SCORE mentors help military veterans launch small businesses

• SCORE provides free mentoring to veteran entrepreneurs

• New resource guide supports military business transitions

• Veteran-owned businesses have high success rates

• SCORE mentors serve all 50 states and U.S. territories

In conjunction with National Military Appreciation Month in May, SCORE mentors are offering resources for veterans to start and grow their entrepreneurial enterprises.

A national nonprofit organization that assists small businesses, SCORE since 1964 has helped more than 17 million entrepreneurs start, grow or successfully exit a business. SCORE’s 10,000 volunteers provide free, expert mentoring, resources and education in all 50 U.S. states and territories. The organization offers veterans’ training to overcome challenges to entrepreneurship.

“Volunteering at SCORE is my way of showing appreciation to those who helped and guided me during my career while sharing my background and experience to help entrepreneurs succeed,” SCORE Mid-Atlantic Regional Vice President Ed Coleman said in a statement. “While I enjoy working with all SCORE clients, as a U.S. Army veteran, I particularly enjoy working with veterans to translate their military experience into entrepreneurship. Helping clients realize their dreams is very gratifying and the essence of the SCORE mission.”

SCORE has developed specific resources for use by its 10,000 mentors nationally in mentoring veterans. The SCORE Veterans Small Business Resource Guide features veterans-specific resources to offer insight on developing a business plan, securing funding, starting a business, buying an existing business, buying a franchise, connecting with one of SCORE’s volunteer mentors, and gaining a better understanding of business through webinars and workshops.

Veterans account for approximately 10% of SCORE’s client base. They own 10% of small businesses and 14% of franchises. Nationally, veterans own nearly 2 million businesses nationally, employ more than 5 million Americans, and generate more than $1 trillion in annual income. Of those, 40% of veteran-owned businesses generate more than $500,000 in annual revenue.

According to a release, 80% of the 1.7 million veteran-owned business owners consider themselves successful. The small business five-year survival rate for veterans is double that of the non-veteran population. Data from the U.S. Small Business Administration shows that small business owners with an established mentor have twice the success rate – 70% versus 35% – as those who do not have a mentor.

Mentors continually expand their knowledge base to better assist veterans on their entrepreneurial journey, SCORE Susquehanna Acting Chapter Chair Bobb Bewley said.

“Military transitioning from active duty have different needs than civilians in terms of starting a business,” said Bewley. “It’s wonderful to have veterans’ resources at our volunteers’ fingertips to aid in mentoring our service men and women.”