Colorado veterans recieving millions in small business loans

Colorado veterans are seeking and qualifying for U.S. Small Business Administration loans.

In fiscal year 2012, ending Sept. 30, the Colorado District Office reported 68 loans to veterans for $26.4 million and 47 loans to disabled veterans for $23.8 million.

In fiscal year 2011, there were 72 loans to veterans valued at $29 million and 9 loans to disabled veterans for a total value of $2,108,400.

“Around Veterans Day, our thoughts turn to the men and women who are currently serving in the Armed Forces, as well as to all veterans who have made sacrifices and served our country over the years,” said SBA Administrator Karen Mills. “When you consider the leadership and management skills our veterans develop while on active and reserve duty, it’s no wonder we see so many of them choose the path of small business ownership.”

Nearly one in 10 small businesses are veteran-owned, according to data from the U.S. Census Bureau. Collectively, these 2.4 million small businesses employ almost 6 million Americans and generate more than $1 trillion in receipts.  In the private sector workforce, veterans are 45 percent more likely than those with no active-duty military experience to be self-employed.

In FY 2012, SBA backed more than 3,200 loans supporting nearly $2.1 billion in financing to more than 2,800 Veteran-Owned Small Businesses through its flagship 7(a) and 504 loan programs, including $118 million through the Patriot Express Loan program.