where to Look to Find Resources for Veteran Business Owners with or Without Strong Business Credit

Surprisingly, according the SBA findings released a couple of years ago, 2.52 million U.S. businesses are Veteran-owned.  That is 9.1%. To put it in perspective, almost 10% of the U.S. economy is made up of veteran owned businesses.  It seems, not only do veterans deserve our support for fighting for our country, but for helping to keep the economy running as well!

What frustrates you the most about funding your business? Check out how our free guide can help. 

In addition, the same report shows veteran-owned businesses, have 5.03 million people working for them.  What’s more, that’s an annual payroll of $195 billion. What does this mean? Surprisingly, it means that if veterans aren’t given a way to fund new business ventures, a significant section of the U.S. economy will be hurting.

Thankfully, there are loans, grants, and other resources available for veteran business owners.  Consequently, you have to know where to find them. Fortunately, we can help with that. While we can’t list them all, this should get you started.  

Business Loans for Veterans

First, the list of available business loans for veterans could go on forever.  We selected a few of the most popular to help you get your research started. 

Military Economic Injury Loans

This is an SBA loan that helps both veteran and current military reservists that own a business that suffered when they were called to active duty. As a result, if you own a small business that is having financial issues due to active military service on your part, you likely qualify.  The MREIDL, (Military Reservist Economic Injury Disaster Loan) Program will offer 4% interest loans to help the business stay afloat. 

Remember, it is available to business owners that are also veterans for only up to one year after release from active duty.  Terms are available for up to 30 years. Remember, there is a collateral requirement for loans over $50,000. Also, by law the SBA has to make a determination that the business will not recover without help from the government. 

Veterans Business Fund

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Another great option, the Veterans Business Fund, is a newer resource for veterans.  Those are looking to fund a new business or an expansion, and those that want to purchase an existing business or franchise, may find help with this fund. 

It’s funded by donors, and seeks to provide veteran business loans with manageable terms. Per their website, these loans are for veterans, and are non-interest bearing to the extent permitted by law.

You cannot finance a business through VBF alone however.  The program offers loans only in conjunction with personal equity and the funding of an outside banking institution.

Streetshares

StreetShares is veteran owned and run.  They have a passion for funding veteran business loans, though they help those who are not veterans as well. Operating as an online auction marketplace, they connect entrepreneurs directly to investors with an interest in small businesses.

They also provide other information and resources for veterans online. They claim to offer funding approvals in just a few hours. Find out more about StreetShares in this review. 

7-Eleven Veterans Franchising

Along with several other companies, including UPS, 7-Eleven is offering benefits to veteran franchisees.  Eligible business owners can receive up to 20% off the franchise fee.  In addition, they may receive up to 65% financing through 7-Eleven, along with other special benefits. 

What frustrates you the most about funding your business? Check out how our free guide can help. 

SBA Express Loan Program

In the past, the SBA’s Patriot Express Loan program was top notch for veterans.  Unfortunately, that program has ended.  However, veterans can still apply for the regular Express Loan program. SBA Express loans are available up to $350,000, and decisions are made in up to 35 hours.  This is a far cry from the 5 to 10 days SBA loans regularly take for decisions.   

One benefit for veterans is that loans through this program, for those who have served, will have their guarantee fees waived. This is part of the SBA VA Program.  

Hivers and Strivers

This is an angel group that specializes in startups run by U.S. military academy graduates. West Point, Annapolis, the Air Force, and the Coast Guard are all involved. Find out more here. 

Other Options for Veterans with Strong Business Credit and Personal Credit

Although the following lenders do not focus specifically on veterans, they offer small business loans that can supplement what is obtained from veteran resources. 

LendingClub

LendingClub works by giving investors a fixed income alternative by investing in personal loans, while offering borrowers loans with investors’ funds.

It’s a simple process. Just enter how much you want to borrower.  Next, choose the type of loan you are looking for. Then, enter some very basic information. You’ll get two different offers at least. One will have a lower payment but a higher interest rate. The other will be vice versa.

