All entrepreneurs have questions when they are starting a business; Veterans have their own questions, however, that are unique to their experience and to their status. TVC has pulled together the most commonly asked questions by our members in this section so you can see what Veteran entrepreneurs need to know the most. Read on to find the answers to questions you may have!

Am I a Veteran?

These more inclusive definitions of a Veteran and a Veteran-Owned Business differ from some of the definitions used by the federal government and apply only to The Veterans Corporation:

Veteran: Any former member of the armed forces who was discharged or released from duty under any conditions other than dishonorable, as well as active and former members of the Reserve and National Guard, and active duty military members preparing to transition to civilian life.

Veteran-Owned Business: Any company in which the management and daily business operations are controlled by one or more Veterans or, in the case of a Veteran with a permanent and severe disability, the spouse or permanent caregiver of such a Veteran.

Do I need a business plan?

Yes! Business plans can make the difference in whether or not you receive a business loan or whether someone chooses to invest in your company. The importance of a good business plan cannot be overstated, as it defines your business, sets your objectives, and enhances your ability to make sound business decisions in line with your overall business goals. Click here to find out more about writing a comprehensive business plan.

How do I get a loan for my Veteran-owned business?

TVC has partnered with leading business lenders to provide TVC members with exclusive access to a Veteran Economic Opportunity Fund. This exciting new initiative is designed to help you get the funding you need to start your business. Click here to learn more gaining access to capital through TVC!

Are there government grants available to start-up my business?

Although you may have heard on the TV or radio that the government will give you money to start your business, business grants are usually for the growth/expansion of an already successful business or for a very specific purpose. Typical start-up financing can be acquired through loans, investors, friends and family, or self-financing. Click here to learn more about the start-up financing options available to you.

How do I become certified as a Veteran-owned or Service-Disabled Veteran-owned business?

In order to be considered a Veteran-owned or Service-Disabled Veteran-owned company, a Veteran must own 51% of the business. The federal definition of a Veteran is one who has served at least 180 days of active duty other than training OR served on active duty in a hostile zone for at least 15 days. Your DD214 certifies you as a Veteran in most states; however, some states do not have their own certification process. Check with your state’s Department of Veteran Affairs office to be sure that you have the necessary paperwork for your state. To find VA offices in your state, go to: www.va.gov/Partners/stateoffice/.

Can I start my Veteran-owned business by getting government contracts?

No, the federal government generally awards contracts to established businesses with a good past performance record. You may be able to build your good reputation by working as a subcontractor for a company who bids on government contracts. Click here to learn more about doing business with the government.

Can I use my GI Bill for business capital?

No, the GI Bill is only for education. The GI Bill will pay for face-to-face entrepreneurial training if the program and site have been approved by your state’s VA office. The GI Bill can only be used for online entrepreneurial training if the training leads to a terminal degree/certificate/diploma. The best way to find out if a program/site has been approved for GI Bill use is to ask the instructor/site directly or contact the VA education office in your area: www.gibill.va.gov. To find out if you’re eligible for GI Bill entrepreneurship training benefits, go to: www.gibill.va.gov.

How do I find and partner with other Veteran-owned businesses?

TVC’s Veteran Business Directory is an interactive directory that lets you showcase your business and search for other Veteran-owned businesses. Click here to access TVC’s Veterans Business Directory.

I want to hire Veterans to work for my company. How do I find them?

TVC has partnered with Recruit Military to help Veterans hire and recruit other Veterans. Go to www.recruitmilitary.com to find Veterans who fit your business’ needs.

How do I buy a franchise?

VetFran is a branch of the International Franchise Association that offers discounts and special deals to Veterans who choose to open one of their Veteran-friendly franchises. Go to www.franchise.org and click on Franchises for Veterans to see a list of Veteran-friendly franchise opportunities.

If you have additional questions not on this list, contact TVC at 1-866-283-8267 (1-866-2VETCORP) or check out TVC’s Veteran Virtual Business Incubator, a one-stop resource and virtual guide to starting and running a Veteran-owned business.