Advocacy Study Analyzes Veteran Business Owner Recovery from 2007-2013
WASHINGTON – Today, the Office of Advocacy, an independent office within the U.S. Small Business Administration, released a study entitled Income and Net Worth of Veteran Business Owners over the Business Cycle, 2007–2013. In the study, the author George Haynes examines the changing financial health of veterans during the recent recession and recovery. Veterans play a pivotal role in American society, so understanding their finances is a national priority and a key to expanding opportunities for their businesses.
"The Great Recession was a very difficult time for all Americans, and investigating its effects on our economy offers vital lessons for our country's future," said Christine Kymn, chief economist and director of economic research. "The leadership skills veterans use to protect us in times of need can give rise to successful businesses after our veterans return home from service. A clear picture of how veterans fared during the recession and recovery can help policymakers to continue impactful programs and develop initiatives to support their future efforts."
The report expands on these main points:
- Veteran and non-veteran households with small businesses experienced significant declines in income during the Great Recession;
- Non-veteran households with small businesses were more likely to experience a recovery than veteran households with a small business;
- In general, veteran households with small businesses were wealthier than veteran households without small businesses, except between 2007 through 2013, when both groups had similar income levels.
The report's findings confirm the importance of policies to help the growth and development of veteran small businesses.
|The mission of the Veterans' Business Outreach Center (VBOC) is to help create, develop, and retain veteran-owned small business enterprises.
Before the VBOC can provide assistance, the Small Business Administration requires all clients to complete the Electronic Request For Counseling (ERFC) form.
This ERFC form can be opened by clicking on the green map. It will act as our Confidentiality and Code of Conduct Agreements. All client information is held in strict confidence. After submitting the ERFC successfully, a Certified Business Analyst from our office will contact you as soon as we are able to conduct an initial assessment and get you started in the process.