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A Veteran’s Guide to Starting a Small Business

Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money .

Did you know that, out of the 27.9 million businesses in the United States, 2.52 million of them are owned by veterans ?

That’s right—employing over 5.793 million different employees and bringing in over $1.220 trillion in sales—veteran-owned businesses have a big impact on the U.S. economy.

Clearly, small business in the United States would be nowhere close to where it is today without veteran entrepreneurs. But still, starting a business as a veteran business owner is much harder than it should be.

That being said, there are a handful of steps you can take and resources to take advantage of if you’re a veteran trying to start a business, including traditional forms of financing and various VA SBA loan programs.

Here’s your ultimate guide to starting and financing a business as a veteran entrepreneur.

3 steps to starting your veteran-owned business

The decision to even start your veteran-owned business is already a big, exciting, and possibly scary step. If you’ve never done this before, you have a few learning curves to get over.

Knowing that you want to start a business is just the first step—you don’t necessarily know how to start a business.

Let’s run through a crash course on how to start a business, then cover the many resources available to veteran entrepreneurs to help start your business along the way.

Step 1: Coming up with your perfect business idea

You might be going into starting your business knowing exactly the business you want to start. You have that stellar business idea, and you just can’t sit on it—business ownership came to you .

But on the other hand, there are many people who naturally have that entrepreneurial spirit. They’re born to be their own boss, but don’t necessarily have the business idea to get rolling with. If that’s the situation you find yourself in, then step #1 of starting your business is coming up with the right business idea to pursue.

(If you already have a stellar business idea and you’re trying to take it off the back-burner, then skip ahead to step #2.)

If you're looking for a business idea that works for you, here are four questions to ask yourself:

What are my skills?

As a veteran, you have a very unique set of skills that could be utilized and translated into a viable business idea. Or, you might have skills from before you joined the Armed Forces, that you can tap into to spark some inspiration for your business idea.

Figuring out how to run and manage your business is already hard enough, so don’t make starting the actual business harder for yourself. There’s no need to reinvent the wheel here—play to your strengths.

What am I interested in?

Many small businesses were built from ideas that just made plain sense—not necessarily related to the business owner’s passions, dreams, or interests. So, that whole “loving what you do” sentiment doesn’t have to hold true as you develop your business idea.

However, it’s worthwhile to consider your interests while you’re brainstorming your business idea. You might find that there actually is a great business idea in a realm that you thought might have just been a hobby for you.

What resources do I have?

You might already have the contacts, tools, resources, or equipment you need to start a business without even really knowing it. If you’ve got a stellar tool shed, and you’ve always been handy, then starting a repairs business might be a good idea.

Or, if you’ve inherited a storefront or retail space, you already have the foot in the door when it comes to starting a brick-and-mortar shop. Starting a business likely requires significant investment upfront, so it’s a good idea to start something where you already have a few of the things you need.

What need could I fill?

As you look around your local (or larger) community, is there a big, gaping need that should be filled by a great business? Then you could be the one to fill that missing puzzle piece.

Many of the most successful small and large businesses started because they were out to solve a problem. So put your thinking cap on, walk in the shoes of your potential customers, and try to solve the problems they face every day.

Step 2: Writing your business plan

Once you have a business idea to pursue, now it’s time to get it into writing.

Drafting a business plan is a crucial step for starting a business. Your business plan will lay out where your business is right now, and how you’ll get from point A to point B in the next two to five years.

Your business plan will help prove your case to investors, lenders, and potential partners for your business—showing why people should work with and invest in your business.

All in, it’s an important document to think carefully about. So, here’s what you’ll need to incorporate into your business plan.

1. Executive summary

Your executive summary is a general overview of your business—giving the readers a glimpse into what they’ll get if they flip through the pages of your plan.

This section shouldn’t be more than one or two pages—brevity and clarity are key here. While your executive summary is short, it’s probably one of the most important pieces of the whole documents. If an investor or lender doesn’t get what they need from the executive summary, there’s a chance they could just put your business plan aside all together.

Your executive summary should give a general explanation of what your business does, and where you want your business to be in three to five years.

Here’s what an executive summary could include:

Mission statement: Your mission statement is a paragraph (no more than four to five sentences) explaining what your business is and your higher-level goals for your business.

General company information: Give some insight into when the company was formed, who the founders are and what their roles entail, the number of employees, and the location of your business.

Business highlights: Are there any key numbers and growth you’ve hit already? Include some examples of what you’ve already accomplished. This could be financial highlights or key milestones of the business. This gives the reader a snapshot of how successful your business has been and how successful it could be in the future.

Products and services: Give a brief description of what you actually sell and who you sell it to. (If you don’t have a fully formed product just yet, give a plan for what it will look like in the future.)

Financial information: If you’re looking for business funding—whether through a business loan or through equity—state your goals in the executive summary. Be sure to mention any banks or lenders you’ve worked with thus far.

Future plans: At the end of your executive summary, give the reader a look into where you want your business to be in three to five years.

2. Company overview

The next section of your business plan should be your company overview . A company overview is a look into the structure of your business and how it generally functions.

A good way to structure your company overview is to think about these three general pieces of information:

Give a brief pitch: Start by describing what your business does in a few sentences. This is not unlike an elevator pitch. This gives the readers an idea of what they’re working with.

Provide your value prop: Explain the nature of your industry and the marketplace that you serve. Position your business in the larger picture of the industry, explaining where you fit in.

Describe your structure: Once you’ve explained the business and your value proposition, explain how your business is structured. How many owners are there? What’s your legal entity? Be sure to explain this when you put together a company overview.

3. Market analysis

Next up could be a market analysis. You could spend days and weeks conducting and presenting the perfect market analysis of your industry, market, and competitors, but here’s a quick glimpse into what it should include:

Industry description and outlook: Give a description of your industry by presenting the industry’s size, trends, growth rate, and outlook.

Target market information: What market is your business specifically targeting, who’s in it, and how big is it? This describes your ideal niche, customer, or client. This data will also have demographical information to give a look into your business’s customers (think gender, age, household income, etc.). It’s good practice to also include the lead time in your target market (the time it takes for your product to get to your customer once they’ve ordered it).

Market research results: This section is probably the most important of your market analysis, giving the results and findings from any in-depth research you’ve done on your target market.

Competitive analysis: A crucial step in outlining your market is looking into your competition. Who’s out there serving similar customers in your target market? What makes them similar to you, and what makes them different? How are they doing financially, and how much market share do they hold? The people reading your business plan will want to know what you’re up against.

4. Business organization

The next step in writing your business plan is to outline your business’s organization and management structure. This explains who’s who in your business, what everyone’s background is, and their past experiences bring to the team.

This part of your business plan will break down the following:

Organizational structure: Before you go into detail on who each stakeholder is, lay out the structure in which they're situated. This is like an organizational chart of laying out what everyone does and what team they manage.

Ownership structure: You’ve mentioned key owners before in your business plan, but go into detail on how your company’s ownership works.

Background of owners and board of directors: Next, explain your background as a veteran and relevant work experience you’ve had, and do the same for the rest of your owners, managers, and key team members. This information will prove to potential investors and partners that you’ve surrounded yourself with a good team. The SBA has a good list of what exact information you should include here.

Hiring need: What talent will you need to hire in the near future to make your team complete? Outline what key managers you’re currently looking for in order to grow your business.

5. Product development plan

Once you’ve gone through the nitty-gritty of how your business works and who’s involved, it’s time to walk through the actual product you sell or service you provide.

This section is meant to dive into your product and who it’s intended for. It can be structured as the following:

General product description: Give the details of your product, highlight the aspects of the product and service that make it stand out, and describe who it serves. Be sure to speak towards how exactly it fulfills your customers’ needs, and how it’s different than your competitors.

