How can Veteran business owners overcome financial challenges?

(BPT) - For many Servicemembers transitioning out of the military, owning their own business is their second act. Take Aaron Gipson, for example. During his time in the military, he began cutting his fellow Marines' hair using his footlocker as his "barber bench."Not long after he exited the military, he got his cosmetology degree and instructor's license and opened his first salon in Jacksonville, Florida, his hometown. Today, Gipson's salon, which he co-owns with his wife, LaVonia, is thriving — thanks to a combination of hard work, business acumen and a trusted financial partner that understands his needs."If we're not behind the chair, we're still working on marketing, inventory, accounts and trying to figure out how to stay relevant in a constantly changing industry in which trends come and go," said Gipson.Gipson is just one of many Veteran business owner success stories. Veterans are the majority owners of 1.6 million firms that employ 3.3 million workers, according to the U.S. Small Business Administration's Office of Advocacy. Though just 7% of the population, Veterans comprise 14% of the nation's franchise owners.Barriers to businessHowever, for many Vetrepreneurs, launching and growing businesses can be challenging. Finance is a key barrier.According to a 2022 national survey by Syracuse University's D'Aniello Institute for Veterans and Military Families, Veterans cited lack of access to capital (37%) and financing (35%) as their biggest financial barrier to entrepreneurship. Without funding, small-business owners can struggle to hire staff, stock inventory or invest in marketing, limiting their ability to scale their ventures."There's no handbook for starting a business, and it's rarely a straightforward path," said Will Scott, vice president of business solutions at Navy Federal Credit Union. "But Veterans have developed skills in the military like leadership, resourcefulness and hard work, which make them great business owners across sectors ranging from government contracting and other professional services to construction to health care. In the face of adversity, they know how to pivot and make the best of those situations — and we're here to help them grow."Supporting Vetrepreneurs one business at a timeOvercoming Veterans' unique financial challenges requires a tailored approach. That's why Navy Federal Business Solutions provides products and services specifically designed to help Vetrepreneurs launch and grow their businesses.The credit union offers business banking services designed with Veterans in mind, such as business checking, business credit cards and traditional business loans with competitive rates and terms for qualified borrowers.The Navy Federal Business Solutions team goes above and beyond by connecting business owners with resources that will help them access funding and grow. Such resources include Service to CEO, an entrepreneurship program for military-connected entrepreneurs run by The Rosie Network, the Small Business Administration's Boots to Business program and VetFran, an organization that helps Veterans become franchisees.Thanks to these business services, the Gipsons were able to refinance the building that houses their salon, cover the cost of tuition at two colleges and save for their future. When asked about their business success, they credit their positive relationship with Navy Federal Business Solutions for helping them achieve financial security."It gave us the impetus to keep moving and not stop," said Gipson.To learn more about how Navy Federal Business Solutions supports Veteran business owners, visit NavyFederal.org.Navy Federal Credit Union is federally insured by NCUA.