Loans range in amounts from $1,000 to $40,000 with an origination fee of 1% to 6%. This fee comes off the top before funds go into the borrower’s account. That means if you have a $1,000 loan with a 1% origination fee, you will only receive $990 in your account. You still have to pay back the full loan amount of $1,000 of course.

Interest rates range from 6.16% to 35.89%. Repayment terms are typically monthly, spanning over 3 to 5 years. After approval, it can take up to a week to receive loan funds.

The minimum credit score for a loan is 600. In addition, you must have a credit history that goes back at least 3 years.  If you do not have the personal credit needed, they may take strong business credit into consideration.

Fundation

The great thing about Fundation is that they will report payments to the business credit reporting agencies.  In return, this helps you build strong business credit. They offer a streamlined, automated process. Originally, they only had invoice financing.  However, now they offer a line of credit service as well. Repayments are automatic, meaning they draft them electronically.  This happens on a weekly basis. One thing to remember is that you could have a repayment as high as 5 to 7% of the amount you have drawn currently, since the repayment period is comparatively short.  

Loans range from $100 to $100,000.  The max initial draw is $50,000 however.   They do have some products that go up to $500,000.  There is no minimum credit score requirement, but they do require at least 3 months in business, $50,000 or more in annual revenue, and a business checking account with a minimum balance of $500.

As I said, they report to Dun & Bradstreet, Equifax SBFE, PayNet, and Experian, which makes them a great option if you want to build strong business credit.

Funding Circle

Funding circle is one of your best options if you are looking for a low APR.  They offer fixed rate term loans. The credit score requirement is 620 or above.  Still, they make take a strong business credit score into consideration if you do not quite meet that.  They do not have a minimum revenue requirement, but they do require at least 2 years in business. Find out more in our Funding Circle review. 

Veteran Funding Options that Do Not Require Strong Business Credit

In addition to loans, there are many grant opportunities for veteran business owners.  They are not all right for every veteran, but if you are eligible, they can be great supplemental funding. 

VetFran Business Grant Fund

This is a grant opportunity for those that have been awarded a franchise through the IFA VetFran program.  Go here to find out more. 

USDA Veteran and Minority Farmer Grant

This is a grant that helps veterans get started in the farming industry. 

StreetShares Commanders Call Veteran Business Award

The StreetShares Foundation offers this award to 3 veteran business owners each year. 

There are three prizes as follows: 

  • 1st Place: $15,000
  • 2nd Place: $6,000
  • 3rd Place: $4,000

To apply, a business must meet the following requirements:

  • The applicant has to be a veteran or reserve or active duty member of a branch of the United States Armed Forces, or a spouse of an armed forces member. 
  • They must be at least 21 years old.
  • The business must be legally incorporated or a formal partnership or sole proprietorship.
  • There must be some sort of social impact on the veteran or military community either in conjunction with or in addition to the primary business function.

In the end, the foundation will choose 5 to 10 finalists.  They base their decision on the social impact of the business idea.  Additionally, they consider how the business will use award funds, and the social impact of that use.  The fit of the product market, the history of the team, and the history of the company also play into the decision. 

Lastly, once the finalists are set, they post a list on the website and the public votes on which businesses will receive prizes!

Resources that Provide Services Other than Funding Veteran Business Owners

Thankfully, there are many resources available to veteran business owners that provide support not related to business funding. 

Dept of Veterans Affairs

This is the government department set up to help ensure veteran business owners get their fair share of the pie.  That includes government contracts. Find out more at: https://www.va.gov/osdbu/programs/index.asp

Veterans Business Services

Veterans Business Services, or VBS, offers the following: 

  • Self-employment pre -feasibility assessment opinion letters
  • VA vocational rehab
  • Business plan development and coaching for service-disabled veterans
  • Feasibility studies for small business concepts

VBS offers all of this and more.  Go here for more about these and other ways they can help service-disabled veterans. 

VetBiz

The VetBiz program helps veterans “transition military skills into small business success” per their website.  Similar to other programs, they offer training, coaching, and consulting. Also, they partner with the Small Business Administration for the Boots to Business program.  More information can be found here.