Current product status: Have you already rolled out the first stage of your product? Or is the design and fulfillment still in the works? This section will explain how fleshed out your product really is.

Product development research and goals: This section should explain how you plan to iterate on the product in the future. What research do you need to do before the product goes to market, and what do you want it to look like when it does? Also, if you have any plans for additional products in the future, give a brief description of what those might look like.

Sourcing and fulfillment: If you need to rely on other vendors or manufacturers to provide your product, you should outline what that looks like and the key players involved. Include information about what inventory or materials you need, how you get them, and how often you need them.

Intellectual property: While it’s more relevant for technology-based businesses, make sure you outline any intellectual property that is proprietary to your business in the product description. Note if you have patents or are in the application process for one.

6. Financial plan and projections

The current financial status of your business—and your plans for the future—can be one of the most important parts of your business plan. This section of your business plan outlines the current state of your business’s financials, and any small business financing you’ll need in the future.

As you’re just starting your veteran-owned business, you might not have a lot to show here. But eventually, you’ll want to include the following financial documents:

Income statements

Cash flow statements

Balance sheets

Accounts receivable statements (if applicable)

Accounts payable statements (if applicable)

Documentation of debt obligations (if applicable)

And if you don’t have any of these documents because you’re just starting up, then the financial section of your business plan should include financial projections.

While there’s more that goes into your financial projects, in general, they’re your best guess at your financials based on the market analysis you did and the performance of your top (and most comparable) competitors.

When you’re projecting your future financial performance, here are some documents and information to include:

Statements of projected income

Cash flow forecasts

Balance statements

Capital expenditure budgets

And finally, if you have any plans to take on financing in the future, you should explain your needs and goals in that regard.

This may be to bring on more investors into your business (therefore giving away equity in your business) or to approach small business lenders to find debt financing for your business.

In this last part of your financial information, describe what type of funding you need right now, how much you might need in the future, and the potential impact of having that funding for your business.

7. Appendix

Most complete business plans will also have an appendix included at the end of the document.

The appendix holds any supporting information and data points that you didn’t want to clutter the heart of your business plan with.

Specifically, this could be tables, graphs, and charts that help explain any section included in your business plan.

Step 3: Registering your business

Now that you’ve outlined your business in a business plan, the next key step is to make it all official—registering your business and securing the legal documents you need to operate.

This is a hard transition to make after big-picture planning, but it’s a necessary one if you want to get up and running any time soon.

Taking the time to properly establish your new business from the get-go will save you a lot of headaches in the long-run.

Here are the steps you need to take to make your business official and legally established with the local and state government.

Register tour business name

Once you come up with an unforgettable business name , you should register it. If you plan on using a unique name for your business, file your “doing business as” (DBA) name with your state’s agency.

Your DBA name is a business name that’s different from your personal name, the names of your partners, or the officially registered name of your LLC or corporation. This is important to note because when you form your business, the legal name of the business becomes the name of the person or entity that owns the business (you), unless you choose to rename it and register it as a DBA name.

If you decide to register your business as a sole proprietorship, partnership, corporation, or LLC, you’ll need to register your DBA name.

You can do so at your county clerk’s office or with your state government.

Choosing a legal structure

The next official task to undertake is to choose a legal structure for your business. The structure you choose will impact how you file state and federal taxes, the roles and ownership of different team members, and how you’ll be held liable if someone files a legal claim against your business.

It’s a complicated decision—one that we could devote a whole separate guide to. But as a quick run-through, here are your main options:

Sole proprietorship

A sole proprietorship is a simple, common way to structure a business.

It is an unincorporated business in which there’s one owner, and no distinction between the business and the owner. That means that you, the business owner, are entitled to all of your business’s profits, assets, liabilities, and debts.

You don’t need to take any formal action to form a sole proprietorship—you’ll automatically be a sole proprietorship if you form a business as the only owner.

As for taxes, because you and your business are legally the same, the business itself isn’t taxed separately. You’ll file the business’s income as your income on your taxes.

Partnership

A partnership is a legal structure in which at least two business partners share the profits and liabilities of a business. In order to formalize a partnership, you should draft up a legal partnership agreement if you choose to structure your business this way.

With a partnership, the business itself doesn’t pay taxes—they “pass-through” to the partners. The partners then include their share of the profits and losses on their personal tax returns.

A benefit of forming a partnership is that there’s some shared financial commitment in the deal.

Corporation

A corporation is an independent legal entity that’s owned by shareholders. The corporation, not the owners or shareholders themselves, is legally liable for any assets and liabilities.

A corporation is a more complex business structure, and tends to come with more costly administrative fees and more complicated tax obligations.

S Corporation

An S corporation is a special type of corporation, designated through a separate IRS tax election.

Whereas a corporation is subject to “double taxation”—where the corporation is taxed once and then again to the shareholders—an S corporation helps you avoid paying taxes twice on your business’s profit. The main difference between an S corporation and a general corporation (C corporation) is that taxes for S corporations pass through to the shareholders.

Limited liability company (LLC)

A limited liability company (LLC) is like a hybrid between a corporation and a partnership or sole proprietorship.

With an LLC, shareholders of the business are not legally liable for the business’s debts and liabilities (like a corporation), and they get the benefit of having taxes pass through to the shareholders (like a partnership or sole proprietorship).

Register for state and local taxes

Before you register for state and local taxes, you’ll first need to get a tax identification number.

Also known as an employer identification number (EIN), your tax identification number helps the IRS keep track of your business for tax purposes. Not all businesses will need one, but check to see if you should have one with the IRS .

Again, the IRS will use your EIN to track your business for federal tax purposes, but most U.S. states and territories will have you pay income and employment taxes for your business as well. (Certain states have additional requirements, like state-mandated workers’ compensation and unemployment insurance, but you can bet on having to pay income and employment taxes).

What you’ll need to do for registering for state and local taxes will vary widely from state to state.

Get all the documents, permits, and licenses you need

The last, nitty-gritty step you should take to make your business official is to get the small business licenses and permits you need to operate.

Virtually every small business needs a business license and/or permit to operate legally. So before you open your doors, make sure you’ve done your research to see what you need to hold before doing business.

We have a resource for how to get state-specific licenses and permits, so make sure to check that out.

How much do you need?

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We’ll start with a brief questionnaire to better understand the unique needs of your business.

Once we uncover your personalized matches, our team will consult you on the process moving forward.

Resources for veterans starting and managing a business

There are resources out there specific to veterans starting and managing their businesses.

If you don’t already, these are the resources that every veteran entrepreneur should take advantage of to start off their business on the right foot or be the best business owner they can be.

1. Office of Veterans Business Development

The Office of Veterans Business Development is an SBA initiative that offers programs and services to empower new and existing veteran entrepreneurs (and their spouses). Use this resource for training, mentorship, direction to get access to capital, and networking.

2. Boots to Business

Boots to Business is an entrepreneurial two-step program that helps train veterans hoping to become entrepreneurs. This program is a part of the Department of Defense’s training track for their Transition Assistance Program.

3. Veterans Women Igniting the Spirit of Entrepreneurship (V-WISE)

Specifically geared towards female veterans and their families, V-WISE is an SBA-funded program that includes online training, conferences, and mentoring.

4. The National Center for Veterans Institute for Procurement

The National Center for Veterans Institute for Procurement is an extension of the Transition Assistance Program, offering entrepreneurship training to veterans at any stage of their business.

5. Veteran Business Outreach Center (VBOC)

Perhaps the most comprehensive resource for veteran entrepreneurs, Veteran Business Outreach Centers offers any kind of entrepreneurial development assistance—business training, counseling, and mentoring for veterans starting or managing a business.

