This Saturday, Nov. 11, is Veteran’s Day. We thought we’d remind our readers of the real definition of this solemn observance. As defined in the website, History.com, “Veterans Day is a U.S. legal holiday dedicated to American veterans of all wars. In 1918, on the 11th hour of the 11th day of the 11th month, an armistice, or temporary cessation of hostilities, was declared between the Allied nations and Germany in World War I, then known as “the Great War.” Commemorated in many countries as Armistice Day the following year, November 11th became a federal holiday in the United States in 1938. In the aftermath of World War II and the Korean War, Armistice Day became legally known as Veterans Day.”
FranNet has decided to dedicate this blog to the many ways our industry honors our military veterans and offers them a constructive path to entrepreneurship. And there’s no better place to start than VetFran. VetFran is a strategic initiative of our very own International Franchise Association (IFA). Its aims are to promote franchise ownership among former U.S. service members and their families through various programs.
Provided on the VetFran website, here are some uplifting facts which define the programs that VetFran has introduced, going back to its founding in 1991:
- One out of seven franchise businesses are owned and operated by veterans of the U.S. military
- According to a study conducted by the International Franchise Association Educational Foundation based on U.S. Census data, there are currently more than 66,000 veteran-owned franchise businesses
- These veteran-owned franchises provide direct jobs for approximately 815,000 Americans
- These jobs and revenue generate more than $41 billion in gross domestic product (GDP)
Regarding these facts, is it any wonder that former military members make good franchise owners? The reason shouldn’t be the least bit surprising. We all know that franchising is dependent upon a proven system, which must be replicated, followed and executed precisely for success. Sound like anything military related to you? Add in team leadership and the ability to issue and follow orders and you have the recipe for a strong franchise operation.
If you or your immediate family is a U.S. veteran, you need to be aware that there are special funding and finance programs in place designed to benefit you. According to VetJobs.com, “The Patriot Express Pilot Loan Initiative was announced in 2007 as, “…a streamlined loan product based on Small Business Association’s highly successful SBA Express Program, but with enhanced guarantee and interest rate characteristics. This SBA guaranteed loan program is for military veterans or those currently in the military who are close to retirement (check the SBA website at www.sba.gov for eligibility requirements) or their spouses. The SBA will guarantee up to 85 percent of the loan (for loans up to $150,000), meaning the lender only is at risk for 15 percent, which makes these loans much more attractive to the lender. Best of all, the credit score requirements for Patriot Express loans are significantly lower than what we otherwise see in the current market so these loans are easier to qualify for.”
If you are a military veteran and you’ve been thinking about branching out into an entrepreneurship opportunity of your own, we urge you to make an appointment with a certified and qualified FranNet representative today. And if you need a little bit of extra motivation, please read about these eight special veterans who went from active duty to business ownership. Hopefully, their stories will inspire your own journey.
Happy Veteran’s Day. FranNet salutes all active and previous U.S. service members.
Let’s chat! There’s a local FranNet consultant right in your market who knows that market inside and out – knows the personality of the market – knows the competitive landscape. FranNet has a great track record of assisting individuals on their path to entrepreneurship, and one of our franchise experts would love to provide you with guidance free of charge. Sound like something you might be interested in? Get started here and find your local consultant right now!