Syracuse University’s Institute for Veterans and Military Families

Honestly, there are many programs at Syracuse University for veterans and their families.  Read about all of them here. However, one of the newest programs is an outstanding opportunity for veterans that want to start their own business.  It’s called EBV Accelerate, and it consists of 3-phases. 

What frustrates you the most about funding your business? Check out how our free guide can help. 

Self-stated, the goal of the program is to give veterans business tools and coaching to rocket their business to sustainable growth. To qualify, you must be a veteran business owner that has been in business for 3 years or more.  Of course, the veteran must have at least 50% ownership. 

In addition, there must be active duty with honorable discharge or general discharge under honorable conditions. Also, 5 people have to be full time employees.  It’s short, lasting a little over two weeks. The first phase, Phase 1, is 2 weeks of online work. Next, Phase 2, is a 3-day residency course. Phase 3 consists of resources to support business growth.

More Resources for Veteran Business Owners

For more help, here are a few more resources that can help veteran business owners in a number of ways.

How Can Strong Business Credit Help?  

Truthfully, strong business credit can help any business owner, including veterans, get the funding they need.  Consequently, if you don’t have business credit, now is the time to start building it. In reality, even though it is easiest to start at the beginning, you can start at any time.  Find out more about how to start and build strong business credit here.

Strong Business Credit Can Help You Access More Resources for Veterans

There are resources available to help veteran business owners, but you have to know where to look.  Most of them will not work singularly, but rather they will work together to help ensure the business has the funding and other support necessary to be successful. 

The post Spend This Veteran’s Day Building Strong Business Credit and Finding Resources to Help You Build the Business of Your Dreams appeared first on Credit Suite.

VFW Post 1093 And VetToCEO Announce Instructors For Veterans…

VFW Post 1093 And VetToCEO Announce Instructors For Veterans Entrepreneurship Pilot Please get in touch with Ed Marsh to go over possibilities.About VFW Post 1093: Founded in 1946, VFW Post 1093 energetic participants live in Ipswich and also a number of communities on the North Shore while taking part participants live throughout the United States. …

Enjoy the Independence You Fought For: 5 Options for Veterans Business Loans

Find Veterans Business Loans to Run a Business and Be Your Own Boss

Our founding fathers adopted the Declaration of Independence on July 4, 1776. Since then, thousands of men and women have fought to maintain that independence for our country.  Now home, those that fought should enjoy some of that independence.  One of the best ways to do that is to be your own boss.  Run your own business.  Veterans business loans can help you do just that.

Where are these veterans business loans? How do you find them? When you do, how do you get them? You’re in luck! That is just what we are going to tell you.  Some of the following are specifically veterans business loans. Others are loans for anyone, but they tend to work especially well for veterans.

Best Veterans Business Loans

These are our top picks for veterans business loans.

1.      Military Reservist Economic Injury Disaster Loan Program (MREIDL)

If someone necessary to the business is called into active duty, this is the first place to go for veterans business loans.  The Military Reservist Economic Injury Disaster Loan Program (MREIDL) offers loans up to $2 million to qualifying businesses. Funds are meant to help cover operating costs that can’t be met due to the loss of a necessary worker called to active duty in the Reserves or National Guard.

2.      Boots to Business and Boots to Business|Reboot

Boots to Business is the 2-step entrepreneurial program offered by the Small Business Administration on military installations around the world.  It functions as a training track of the Department of Defense (DOD) Transition Assistance Program (TAP).  This is a great resource for tracking down and qualifying for veterans business loans.

Hit the jackpot with our best webinar and its trustworthy list of seven vendors who can help you build business credit.

3.      Veteran Women Igniting the Spirit of Entrepreneurship (V-WISE)

The Veterans Women Igniting the Spirit of Entrepreneurship (V-WISE) is an SBA funded program. It is offered by the Institute for Veterans and Military Families which includes online training.  There is also a conference that utilizes the spirit of female veterans and female military spouses. In addition, mentoring is available.