SCORE is a great resource for any small business owner, but shouldn’t be forgotten by veteran entrepreneurs. SCORE is a non-profit organization dedicated to giving free small business advice. Use them for contacting volunteer business counselors or go to one of their free business workshops and in-person appointments.

7. Institute for Veterans and Military Families (IVMF)

The IMVF is a program at Syracuse University, meant to provide education and training for veteran-business owners. The IMVF can help educate you on how to access capital, manage your business financing, or bootstrap your business.

8. Veteran Entrepreneur Portal

The Veteran Entrepreneur Portal is a VA-run portal that connects veteran entrepreneurs to different federal, state, and local resources, opportunities, or financing programs.

9. Service-Disabled Veteran-Owned Small-Business Program

The Service-Disabled Veteran-Owned Small-Business Program is an SBA program that helps entrepreneurs land sole-source government contracts of up to $5 million. Not all business owners will be eligible, but if you own at least 51% of your business and have a service-connected disability, you should consider applying.

VetBiz is a Department of Veterans Affairs organization dedicated to all things small business.

The first way to use this veteran entrepreneurial resource is to become a certified veteran-owned small business with them, which makes you eligible to win federal contracts.

11. USA.gov Resources for Veterans

The small business section of USA.gov has a large number of tools, training sessions, and more resources for veterans looking to start a business (or improve one).

12. VetFran

VetFran is a more tailored program with resources meant to help veterans get access to franchising opportunities. The website helps you determine if franchising is right for you, and what kind of franchises you could access.

13. Entrepreneurship Bootcamp for Veterans With Disabilities (EBV)

The IMVF started the EBV program —a three-phase training program with the goal of helping disabled veterans become entrepreneurs.

Each phase is a different program that focuses on the different challenges for becoming (and being) an entrepreneur. The last phase is a 12-month mentorship program with EBV mentors.

14. The Bunker

The Bunker (from Bunker Labs) is an incubator for veteran-owned technology startups. The Bunker is like any other incubator, providing you with office space, networks, mentorship, and professional development, just specifically focused on veteran-owned startups.

15. SCORE Veteran Fast Launch Initiative

Another SCORE opportunity meant just for veterans is the Veterans Fast Launch Initiative . This initiative includes free business workshops, personal mentoring, business calculators, templates, and more. Plus, the program also offers five free hours of consultation from a certified public accountant.

16. Coalition for Veteran-Owned Business

The Coalition for Veteran-Owned Business is more of an advocacy group for veterans. But because it’s a free service that promotes veteran-owned businesses through B2B product and services awareness, it’s worthwhile to get involved for networking and promotion purposes.

17. National Veteran-Owned Business Association (NAVOBA)

NAVOBA is another advocacy group for veteran entrepreneurs that you can become of a member of for free. You’ll get your business listed in their marketplace—so businesses looking to work with yours can find you there.

18. Patriot Boot Camp

Patriot Boot Camp provides free in-depth business education, mentorships, and live events. This boot camp is more geared towards technology-based companies, so if you operate a veteran-owned business in this space, don’t miss out on this program.

19. GovCon Ops Consulting

GovCon Ops is a private organization (owned by veterans!) aimed to help other veteran-owned businesses receive government contracts. This consulting business also helps veteran entrepreneurs navigate the process of simply finding the right government contracts for their companies.

Start Your Dream Business

The bottom line

Each one of these resources and initiatives is designed to help veterans like yourself launch and grow their own small business. We know that as a veteran, your training and skills leave you well equipped to start a successful business.

Thank you for your service, and good luck!

This article originally appeared on JustBusiness, a subsidiary of NerdWallet.

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Start » strategy, 9 top resources for veteran-owned businesses.

Creating and developing a veteran-owned small business is a unique process. Here are six great resources to help you start and manage your business.

According to the U.S. Census Bureau , military veterans own almost two million businesses and employ over five million Americans. The transferable skills and experience veterans have through military service, including leadership and team building, all encompass the attributes of a successful business owner. Veterans are capable of working under intense pressure and maintaining the discipline and responsibility needed to make their business idea a reality.

However, creating and developing a veteran-owned small business is a unique process. In order to grow and develop, these businesses often need resources to help get them started.

Challenges faced by veteran-owned small businesses

Owning a small business is not a small feat. Veteran-owned small businesses share the same concerns as other small businesses — and then some.

For example, according to the MetLife and U.S. Chamber of Commerce Small Business Index , two main concerns reported by veteran-owned small businesses — such as hiring the right talent — were the same concerns as non–veteran-owned small businesses. However, it can be challenging to find the right balance between hiring transitioning service members and veterans—something that many veteran-owned small businesses emphasize—and hiring those who have the right skill sets.

Unique challenges such as this make it difficult for veteran business owners to reach their goals without support. Fortunately, there are resources to help veterans manage every aspect of their business.

[Read more: Looking to Hire a Veteran? Here's How to Get Started ]

Top 9 resources for veteran entrepreneurs

There are several resources available to veterans looking to start their own businesses, offering courses on entrepreneurial skills, business plan creation, and other information.

Boots to Business

Boots to Business (B2B) offers an introductory overview of business ownership and baseline entrepreneurial skills for veterans and their family members. At this in-person, two-day seminar, veteran business owners are taught how to create a business plan and basic business concepts by subject matter experts from the Small Business Administration (SBA). After the “Introduction to Entrepreneurship” course, additional support is offered through Mississippi State University at no cost to veterans and their families.

Bunker Labs

With a mission to assist veterans in their small businesses, Bunker Labs is an incredible resource for veterans looking to begin their entrepreneurial journey. Veteran-owned and operated, Bunker Labs assists new veteran entrepreneurs with resources such as a newly available online course and local meetups with like-minded new business owners. They also have resources for established veteran-owned companies looking to take their business to the next level in their CEO Circle program.

[Read more: 5 Tips for Hiring the Right Employee ]

The Michigan Veteran Entrepreneur-Lab (MVE-Lab) is a three-month accelerator for veterans with a business idea.

DAV Patriot Boot Camp

Operating out of Boulder, Colorado, the DAV Patriot Boot Camp has a mission to provide current military service members, veterans, and their families with mentors, educational programs, and a community filled with top experts to assist them in creating successful businesses. The organization’s current three-day Boot Camp is its core program modeled after the Techstars’ accelerator. The program runs twice a year and provides mentoring and one-to-one support for new business owners, with locations varying each year.

U.S. Small Business Administration (SBA)

The SBA houses a wealth of resources to assist Americans in creating and growing their small businesses. The SBA’s Office of Veteran Business Development (OVBD) is dedicated solely to veteran entrepreneurs. With centers across the country , online and in-person courses, and resources for funding, the OVBD is a must-have bookmark for all veteran small business owners.

Hiring Our Heroes

The U.S. Chamber of Commerce Foundation’s Hiring Our Heroes program is also a helpful tool to consider when hiring and recruiting for your business. Hiring Our Heroes is dedicated to assisting transitioning service members, veterans, and their families find meaningful employment opportunities.

Created especially for active duty and female veterans, Veteran Women Inspiring the Spirit of Entrepreneurship (V-WISE) holds a three-phase program in entrepreneurship and business management. The three phases include a 15-day online course followed by mandatory in-person entrepreneurship training and continued support, mentorship, and training for alumni launching or growing their businesses.

Warrior Rising

Warrior Rising is a nonprofit organization that offers education, business coaching, and professional development to veterans. Warrior Rising focuses on helping service members transition back into becoming private citizens, with all their services provided at no cost to the participant. Warrior Rising’s job training starts with “ Warrior Academy ,” which translates the military decision-making process into a business model. Every piece of the Warrior Rising curriculum is aimed to help veterans become business owners and leaders.

