StreetShares Blog | The Center for Veteran Small Businesses

5 Reasons Why Veteran-owned Small Businesses Get a Small Business Loan

Posted by Shauna Vo Pulayya, Director of Content Marketing on January 17, 2017

 

Seeking funding for your veteran small business can be one of the biggest hurdles you overcome as a business owner. There are many ways to go about it. Depending on the stage of your business, you may be looking for equity financing, debt financing or you may be bootstrapping and doing it all on your own with your savings and/or with money from friends and family.

When you have money, you can make more money. It’s a vicious cycle, but it’s one of the most important factors in running a small business. In fact, 82 percent of businesses fail because of cash flow problems, according to a U.S. Bank study. Cash flow is the movement of money in and out of your business. Not having enough cash or inaccurately analyzing your cash flow can affect everyday operations.

Once you have enough cash flowing in and out of your business, you’re probably at the stage of growing your business. If your cash flow is steady, how do you get more money to boost your business even more? Let’s look at a few veteran small business owners who took the debt financing route to grow their businesses with small business loans and lines of credit.

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Topics: funding

Investing in StreetShares Means Investing in Veteran Small Business

Posted by StreetShares on January 12, 2017

As a peer-to-peer lender, we fund veteran small businesses with small business loans and lines of credit that are backed by investors who support veterans. Here's the story of one of our many veteran investors who proudly supports veteran-owned small businesses. Furthermore, his member username is ISupportVets. He explains why he invests in businesses on StreetShares, as written in his own words.

What is the significance behind your username “ISupportVets”?  

The ISupportVets username accurately describes the primary reason that I invest as a StreetShares Pro member, because I do support veterans. I assist veterans through several organizations and see StreetShares as another way to support them. I really like being able to give veterans a hand up by promoting their veteran owned small businesses.

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Topics: Entrepreneurship, military, Small Business, veteran, investing, peer-to-peer lending

How to Understand Business Loan Rates and Fees

Posted by StreetShares on January 10, 2017

All veteran small businesses start somewhere. But, where do veteran business owners go to grow their small businesses? Most will need financing in the form of a veteran small business loan. However when it comes to financing a small business, there is no standard way loans are presented and plenty of online lenders use flashy marketing campaigns and bury the true cost of funding in the small print. As a borrower, it’s easy to become confused and overwhelmed by the various options.

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Topics: Small Business, Veteran Business Loans

10 Veteran Business Owners Made Final Round for Veteran Business Awards

Since the StreetShares Foundation launched on Veterans Day last year, we've had tons of Veteran small business owners get equipped with educational resources as well as apply for the Veteran Small Business Award. 

Last month, we awarded Chris Dyer, Marine Veteran and owner of Grunts Frozen Yogurt & Ice Cream with the first place award of $5,000. Amy Crispino, military spouse and co-owner of Chameleon Kids, and Melissa Washington, Navy Veteran and founder of Women Veterans Alliance put up a good fight and came in second and third place, respectively. 

Congratulations to this month's award finalists! 

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Topics: Veteran Small Business Award

Mission: Retirement & Your Financial Allies [INFOGRAPHIC]

Posted by Brendon DiBella, VP of Development & Strategy on January 3, 2017

Attention all military members and veterans: assess your retirement plan for your 2017 New Year’s Resolutions. You served our country. You deserve to able to retire in it. Do not do yourself a disservice.

Like any military mission, planning for “Mission: Retirement” should include a sound strategy and a clear definition as to what success looks like.

Sure, saving as much money as possible seems to make sense. But, how much will you need? And what are some ways to grow your money? What is hand-to-hand combat like on the financial battlefield so you’ll be ready when the time comes?

While no short blog article can cover all that in major details, what follows below is an understanding of “Mission: Retirement” and financial allies that can help any military member or veteran as well any spouses or family members in between.

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Topics: investing

2016: The Year of Veterans Funding Veteran Small Businesses

Posted by Shauna Vo Pulayya, Director of Content Marketing on December 29, 2016

We’re finishing our third year in business and making waves. With almost 30,000 members across the country, StreetShares has hit many milestones this year. We now offer lines of credit and all Americans can invest in Veteran-owned small businesses through Veteran Business Bonds. We’re accomplishing our mission to fuel the American economy, one Veteran small businesses at a time. As we approach the New Year, join us in celebrating and reflecting back on 2016.

