Earlier this year, the US House of Representatives passed the Successful Entrepreneurship for Reservists and Veterans Act – otherwise known as the SERV Act.
Introduced by Representatives Mark Alford, Herb Conaway, and Sharice Davids, this is a bipartisan bill aiming to help veterans who are looking to start SMEs, with Davids stating that they ‘need better support when transitioning from service to entrepreneurship.’
But how does the bill guarantee this support, and if you’re a veteran looking to start your own small business, are there any other helping hands you should know about?
The SERV Bill: Explained
Transitioning from the military to the business world is not easy, which is why the SERV bill focuses on improving veterans’ access to entrepreneurial training and resources, making it far easier for them to transition into the business space.
Some of the key benefits include enhanced training programs – expanding access to Small Business Administration programs – the expansion of resources – the bill ensures that veterans can connect with small business development centers, as well as other entrepreneurial assistance programs – improved accessibility – strengthening partnerships between the SBA and the Department of Defence – and support for National Guard and Reservists, with the act ensuring they receive the same support as full-time veterans.
Essentially, this is a bill that recognises the challenges veterans face when starting their own SME and actively works to remove barriers to their success.
By providing structured support, streamlined resources, and increased accessibility to vital training programs, the SERV bill aims to create a smoother pathway for veterans now and in the future. But as we mentioned before, it’s not the only support veterans should be aware of.
Insurance for SMEs
If you’re a veteran taking your first venture into the business space, there are plenty of other helping hands that can help you in your journey, with one of the most important revolving around insurance.
Over the last few years, insurance options have increased exponentially, with small business insurance by Next, specifically, being one of the best for newcomers in the space.
Through Next, you can gain access to a range of tailored insurance packages, including general liability, professional liability, and workers’ compensation insurance – all of which work to keep you safe and secure in a business landscape that might not always be so forgiving.
Grants and Loans
Aside from insurance, another thing SMEs should be aware of is the sheer number of small business grants and loans that are available across the US.
Financing, of course, is one of the biggest hurdles for new businesses to face, with many businesses failing within their first two years due to a lack of funds.
To avoid falling into this pithole, there are several grant and loan programs designed specifically for SMEs, with one of the most significant being the SBA Veterans Advantage Program, which looks to reduce fees on certain SBA loans for veteran-owned businesses.
Through a program like this, you can make sure you have access to the necessary capital without being overwhelmed by high interest rates or excessive fees – essentially allowing you to take your time and give you the space to enter the business world more comfortably.
Mentoring and Networking
Lastly, one of the best things any new SME can do is connect with experienced mentors and industry professionals who can provide the right guidance.
Whether it’s with SCORE or VBOCs – Veteran Business Outreach Centers – there are numerous options across the country that will provide training, mentorship, and networking opportunities right at the beginning of your business journey.
This will then help you to navigate any challenges far more effectively, as you’re gaining valuable insights from those who have already succeeded in the business world.
Even if you’re confident, of course, it’s important to remember that starting a business isn’t easy. It comes with many unexpected hurdles. But having a strong support network – as well as the support we mentioned above – can make all the difference.