Michigan Veteran Entrepreneur-Lab

The Michigan Veteran Entrepreneur-Lab (MVE-Lab) is a three-month accelerator for veterans with a business idea. Participants work on launching their business ideas with guidance from other veteran entrepreneurs, mentors, and experts like attorneys and marketing specialists. MVE-Lab concludes with a business pitch competition to win at least $20,000 in prize money.

The Rosie Network

The Rosie Network offers a range of programs for military members and their families. One of the organization’s core resources is Rosie’s List , a searchable database of verified veteran- and military spouse–owned businesses. The Rosie Network also runs the Service2CEO program, which was developed to educate and empower military entrepreneurs. The free program is designed with coursework, one-on-one mentorship, access to subject matter experts, and opportunities to pitch your business idea.

This story was originally written by Sean Peek.

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Why write a Business Plan?

A Business Plan is an essential written guide to starting and running your business successfully. Your Plan will encourage loans, promote growth, and provide a map for you to follow through the start-up and into the life of your successful business. VBOC counselors will assist you in writing your business plan from start to finish. Call us for details. Here are some valuable links that will offer you a free Business Plan template for your start-up business:

Bplans.com offers free sample business plans, business plan software, business calculators, and articles on writing a business plan, starting a business, etc.

SBA Business Plan Basics , step by step instructions for creating a business plan

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Resources for Veteran-Owned Businesses

Written by Veteran.com Team

There are many resources for veteran-owned businesses. Your first thought about such resources may be to turn to the Department of Veterans Affairs, and there are plenty of options there. But don’t forget to check your other government and non-government help options.

There are many agencies dedicated to providing advice, training, support, and even financial help for vet-owned small businesses.

» MORE: Find Out What You Qualify For: Free Medical Evidence Evaluation for VA Disability

VA Resources For Veteran Businesses

Veterans who need to explore their VA resource options for vet-owned business will have to sift through some options aimed specifically at veterans who want to do contracting business with the government, versus VA assistance for starting a business that has nothing to do with federal procurement, contracting, or bidding jobs for government contracts.

If you fall into the category of veterans who want to do business with the federal government, it’s best to start your journey by exploring the Department Of Veterans Affairs official site for the Vets First Verification Program, which is designed to give veterans priority when vying for contracts with the Department of Defense or other government agencies.

Through Vets First, qualifying veterans can sign up for the program if their business meets all of the following criteria:

51% or more of the company to be registered is owned by a vet
Veterans have “full control” over daily operations, management, and policy of the business
The veteran has “appropriate managerial experience” to run the business
A veteran is the highest-paid and most highly-placed person in the company

But this is not the only criteria. Vets First require applicants to meet the following guidelines to be considered a qualifying veteran:

The veteran must have spent time serving on active duty with the Army, Air Force, Navy, Marine Corps, or Coast Guard “for any length of time”
No dishonorable discharge
Guard or Reserve members called to federal active duty
Reservists and Guard members disabled from a disease or injury that started or got worse in the line of duty or while in training status

VA resources for veterans who need help starting their small businesses as opposed to getting into the federal contracting system are encouraged to explore their resources with the VA Veteran Entrepreneur Portal which offers a wealth of help and information.

There are links to funding resources (via the Small Business Administration ), and the VA Training & Employment page is also full of useful information and links. Those resources include mentoring options, networking, and training solutions.

» MORE: Get the VA Disability Rating You're Entitled To: Start with a Free Evaluation Today

Small Business Administration Resources for Veteran-Owned Businesses

Boots to Business and Boots to Business Reboot: These two Small Business Administration programs are designed to help vets, on and off-post, learn more about what they need to successfully plan and start a business.

Training includes steps for developing business concepts, creating and maintaining business plans, plus help with applying for the right SBA resources. Boots To Business is a program conducted at military bases, while Boots To Business Reboot is an off-post option.

Veterans Business Outreach Center (VBOC) offers veterans “entrepreneurial development services” including training, counseling, and referrals. Transitioning service members, veterans, National Guard & Reserve members and military spouses interested in starting or growing a small business should explore their options with VBOC.

This program boasts more than 20 organizations partnering with the SBA to help veterans with Veterans Business Outreach Center services. Help available through VBOC includes business plan review, concept assessment, feasibility studies, and much more.

Veteran Owned Small Business Pilot Programs: SBA pilot programs include veteran-centric offerings like the Veteran-Owned Small Business Growth Training Program. Some of these programs are location-specific and may require in-person training. Others may permit you to take classes, seminars, or workshops online.

SBA’s Government Contracting Classroom includes business planning and development including how to locate funding, create a business plan, legal requirements and even opportunities for young entrepreneurs.

The Veterans Business Development Officers roster , hosted on the Small Business Administration official site, is a list of resources broken down by state. These officers work for the SBA Office of Veterans Business Development under the mission statement that includes efforts to make small business resources more available for veterans.

» MORE: Unlock Your VA Disability Benefits: Improve Your Rating

Other Veteran Business Resources

There are plenty of other government and non-government programs that can help veteran-owned businesses. Some are national programs, some are very localized, and some may offer options in-between.

For example, a state-run veteran business assistance program may or may not require the veteran to be a state resident or to be a state resident for a minimum amount of time.

Other programs, such as Women Veterans Igniting the Spirit of Entrepreneurship (WVISE), may offer assistance for those who qualify as long as they have the ability to attend workshops, classes, or other types of programs in-person.

The WVISE training program was created to help veterans and military families learn how to succeed at entrepreneurship and small business management funded with help from the SBA and various philanthropic agencies, this program is run on a local level by the Institute for Veterans and Military Families at Syracuse University.

The program runs in three phases including a two-week online course, an in-person training event, and mentorship opportunities and operates in multiple locations.

Another good example of a program offered on the local level but one that could help a veteran willing to travel for the in-residence portion of the program is offered by the Riata Center for Entrepreneurship at the Spears School of Business at Oklahoma State University (OSU).

The Veterans Entrepreneurship Program at OSU is described as being “entirely free to the veteran” and the university pledges to “cover all costs (including travel, lodging, and meals)” for those accepted into the programs. For delegates accepted to the VEP. This program is hosted locally but is open to those who can commute to the program.

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How To Start a Veteran Business Checklist

As a veteran, you have the potential to be an excellent entrepreneur. However, starting a business in the U.S. can be a difficult and overwhelming experience. Find support for veterans as you enter the world of business ownership.

Create A Veteran Business Plan

10-point checklist for launching your veteran startup.

As a veteran, your military experience has given you a unique set of skills and qualities that are invaluable in the business world. We are here to help you plan your veteran business with tips and resources to make your dream a reality.

This is how veterans get started as entrepreneurs:

Research and Develop a Business Plan: Start by conducting market research to identify a need or gap in the market. Develop a business plan that outlines your objectives, target market, product or service offering, and marketing strategy. It is also essential to have a financial plan, which should include projected revenue, expenses, and funding sources.
Register Your Business: Choose a business structure , such as a sole proprietorship, partnership, LLC, or corporation, and register your business with the state in which you plan to operate. You will also need to obtain any necessary licenses or permits required by local or state governments.
Seek Funding: Starting a business requires capital, and as a veteran, you may be eligible for funding from the Small Business Administration (SBA) , Veterans Affairs (VA) , or other organizations. Consider applying for grants, loans, or crowdfunding options.
Leverage Your Network: As a veteran, you have a vast network of fellow veterans and military personnel who may be interested in your business. Attend networking events and reach out to your contacts to spread the word about your business.
Hire Employees: Hiring veterans can be an excellent way to support your community and build a strong team. Consider partnering with veteran employment organizations to find qualified candidates.
Take Advantage of Veteran-Owned Business Programs: The government offers various programs that can help veteran-owned businesses compete for government contracts. Research and apply for these programs to increase your chances of winning contracts.
Focus on Marketing: Effective marketing can make or break a business. Develop a marketing strategy that includes social media , email marketing , search engine optimization (SEO) , and other tactics to reach your target audience.
Be Compliant: Ensure that your business is compliant with federal and state laws, regulations , and tax requirements. Consider hiring an attorney or accountant to help you stay on top of these responsibilities.
Stay Confident: As a veteran, you have acquired a unique set of skills during your military service that can be applied to entrepreneurship. Bringing your leadership, adaptability and resilience skills to your business can give you a competitive edge.
Contingency Plans Are Key: In war and crisis zones, you have several contingency plans, to ensure the safety of your team and the success of your mission. The same principle can be applied to running a business. Be aware of the SWOT factors that could impact your business idea ( s trengths- w eaknesses- o pportunities- t hreats ). Develop a contingency plan.

