The skills veterans learn in their service, such as leadership, problem-solving, and discipline, translate well to starting and running a business. Whether starting a new business or buying into an existing business, Georgia offers veterans several benefits and programs to help veterans achieve their goals.
Georgia provides a tax exemption to eligible veterans who start their own business. The Veterans Business Certificate of Exemption provides eligible veterans a 10-year reprieve from any occupation tax, administrative fee, or regulatory fee imposed by local governments for conducting a business.
To be eligible, a veteran must be discharged under honorable conditions and have a service-connected disability rating of 10% (25% for peacetime veterans). If eligible, this exemption can be extremely valuable to veterans.
Starting a business may sound appealing, but not everyone knows where to begin. Fortunately, several programs offer guidance to veterans. The Small Business Administration (SBA), Office of Veterans Business Development (OVBD), Veterans Business Outreach Center (VBOC), and Georgia Veterans Education Career Transition Resource Center (VECTR) all provide foundational guidance to veterans looking to start a business.
The SBA and VBOC work with veterans to help them understand the fundamentals of business. These programs are designed to give veterans the tools to succeed before their business is running by providing pre-business plan workshops and plans, feasibility analyses, and mentorship.
Contracting and Funding
Understanding business is the first hurdle to starting your own business. The next is obtaining funding for your idea. Again, many resources are available for veterans to get the funding they need. The SBA provides special consideration in their lender match service for veterans.
The Department of Veterans Affairs also provides numerous resources for veterans. In addition to funding, the VA also works heavily with the government to get veteran-owned businesses government contracts. Government contracts can be a promising source of income for veteran-owned small businesses. (In 2019, the VA assisted veterans in securing over $6 billion in government contracts!)
The attorneys at Thrift McLemore understand the opportunities and resources available to veterans and will make sure their business is set up for success. If you are looking to start a business or have questions, call us today at (678) 784-4150.
We thank our veterans for their sacrifice and service to our country!