4. The National Center for Veterans Institute for Procurement

The National Center for Veterans Institute for Procurement extends the entrepreneurship training offered in TAP to veterans of all ages in their communities.

4.      SBA Veterans Advantage

SBA Veterans Advantage guarantees loans approved to businesses operated by veterans or military spouses.

5.      Other SBA Options

In addition to those already mentioned, the Small Business Administration offers many sources of guidance and funding for veteran owned small businesses.

●       Veterans Business Outreach Center (VBOC)

The Veterans Business Outreach Center (VBOC) furnishes entrepreneurial development solutions including business training, guidance, and mentoring for qualified veterans operating or considering launching a small business.

●       SBA Express

The SBA Express program is a fantastic loan program for veterans. You can get approval for a loan for up to $350,000. Get rates of 4.5-6.5%. Lines of credit are available for 7 years. You will not need to offer any collateral for up to $25,000, and turnaround time is 36 hours.

●       Leveraging Information and Networks to Access Capital (LINC)

The Leveraging Information and Networks to Access Capital (LINC), an online matchmaking service, connects business owners to nonprofit lenders. These lenders supply free financial advice and specialize in microlending and smaller loans. This is the SBA Community Advantage program, and you can learn more about it here:  https://www.sba.gov/sites/default/files/files/CA-Participant-Guide-4-December-28-2015.pdf

●       7(a) Loan for Working Capital

You need 3 years’ worth of business tax returns, credit that’s not too bad, and collateral for 50% to 70% of what you need to borrow to qualify for this loan.

●       SBA 504 Loan Program

This program offers business real estate financing.

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In addition, the SBA Office of Veterans Business Development offers a broad range of programs and services to sustain and encourage future and existing veteran business owners and military spouses.

Alternative Lenders Are an Option

Finally, if you still need more funding, or if none of the above options will work for you, try alternative lenders. Business owners with decent personal credit and income tax returns for 2 years that show a profit can usually get approval. You could have rates of 7% or lower. Lenders will want to see some kind of profit on your tax returns.

No Matter What, Build Business Credit

Regardless of whether you qualify for a traditional loan, veterans business loans, or alternative lending options, you need to be building business credit. It is the best thing for your business.

Small business credit is in the business name. It doesn’t lead back to the business owner’s personal credit.  In fact, a business owner’s business and consumer credit scores can be very different.  For this reason and many more, business credit is vital to the life of a business.

Why Build Business Credit?

Because company credit is separate from personal credit, it helps to safeguard a business owner’s personal assets. They can survive even if there is a problem with the business.

Personal credit scores are dependent on payment history.  Not only that, but other factors like credit utilization percentages matter as well. Due to business purchases being much higher than personal expenses by nature, and personal limits much lower than business card limits, you can max out limits quickly using personal cards for business transactions.  That skyrockets your credit utilization percentage.  For that reason, your personal score can suffer if you use personal cards for business even if you make your payments on time.

How to Establish and Build Business Credit

Growing small business credit is a process, and it does not occur automatically. A corporation has to actively work to establish corporate credit. It is not hard, however, as long as you follow and trust the process.

Due to the fact that the process builds on itself, performing the steps out of order will lead to repetitive rejections. Nobody can start at the top with business credit. For example, you can’t start by applying for store or cash credit from your bank. If you do, you’ll face rejection 100% of the time.

Make your Business Appear Fundable

First of all, you must make your business appear to be a fundable entity that is separate from yourself.  Here’s how:

  • Your business needs a professional-looking website and email address. The website should have the same URL as the business email, and the email should not be from a free service.  Yahoo and Gmail are not acceptable business email platforms.
  • In addition, company telephone and fax numbers ought to have a listing on 411.com. They both need to be from a toll-free exchange and not your personal numbers.
  • You need a separate business bank account. Run all business transactions through it. Not only will it help separate your business from yourself, but it will make your life a lot easier

come tax time.

Speaking of Taxes and the IRS

Visit the IRS website and get an EIN for the business. It will be free. You also will need to formally incorporate.  That means choosing to become a corporation, s-corporation, or LLC.  In addition to separating your business from yourself, you will gain some protection for your personal assets. The level of protection will vary, as will the cost, based on the option you choose.