»Peace has victories, but it takes brave men and women to win them.«

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Best Veteran Business Loans: How To Get Financing for Your Business

Updated: March 11, 2024

Published: October 05, 2023

Transitioning back into civilian life can be difficult, and adjusting to work can be even harder.

Many veterans find the typical office experience to be a challenge, and an increasing number of veterans are choosing to open their own businesses. In 2018, the most recent year for which data was available, almost 2m businesses were owned by veterans .

If you’ve considered opening a business yourself, learn about what veteran business loans are available and if there are any government programs that can help you with the process.

Veteran business loan programs

Applying for a veteran business loan is a bit different from the traditional business loan process . Also, there are few veteran-only loans. However, you can take advantage of lower rates and other programs aimed at helping veteran small-business owners .

The programs you qualify for will depend on your level of service and injury status. In general, you’ll find that programs specifically designed for veteran-owned businesses offer discounts and lower interest rates. However, the application process can be longer and more complicated.

US Small Business Administration (SBA) programs

The SBA offers loan programs for startups and established businesses, as well as training and contracting programs. It partners with other lenders and financial institutions and often guarantees a percentage of these loans to encourage banks to take them on.

Military Reservist Economic Injury Disaster Loan (MREIDL)

The MREIDL loan program helps businesses that have an employee called to active duty. The loan program is designed to encourage businesses to hire active military members. It provides up to $2m to help cover working capital when a service member is mobilized.

Any small business can apply for this loan, even those not run by veterans. However, you must prove that seeking funding from non-governmental sources would cause your business financial hardship. In other words, you don’t have enough business credit available from a private lender.

If your business has many employees, you may qualify for an even larger amount. Plus, you have up to 30 years to repay.

However, this program requires collateral for loans greater than $50k.

Best SBA program for: Businesses who hire active service members

SBA 7(a) loans

Veterans can look to SBA 7(a) loans for a competitive financing option. You can use this loan to cover many common business expenses, including real estate and equipment.

You can apply for up to $5m in financing, and the SBA will guarantee up to 85% of the loan. However, the approval period can take up to 10 business days.

Best SBA program for: Businesses who need larger amounts of funding

SBA Express loan

If you need funding sooner, the SBA Express loan offers financing up to $500k and may approve your loan in as little as 36 hours. This program isn’t only for veterans. However, it does eliminate fees for qualifying businesses who are owned by a veteran, military spouse, or active service member.

One downside of this program is the SBA will only guarantee up to 50% of the loan.

Best SBA program for: Businesses who need funds fast

Training programs

In addition to loans, the SBA offers several training programs to help entrepreneurs gain the skills and knowledge to start or grow their own businesses:

Boots to Business
Service-Disabled Veteran Entrepreneurship Training Program
Veteran Federal Procurement Entrepreneurship Training Program
Women Veteran Entrepreneurship Training Program

These programs are designed not only for vets but also for military spouses and active-duty service members.

Best SBA program for: Entrepreneurs who want to learn more about business ownership

Service-Disabled Veteran-Owned Small Business (SDVOSB) program

The SDVOSB program aims to help service-disabled veterans get government contracts for their businesses. The goal is to award at least 3% of all federal contracting funds to veteran entrepreneurs who meet the requirements.

Veteran Jeremy Lowell, managing director for staff augmentation firm The KYO Group, has used this program to subcontract with the government and work with the Army’s Transition Assistance Program.

However, Lowell notes that the application process was a bit cumbersome and required a lot of paperwork.

Best SBA program for: Businesses targeting federal contracts

Other funding options

Financial institutions like Navy Federal Credit Union and United Services Automobile Association also provide loans to their members at rates that are often better than many private banks. To become a member, you must be an active-duty service member, veteran, or military spouse — or have a family member serving in the military.

Some private banks and online lenders also offer military service members special financing. For example, Bank of America offers discounts for veterans applying for business loans. The SBA often guarantees those loans, however, so working directly with the SBA is a good way to find out all of your options.

Also, as a reminder, the Department of Veterans Affairs (VA) does not provide loan options for military veterans.

How to get a veteran small-business loan

The SBA has a few basic requirements for loan applicants. In general, you’ll find that all of the programs require you to:

Operate for profit
Be at least 51% veteran owned
Do business (and be physically located) in the US
Be creditworthy (most programs have a minimum credit score)
Be unable to find funding from other sources
Have a good business plan
Meet the SBA’s general requirements

Depending on the bank, some types of businesses, like casinos, may not be covered.

What you can use veteran loan funds for

You’ll find that each program has different requirements depending on the loan amount and whether it’s secured or unsecured. You’ll often need to apply for a specific type of loan depending on what you need it to cover, too.

For example, MREIDL funding is supposed to be used to help cover payroll expenses. However, you can’t use it to make up for lost sales or expand your business.

You can use many of these loans for:

Equipment purchases
Hiring additional workers
Real estate
Additional business needs

Research the individual programs that interest you to find the best fit for your business goals.

Getting help with the veteran business loan process

Veteran business loans can be a lifesaver for many entrepreneurs. But while the program terms are competitive, they can be difficult to qualify for and involve a lot of bureaucratic hoops. Here are some tips to help make the process easier.

Seek out a mentor

Working with someone who has actually gone through the process can be a great way to learn from experience. A study conducted by the Institute for Veterans and Military Families (IVMF) found 41% of veteran business owners said a mentor was their most helpful resource.

A business mentor, especially a fellow veteran entrepreneur, can help you navigate these programs more easily. You can contact your local Veteran Business Outreach Center (VBOC) for help finding a mentor (more on that below).

Get things organized

Organizing your documents and writing out your business plan can help you make your case to lenders — even if you’ve been denied by a bank already, have bad credit, or don’t quite meet the eligibility requirements.

If you clearly spell out your business needs and current cash flow, work out your repayment plan, and explain what you’ll use the funds for, you’ll come across as a more trustworthy borrower. And having a concrete business plan will make it easier to convince others to lend you money.

Contact your local VBOC

A good place to start is by contacting your local VBOC. This SBA program helps veterans learn how to start a business and connect with mentors. It also offers training.

The SBA’s veteran financing options are operated under the Office of Veterans Business Development (OVBD), which also helps run the VBOCs. You’ll be able to learn more about running a startup business, attend workshops, and explore funding options. Even better, the offices are located in areas with lots of veterans.

Veteran Michael Gillihan, partner and COO at website development firm CauseLabs, found the SBA to be the most helpful organization while he was looking for funding.

“Some banks said we were not asking for a large enough loan,” he says. “Some wanted more collateral. Due diligence was challenging. The whole process was foreign, and informational resources weren’t easily found.”

While the process can seem overwhelming at times, organizations dedicated to helping veteran-owned small businesses can help you get the funding your small business needs to get off the ground or expand.

