8 Facts About Veteran-Owned Businesses (2021)
Celebrating the entrepreneurial spirit and resilience of Veteran small business owners during National Veterans Small Business Week.
The first day of November marks a the beginning of National Veterans Small Business Week. Here are 8 statistics that highlight the impact of military Veteran entrepreneurs on the U.S. economy.
$1 Trillion
There are nearly 1.8 million military Veteran entrepreneurs and their businesses generate around $1 trillion in annual receipts.
4 Million Jobs
In 2019, Veteran-owned businesses employed around 4 million people, representing 5.7% of US employer businesses.
45%
A study by the SBA found that Veterans are 45% more likely to self-employed than non-Veterans.
1 in 3
California, Texas, Florida, and New York are home to nearly 1 in 3 Veteran-owned businesses.
4x
Between 2007 and 2012, the number of female Veteran-owned firms approximately quadrupled and were sole driver of the overall increase in the number of Veteran-owned firms.
93%
Although the number of female vetrepreneurs is growing, the vast majority are male (93%) and white (81%).
76%
The pandemic was rough on Veteran-owned businesses with 76% of Veteran entrepreneurs stating that they lost business and 31% anticipate that they will close their business.
41%
The largest barrier to entrepreneurship among Veterans is access to capital. In 2019, 41% of vetrepreneurs were not able to secure any funding at all for their business.
Veteran entrepreneurs employ millions of people and are a critical part of the U.S. economy. Honor their service to our country and ongoing contributions to society by supporting Veteran-owned small businesses. You can also promote your favorite businesses on social media with #VetBiz.