Hit the jackpot with our best webinar and its trustworthy list of seven vendors who can help you build business credit.

Dun & Bradstreet

Dun & Bradstreet is the most commonly used business credit reporting agency.  Head to their website and obtain a totally free DUNS number. A DUNS number is how D&B gets a small business into their system to generate a PAYDEX score. If there is no DUNS number, then there is no PAYDEX score.

Apply for Accounts in the Vendor Credit Tier

The vendor credit tier is composed of vendors that will offer net invoice terms.  They do not require a credit check, and they report payments to the business credit reporting agencies.  You can buy things from them that you use every day, like shipping boxes, outdoor workwear, ink and toner, and office furniture.

Net accounts need to be paid in full based on their terms, usually 30,60, or 90 days. This is in contrast to revolving accounts, where you can make payments.  If you pay your net accounts on time with vendors that report, your business credit profile will be opened.

It is important to remember that not every vendor does this.  Certain vendors known as “starter vendors” make up the vendor credit tier and can help you build business credit. These are merchants that will grant an approval with very little effort. You also need them to be reporting to one or more of the big three credit reporting agencies (CRAs): Dun & Bradstreet, Equifax, or Experian.

Moving On: The Retail Credit Tier

Once there are 5 to 8 or more vendor trade accounts reporting to at least one of the credit reporting agencies, then move onto the retail credit tier. These are businesses such as, Office Depot and Staples, offer credit for their stores only.  They will have more of the things you need to run a business.

Use your SSN and date of birth for identification purposes only and not for guaranteeing the credit.

Just Keep Climbing: Fleet Credit Tier

After another 8 to 10 accounts are reporting, it is time to move to the fleet credit tier. These are service providers such as BP and Conoco. Use this credit to purchase gasoline and maintain vehicles. Again, use your SSN and date of birth for identification purposes only and not for guaranteeing the credit.

Top of the Mountain: Cash Credit Tier

If you are responsible for managing your credit up to this point, you can move on to the cash credit tier. These are businesses like Visa and MasterCard. Remember, your SSN and birthdate should not be used to verify credit, though they may be required for identity verification.

Stay on Top of Your Business Credit

Furthermore, after you have business credit, you need to stay on top of it.  Make sure it is being reported and take care of any errors as soon as possible. Get in the practice of checking credit reports and digging into the specifics, not just the scores.  Update the relevant information if there are errors, or if the details are incomplete.

We can help you monitor business credit at Experian and D&B for 90% less than it would cost you with each of them directly. See: https://www.creditsuite.com/business-credit-monitoring.

Repair Work

Errors in credit reports can be corrected, but the credit agencies normally have a set way they want you to do it.

Hit the jackpot with our best webinar and its trustworthy list of seven vendors who can help you build business credit.

Disputing credit report mistakes usually means you mail a paper letter with copies of any proof of payment with it. These are documents like receipts and cancelled checks. Never send the originals.  Send copies instead.

Fixing credit report inaccuracies also means you precisely detail any charges you challenge. Do so in writing and make your letter is as clear as possible. Be specific about the concerns with your report. Use certified mail so that you will have proof that you sent in your dispute.

Another benefit of credit monitoring is that you will know how many accounts are reporting from each credit tier.  Therefore, you will know when to move on to the next tier.

Always use credit carefully.  Do not borrow more than what you can pay. Keep track of balances and deadlines for repayments. Paying on time will do more to increase business credit scores than just about anything else.

A Final Word on Veterans Business Loans

There are Veterans business loans out there.  In addition, there are other fantastic loan options that can work well for veterans, despite not being specifically designed for them. This funding can help you gain independence in your work life by giving you the funding you need to start and run your own business.

Above all however, you need to build credit for your business.  This is simply one more step toward running your own business and gaining your independence.  We appreciate that you fought hard for our country, and now we want to fight hard for you.  We can help you through the business credit building process.  Visit www.CreditSuite.com to find out more.

 

 

 

 

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