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From the military to the workforce: How to leverage veterans’ skills

US employers face multiple challenges when it comes to filling jobs and retaining workers, including a shortage of skilled labor and an aging workforce. To meet the moment in this era of technological change, some companies are broadening their hiring lens beyond the traditional college résumé. They are evaluating candidates on their capacity to learn , their intrinsic capabilities, and their transferable skills.

About the authors

This article is a collaborative effort by Scott Blackburn , Michael Kim, Charlie Lewis , Hannah Oh, and Kallman Parry.

This is where military veterans can make a difference. Veterans represent a source of labor potential that is untapped relative to the breadth of experience and depth of skills that they acquire and develop during their service. Members of the military receive technical training, operate under pressure in austere environments, and develop strong interpersonal skills throughout their service, making them well qualified for numerous civilian occupations. While not every military role is directly transferrable to a civilian job, most skills are—including those that correspond to US industries experiencing labor shortages, such as infrastructure and manufacturing.

And veterans aren’t the only ones who stand to benefit from a longer look by employers: the economic opportunity of unleashing the value of veterans’ work experience through skills-based hiring could reach almost $15 billion over a ten-year period, new McKinsey research shows.

In this article, we explore the complex employment picture for military veterans , including in jobs and industries that will be most affected by automation and generative AI . We look at actions the military can take to help service members prepare for their transition to civilian work. We focus particularly on enlisted veterans, who make up the majority of those shifting out each year but who tend to fare worse in the labor market because employers don’t recognize their technical skills. We then discuss ways that the military and the private sector can close the veteran opportunity gap by improving employment outcomes.

The veteran employment landscape

Military veterans are not a homogeneous demographic, nor is their labor profile. Veterans’ work experiences differ by age, skills, and educational degrees. Our research shows that, in the aggregate, veterans with bachelor’s degrees and those skilled through alternate routes (known as STARs 1 According to the not-for-profit Opportunity@Work, STARs are individuals who are at least 25 years old, are currently active in the workforce, and who have a high school diploma but no bachelor’s degree. ) outearn their nonveteran peers (Exhibit 1).

Veteran STARs are, on average, eight years older and earn $3.91 more per hour than civilian STARs, though they tend to cluster in fewer, technical occupations. The largest veteran STAR group is aged 45 to 54; this cohort has the highest median hourly wage ($26.44) of all STAR groups. The group with the highest median hourly wage overall ($42.58) is made up of veterans aged 55 to 64 and with a bachelor’s degree or higher.

The roles with the highest representation of veterans are often analogs of military specialties. These roles include aircraft pilots, flight engineers, and aircraft mechanics and service technicians, as well as detectives and criminal investigators. Veterans are also well-represented in middle- to high-wage occupations that are accessible from low-wage jobs and rarely require an undergraduate degree. These roles include occupational-health and safety specialists and technicians, crane and tower operators, paramedics, and construction and building inspectors.

When viewed as a monolith, veterans are doing relatively well. But when broken down into subsets, many veterans are struggling to find jobs that use, recognize, and compensate them commensurate with their level of military experience. This is especially true for those who have difficulty translating their experience to civilian employment opportunities—in particular, veterans without a four-year degree, who represent 61 percent of all employed veterans. 2 Opportunity@Work analysis of the Integrated Public Use Microdata Series (IPUMS) 2021 Annual Social and Economic Supplement (ASEC) to the Current Population Survey (CPS).

Of the roughly 150,000 active-duty service members who transition from the military each year, 3 Demographics report , US Department of Defense, 2021. approximately 90,500 earn less in their first year after being discharged than they did on active duty, resulting in billions of dollars of lost economic value (Exhibit 2). 4 Integrated Public Use Microdata Series (IPUMS) 2022 Annual Social and Economic Supplement (ASEC) to the Current Population Survey (CPS), as well as data analysis of the US Census Bureau’s Veteran Employment Outcomes. And while some categories of veterans fare better than others—including former officers, as well as Special Forces and personnel who specialized in intelligence, IT, and cyber operations—veterans across categories are, on average, entering the civilian workforce at lower median wages than they had in the military.

Enlisted service members are disproportionately affected: veteran STARs tend to occupy lower-paying and more physically demanding roles than veterans with bachelor’s degrees, indicating that they may be hampered by not having a four-year degree.

Our methodology

To understand the lost economic opportunity associated with the lower wages for transitioning enlisted service members, we grouped junior enlisted service members who had undervalued occupational skills and noncommissioned officers (NCOs) who had undervalued managerial skills. We identified the one-year postdischarge salary for each category as a baseline, then assigned best-fit skills-based careers to each category. We narrowed the field of choices by factoring in required education, preparation needed, and projected annual job openings. Based on those choices, we identified salaries and calculated projected future earnings. We then determined the economic difference between current and potential salaries for all categories. Top careers included registered nurses; electricians; first-line supervisors of mechanics, installers, and repairers; industrial-machinery mechanics; and municipal and forest firefighters.

The cohort of enlisted veterans postdischarge excludes occupational groups (intelligence, Special Operations forces, and IT) that earn roughly equal to or greater than their last year of active-duty regular military compensation. The comparison of actual and potential average salary for enlisted veterans postdischarge is based on the latest data set to track income relative to military occupation from the US Census Bureau’s Veteran Employment Outcomes, which covers army veterans who left active-duty service between 2000 and 2015. 1 “Veteran Employee Outcomes,” US Census Bureau, accessed October 24, 2023. Actual earnings are from the Department of Labor; future-earnings projections are based on the 2023 Bureau of Labor Statistics annual wage increase and converted to 2018 dollars to match the Department of Labor data set. We also referred to the Department of Defense’s digital employment tool, Occupational Information Network, or O*NET; a 2023 RAND report on service members’ knowledge, skills, and abilities 2 Elizabeth Hastings Roer, Jeffrey B. Wenger, and Jonathan P. Wong, Military-to-civilian occupational matching: Using the O*NET to provide match recommendations for the US Navy, Marine Corps, and Air Force , RAND, 2023. ; and an internal survey of veterans working at McKinsey that matched the RAND findings.

McKinsey analyzed what the total potential loss of annual earnings for a cohort of 90,500 transitioning enlisted service members would mean in terms of lost overall economic potential (Exhibit 3). The research, which combined labor data and a skills-based analysis, found that the economic potential of improving employment outcomes for a single cohort of transitioning veterans could be almost $15 billion over a ten-year period (see sidebar, “Our methodology”). This presents a significant opportunity for the military, the private sector, and not-for-profit organizations supporting veterans as employers seek workers with ready-made skills.

How veterans’ skills apply to jobs—now and in the future

In the broad economic context, McKinsey research on the US labor market shows a disconnect between available jobs and people qualified to fill them. Two industries in particular stand out: infrastructure and manufacturing.

The Bipartisan Infrastructure Law (BIL) is expected to create hundreds of thousands of additional jobs on projects ranging from roads, bridges, and waterways to clean energy and electric vehicles. However, a labor crunch in construction jobs exists across sectors, occupations, and geographies . In manufacturing, McKinsey analysis suggests that reviving the industry —in which the bulk of employees don’t need four-year degrees—could boost GDP and add up to 1.5 million jobs. 5 “ Delivering the US manufacturing renaissance ,” McKinsey, August 29, 2022.

Veterans map well to these high-demand jobs. To identify the specific actions that can help improve veterans’ employment outcomes in these industries and others, the research matched military specialties and skills to their full spectrum of civilian occupations. The goal was to identify high-potential pathways that are likely to improve veterans’ livelihoods based on skill overlap. 6 To focus the analysis and gain an understanding of the distribution of veterans across occupations, their education attainment levels, and incomes today, we examined employment and demographic data from external sources such as the US Bureau of Labor Statistics and the US Census Bureau, in addition to analysis from internal sources such as the McKinsey Global Institute. For the purposes of this research, veterans’ livelihood represents their overall well-being, as well as the strength of their means to provide essentials (for example, food, shelter, clothing, healthcare) to support themselves and their families. Our ratings of veterans’ occupational skills were based on a 2023 RAND survey of more than 5,100 veterans and augmented with a small sample of McKinsey veteran employees. For more, see Elizabeth Hastings Roer, Jeffrey B. Wenger, and Jonathan P. Wong, Military-to-civilian occupational matching: Using the O*NET to provide match recommendations for the US Navy, Marine Corps, and Air Force , RAND, 2023.

