New Jersey veteran small business owners received a total of 56 loans backed by the Small Business Administration totaling $30.8 million in the fiscal year that ended Sept. 30, according to SBA New Jersey District Director Al Titone.
This was a 12-percent increase in the number of loans to veterans and a 20-percent increase in dollar volume over the previous year.
Titone noted that loans to veterans were a small slice of the 1,162 SBA loans totaling $637 million that went to New Jersey businesses last year.
“It’s important because often if they are starting businesses that have employees, they also tend to hire veterans more than another company would,” Titone said. “Because they are veterans themselves, they try to hire veterans, so they have a strong multiplier effect on the economy.”
This week is SBA Veterans Small Business Week, an initiative to reach out to veteran entrepreneurs in advance of Veterans Day on Nov. 11. SBA loans are loans made by banks and other lenders that are partially guaranteed by the federal government.
“America’s veterans have the necessary leadership skills and experience to become successful entrepreneurs and small business owners,” Titone said. “Veteran’s Day is the perfect time for the SBA to renew its commitment to the millions of veterans and service members across the country and right here in New Jersey.”
SBA works with the Veterans Business Outreach Center at Rutgers University to provide business training and counseling on a variety of topics, including: business planning; analyzing the competition; financing a business; legal strategies and small business services.
Veterans interested in these services can contact Eric Wiksten, veterans outreach coordinator and project manager at (973) 353-3429 or email@example.com or online at http://njvetbiz.com.
The SBA cited U.S. Census figures that nearly one in 10 small businesses is veteran-owned, and the 2.4 million veteran-owned small businesses employ almost 6 million people and generate more than $1 trillion in revenues. According to the SBA, in the private sector veterans are 45 percent more likely than those with no active-duty military experience to be self-employed.