1. Focus on Veteran Businesses (Vetrepreneurs)

Approximately 2.5 million business are Veteran-owned in the United States, according to the SBA. As a Veteran-owned and operated company, StreetShares understands what Veterans experience in battle and in business. Veteran entrepreneurs or Vetrepreneurs, like our founders, rely on four key lessons learned in the military: 1. Set a clear mission. 2. Recruit talented people. 3. Keep the mission focused. 4. Lead from the front. Vetrepreneurs understand commitment and perseverance better than any other group of individuals in the country and that makes them great business owners. StreetShares is focused on supporting and creating a community where Veterans fund Veteran small businesses.

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Topics: Entrepreneurship, military, Small Business, veteran

Spotlight Veteran Business: Major Mom Builds Success from a $5,000 Award

Posted by Shauna Vo Pulayya, Director of Content Marketing on December 22, 2016

“Being a combat missile crew commander was the most stressful career field I’ve ever had. We had the keys to the nukes,” said Angela Cody-Rouget. “Our mission was to go down a hole with another crew partner behind two 10 ton steel doors and wait for a message from the President to launch nukes. We got a lot of fake messages and had to decode the cookies to determine if it was an authentic message from the President.”

For 15 years, Angela Cody-Rouget had a highly technical career in the United States Air Force. She started her career in the ROTC at Indiana University. She went through undergraduate base training as a space communication major and became a satellite command controller, where she monitored flying satellites 26,000 miles into space.

“I was on track to becoming a colonel in the United States Air Force, a very high ranking title and prestigious corporate career. My husband called me “Major Mom,” which is where the name of my business came into play,” said Angela.

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Topics: Entrepreneurship, veteran, Veteran Small Business Award

4 Smart Reasons to Secure a Small Business Loan for the Holidays

Posted by StreetShares on December 20, 2016

Are you prepared for the holiday rush? While the holidays can bring excitement and joy, they can also be a stressful time for the unprepared small business owner, especially when it comes to finances.

Working capital is the lifeblood of a small business—it’s the money your business needs to manage the day-to-day operations and transactions. Your working capital affects your ability to meet your monthly expenses, like rent, payroll, inventory and others. While most small businesses expect a significant spike in sales over the holidays, if you’re not prepared to meet some of the short-term, upfront expenses needed to keep your business viable, your business could really struggle these next few months. If you’re concerned about the cash flow of your business, it might be time to consider taking out a small business loan or a line of credit to get you through the holidays.

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Topics: Entrepreneurship, Small Business, Veteran Business Loans

Veteran Small Business Award 1st Place Winner: Grunts Frozen Yogurt

Posted by Shauna Vo Pulayya, Director of Content Marketing on December 13, 2016

Our top 10 Veteran small businesses put up a good fight for the first round of awards presented by the StreetShares Foundation and JPMorgan Chase. The public vote lasted for about a week and a half. Without further ado, the winners of the Veteran Small Business Award are…

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Topics: Veteran Small Business Award

Veteran Small Business Owner Gets Decked by OnDeck: Prepayment Fees

Posted by StreetShares on December 9, 2016

An important note to all veteran small business owners across America: the repayment terms of small business loans can vary greatly and be written in very small print. Just ask Air Force Veteran, Mike Dunn. 

A proud Budget Blinds franchisee, Mike was already seeing business take off in Temple and Killeen, Texas. In fact, due to increased customer demand, he needed a location to both display and store inventory. Like many small business owners, he suddenly had a working capital need. His new mission was to quickly build a new showroom. 

Mike started his research as many small business owners do: online. He filled out a survey to match him with the right small business loan. The survey recommended OnDeck as an option for his small business loan, and Mike called them. 

He reviewed the terms of the OnDeck loan carefully. Like most detail-oriented veterans, Mike wanted to ensure he maintained all protections for his scenario. When speaking with OnDeck, he specifically asked if he could pay the loan off early. 

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Topics: veteran

ABOUT STREETSHARES

StreetShares helps fund veteran small businesses quickly and affordably through its fast-growing group of investors who support the veteran community.

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