The analysis found that enlisted veterans are highly rated on occupational skills associated with trades such as electricians, mechanics, and construction professionals. For example, veterans were consistently rated higher on technical skills such as installation, equipment maintenance, repairing, and troubleshooting than the threshold required for the average civilian occupation.

Conversely, enlisted veterans were rated lower on “softer” occupational skills associated with management, sales, and office and administrative-support roles, such as reading comprehension, persuasion, and negotiation, suggesting real or perceived deficiencies in interpersonal skills that are required to succeed in business environments. However, these lower ratings tended to improve with military rank and the accompanying experience that rank brings, as both midlevel and senior noncommissioned officers (NCOs) scored above average on all occupational skills. 7 Melissa A. Bradley et al., Helping soldiers leverage army knowledge, skills, and abilities in civilian jobs , RAND, 2017.

Veterans overall score higher on service orientation, which the analysis defined as “actively looking for ways to help other people,” than the threshold for the average civilian occupation. However, this skill may not fully capture inherent veteran strengths, such as dependability, punctuality, discipline, and integrity.

While the typical veteran tool kit favors technical ability over verbal and written communication, veterans can consider developing and refining their soft skills to allow for better access to high-potential “gateway” roles , while continuing to pursue in-demand occupations that require technical skills. 8 “New research finds workers without four-year degrees not realizing wage gains despite having the skills for higher-wage work; identifies 51 job roles that unlock economic mobility,” Opportunity@Work press release, accessed October 30, 2023. These roles create a bridge between frontline work and destination roles, which require higher-level skills training and academic credentials.

The top 15 occupations that employ veterans today are generally expected to experience strong positive labor demand change and low change-of-work activities in the coming years as digitization and other technological changes take hold (Exhibit 4). These occupations include nursing (expected to experience a 41 percent increase in labor demand); laborers and freight, stock, and material movers (a 26 percent increase); construction laborers (a 22 percent increase); and truck drivers (a 12 percent increase). Veterans can continue to pursue these occupations at even higher rates.

On the other hand, certain occupations that employ veterans are at risk of displacement due to declining job demand and adoption of automation, as well as the acceleration of generative AI in these occupations. This includes retail salespeople (expected to experience a 23 percent decrease in labor demand), supervisors of office and administrative-support workers (a 20 percent decrease), and customer service representatives (a 14 percent decrease).

Transitioning veterans can consider avoiding these roles, and veterans already in these occupations can continue to focus on upskilling, while taking advantage of reskilling opportunities to move into more secure occupations. Veterans looking to move into more senior positions can also use generative AI tools to their own advantage to help boost their capabilities and output.

Veterans looking to move into more senior positions can use generative AI tools to their own advantage to help boost their capabilities and output.

Several gateway occupations offer high potential to improve veterans’ livelihoods, including heating, ventilation, and air-conditioning (HVAC) mechanics and installers, human resources specialists, and industrial-machinery mechanics. However, these occupations are being accessed by less than 2 percent of employed veterans today (Exhibit 5).

Closing the opportunity gap: Actions stakeholders can take

We’ve looked at the skills that many veterans offer and the potential roles that a majority of veterans pursue, including gateway jobs for those without four-year degrees. To carve out better pathways and help make transitions more successful for those who need more support, the military services and employers can consider the following interventions.

The military: Recruit, retain, retrain

The military can address three recruiting and retention challenges by communicating the value of service and how skills developed in the military can translate to future careers.

Reverse declining interest in military service. The US military itself is facing a recruiting crisis that is likely to worsen if the value proposition of employment beyond military service doesn’t improve. 9 Ben Kesling, “The military recruiting crisis: Even veterans don’t want their families to join,” Wall Street Journal , June 30, 2023. The general population is largely unaware of the benefits of service, with 50 percent of young people saying they know little to nothing about military service and its unique professional-development offerings. 10 “Facts and figures,” US Army Recruiting Command, accessed August 29, 2023.

To shift perceptions and to help support candidates on their holistic career journey, the military can train recruiters to promote how service-developed skills can lead to well-compensated civilian careers and improved livelihoods, including how different military specialties map to various civilian occupations. As discussed earlier, there are several high-potential career pathways that are open to veterans that will continue be viable even as AI adoption increases. Recruiters who can communicate the value of military service in the context of these pathways could improve interest levels over the longer term.

The US Department of Defense (DOD) and service branches can launch a public relations campaign that highlights how the military develops desirable skills during service and provides support, education, and training opportunities during and beyond the transition. These programs include the GI Bill, tuition and credentials assistance, leadership academies, military occupation-related training, and SkillBridge, which allows transitioning service members to intern with civilian employers during the last 90 to 180 days of their service. 11 For more, see Army Credentialing Opportunities Online (Army COOL), US Army; “Education and training,” US Department of Veterans Affairs; “Tuition assistance,” US Army; and “What is SkillBridge?,” US Department of Defense, all sources accessed October 23, 2023.

Reduce disparities in commercial-sector employment opportunities . As noted earlier, the military has effective transition programs aimed at increasing the presence of veterans in the tech space and elsewhere. In one example of a successful transition, a naval flight officer looking for a civilian job emphasized her experiences in combat, as a NATO instructor, and in leading teams. Through the DOD SkillBridge program, she found a role focusing on public sector sales at a tech start-up. Starting as a customer success manager, she was promoted three times to a director-level role at the company, which is now a unicorn.

However, in many cases the digital career tools available to those transitioning to civilian work are inconsistent and often focus on literal job translations, neglecting inputs beyond military occupational specialties, such as rank, education, and formal training. For instance, recruiters from the Army and the Marine Corps receive different career recommendations from a widely used digital tool, the DOD’s Occupational Information Network, or O*NET, which transitioning service members are encouraged to use to evaluate potential careers.

Service members with critical skills, such as cyber-operations specialists and unpiloted-aerial-systems operators, are more likely to leave for commercial opportunities after their first enlistment, while other specialties are less in demand because of a lack of clear occupational analogs. The services could adopt reenlistment incentives that amplify the value of more military experience for skill development, rather than providing potentially ineffective financial incentives for service members so they stay for an additional enlistment.

For instance, promoting the long-term NCO tool kit, with a focus on leadership of personnel and resources, could improve both retention and recruiting outcomes. The services could enhance NCO leadership academies to offer upskilling and additional training, which improve the likelihood of employment in civilian occupations that offer increased earning power.

The military could also promote occupations such as nursing, which has a significant labor shortage, with more than 200,000 openings annually . Veterans with experience as medics are well suited for nursing roles. In addition, the military could offer nursing prerequisites on base as a part of its Installation Education Centers and highlight veterans in diverse nursing careers (in intensive care units, emergency rooms, and flight or transport roles).

In another individual example, an air force aerospace medical technician earned his associate’s degree in nursing while in the service, then used the GI Bill to complete his bachelor’s degree in nursing after leaving the air force. He then went on to earn his MBA and is now a healthcare consultant.

Increase job satisfaction rates. Twenty-two percent of active service members report dissatisfaction with their military experience, 12 See “Military-to-civilian occupational matching,” 2023; and “Navy readiness: Actions needed to evaluate and improve surface warfare officer career path,” US Government Accountability Office, June 17, 2021. a percentage that spikes further in certain demographics, such as the 88 percent of female Naval Surface Warfare Officers who leave within their first ten years.

