Veteran Business Loan Aims to Put Veterans in Command of Business Careers
At approximately 1.7 million, Texas has the second largest population of veterans - second only to California.
Although Austin consistently ranks at the top of the nation as a best city to start a business, there are only 3,000 Veteran-owned businesses in the Austin area.
Together with Austin Mayor Steve Adler, the City of Austin Economic Development Department and Human Resources Department - Office of Veteran Affairs, today announced a $250,000 micro loan pool available for veterans to start or expand an existing business locally in Austin. Loans are available up to $35,000 per applicant.
The use of the Veteran Business Loan would provide gap financing with support from the U.S. Department of Housing and Urban Development at a low-interest rate to place a veteran in command of their entrepreneurial business careers. The loan utilizes no city funds.
“Transitioning from a military to a civilian career can be one of the toughest challenges faced by our troops, and we’re here to help,” said Mayor Adler. “The good news is active-duty troops are much more likely to become self-employed, which makes them a perfect fit for Austin. We want to ensure that veteran entrepreneurs have the support they need to succeed in Austin.”
The Veteran Business Loan is part of the Family Business Loan Program (FBLP), a public-private partnership between the City of Austin Economic Development Department and the U.S. Department of Housing and Urban Development, which offers a low-interest rate loan and low borrower equity requirements to help create or expand a business.
With the Veteran Business Loan, a veteran entrepreneur can apply for a micro loan to secure working capital, inventory or supplies, furniture or fixtures, or machinery and equipment.
Along with coordinating access to minimum but critical business skills for veterans available through the City’s Small Business Program, city staff will review a veteran’s business and financial goals and walk them through the loan process.
For more information on the Veteran Business Loan, call 512-978-2502 to speak with a Loan Program Advisor.
About the City of Austin Economic Development Department
The City of Austin Economic Development Department (EDD) develops and leads the innovative programs that increase the prosperity of Austin’s citizens, our businesses, and our diverse neighborhoods. For more information, visit www.austintexas.gov/edd.