CUs Help Turn GIs Into Entrepreneurs
Turning to their local credit unions, military personnel are transitioning back into civilian life by starting up businesses such as chiropractic firms, franchise restaurants and even shoe stores.
Some are also taking skills they've learned to become entrepreneurs and in the process are also helping to boost the popularity of a government program that provides special loans to help them start and expand their businesses.
"We're seeing a nice mix. Many of them are transitioning out of the military. Even in the San Antonio area, we serve a lot of retirees and there are other businesses located here that serve the military," Pankau said.
The Patriot Express loans can be used for most business purposes, including startup, expansion, equipment purchases, working capital, inventory or business-occupied real-estate purchases, according to the SBA, with most applications approved within 24 hours. The loans can also be used to recover from declared disasters, to sell goods and services to the government and to prepare a business in the case the owner is deployed.