To encourage younger generations to seek out military service as a career, the military can partner with more universities, trade associations, and employers to diversify the service member experience and to allow service members to pursue opportunities outside their specialty while still contributing to the capabilities of their service.

The private sector: Build a talent model around skills

As the United States invests in infrastructure- and climate-related projects, the labor shortage the country is currently experiencing may only grow . And as generative AI and other technologies take off, productivity changes will likely affect the occupations that veterans pursue and the skills that transitioning service members will need to be competitive for employment.

To help expand talent pools , corporate leaders should take note that 60 percent of American workers over the age of 25 don’t hold a four-year degree. 13 “Hire for the skills it takes to do the job,” Opportunity@Work, accessed October 24, 2023. That roughly matches the percentage of those transitioning out of the military who don’t have a bachelor’s degree.

By moving to a skills-based approach, companies can boost the number and quality of applicants who apply to open positions. Internally, they can build skills and retrain their existing workforces to prepare people for new roles. Retention improves when workers find more opportunities to advance internally, McKinsey research shows . 14 Sandra Durth, Asmus Komm, Florian Pollner, and Angelika Reich, “ Reimagining people development to overcome talent challenges ,” McKinsey, March 3, 2023. Skills-based practices have a greater impact when they’re implemented across the whole talent journey, including in sourcing, hiring, and career development.

Companies can also set targets for veteran recruitment and hiring. One company that has pledged to hire veterans is Micron, which is building a $100 billion semiconductor plant in upstate New York. 15 Steve Lohr, “Micron pledges up to $100 billion for semiconductor factory in New York,” New York Times , October 4, 2022. Of the 9,000 people it expects to hire for the plant, Micron is aiming to hire 1,500 veterans, or 17 percent of its workforce. The company has found that veterans are a good fit for the semiconductor industry because of their experience with heavy machinery and technology, along with their disciplined mindset and team-building skills.

In the public sector, US states and local governments that are receiving BIL funding can reserve a portion of jobs for veterans, just as they have for stakeholders such as local construction companies, engineering firms, trade schools, and others.

A hiring strategy that focuses on expanding the pool of potential talent can help communities by creating more and better job opportunities for a broader, diverse pool of workers. It can also provide upward mobility for millions of workers—including veterans—at a crucial time for the US economy.

The military can take more steps to support veterans, particularly enlisted service members, as they navigate the transition to civilian work. Companies can open their hiring practices to consider veterans for a variety of roles, not just those that match perfectly with their military skills. Together, these actions can add billions in value to the US economy as veterans moving into civilian jobs maintain or increase their earning power to support their families and build their communities.

Scott Blackburn is a senior partner in McKinsey’s Washington, DC, office, where Kallman Parry is a senior analyst; Michael Kim and Hannah Oh are consultants in the Southern California office; and Charlie Lewis is a partner in the Stamford, Connecticut, office. All are veterans of the US armed forces.

This article was edited by Barbara Tierney, a senior editor in the New York office.

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Biden Suggests a Bigger Federal Role to Reduce Housing Costs

A new report focuses on the prolonged struggle to build affordable housing across America and suggests federal incentives to help.

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President Biden speaking on a stage with red signs reading “President Joe Biden: Lowering Housing Costs.”

By Jim Tankersley and Conor Dougherty

Jim Tankersley covers White House economic policy. Conor Dougherty has covered housing policy for more than a decade.

Economists in the Biden administration are calling for more aggressive federal action to drive down costs for home buyers and renters, taking aim at one of the biggest economic challenges facing President Biden as he runs for re-election.

The policy proposals in a White House report being released on Thursday include what could be an aggressive federal intervention in local politics, which often dictates where homes are built and who can occupy them. The administration is backing a plan to pressure cities and other localities to relax zoning restrictions that in many cases hinder affordable housing construction.

That recommendation is part of a new administration deep dive into a housing crisis, decades in the making, that is hindering the president’s chances for a second term. The proposals, included in the annual Economic Report of the President, could serve as a blueprint for a major housing push if Mr. Biden wins a second term.

The report includes a suite of moves meant to reduce the cost of renting or buying a home, while encouraging local governments to change zoning laws to allow development of more affordable housing.

“It’s really hard to make a difference in this space, in this affordable housing space, without tackling land use regulations,” Jared Bernstein, the chairman of the White House Council of Economic Advisers, said in an interview.

Mr. Bernstein added that administration officials believed many local leaders were encouraging a bigger federal role in zoning reform — which can help override objections from local groups that oppose development. “I feel like we’re kicking through more of an open door now than we ever have before,” he said.

The report is full of statistics illustrating why housing has become an acute source of stress for American families and an electoral liability for Mr. Biden.

The administration has acknowledged that it has limited power over local zoning rules, which tend to dictate the design and density of homes in particular neighborhoods. Most of the president’s recommendations for expanding supply involve using the federal budget as a carrot to encourage local governments to allow more building — including adding low-income housing and smaller starter homes.

Such policies are unlikely to be put into law this year, with an election ahead and Republicans in control of the House.

But the focus on housing, and the endorsement of a comprehensive set of policies to increase its supply and affordability, could serve as a blueprint for a potentially bipartisan effort on the issue if Mr. Biden wins re-election. It could also add momentum to a housing reform movement that is well underway in state legislatures around the country.

The report documents how, over the past decade, home prices have significantly outpaced wage growth for American families. That has pushed ownership out of reach for middle-income home shoppers and left lower-income renters on the brink of poverty.

A quarter of tenants — about 12 million households — now spend more than half their income on rent. Prices are so high that if a minimum-wage employee worked 45 hours a week for a month, a median rent would consume every dollar he or she made.

Behind all this, the report said, is a longstanding housing shortage. The lack of housing has become a rare point of agreement among Democratic and Republican lawmakers.

The shortage is the product of decades of failing to build enough homes, a trend that worsened after the 2008 financial crisis. It has been exacerbated by the rising cost of construction along with the many local zoning and land use rules that make housing harder and more expensive to build. These rules also limit what kinds of units can go where, for instance by making it illegal to build apartments in single-family neighborhoods.

The lack of affordable housing particularly hurts lower-income families and couples starting out. Millions of lower-cost apartments have essentially disappeared over the past decade, either through rising rents or by falling into disrepair. At the same time, smaller and lower-cost “ starter homes ” are a shrinking share of the market.

Over the past several years, a bipartisan group of legislators in both red and blue states have pushed dozens of state laws to limit cities’ control over development. The report cheered them and noted the administration’s efforts to encourage such reforms, including the Housing Supply Action Plan , which was released two years ago.

Mr. Biden has focused heavily on housing in recent weeks, in part to show voters he is fighting to lower one of their major monthly costs. Privately, his aides have expressed hope that Federal Reserve interest rate cuts this year will drive down mortgage rates and possibly home prices, if a new supply of homes hits the market in response.

Publicly, Mr. Biden has seized on the initiative, calling on lawmakers to pass big federal investments in housing supply and tax credits for people buying homes.

“If inflation keeps coming down — and it’s predicted to do that — mortgage rates are going to come down as well, but I’m not going to wait,” Mr. Biden said on Tuesday in Las Vegas. “I’m not going to wait.”

Jim Tankersley writes about economic policy at the White House and how it affects the country and the world. He has covered the topic for more than a dozen years in Washington, with a focus on the middle class. More about Jim Tankersley

Conor Dougherty covers housing and development, focusing on the rising costs of homeownership. He is based in Los Angeles. More about Conor Dougherty

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HHS Statement Regarding the Cyberattack on Change Healthcare

The U.S. Department of Health and Human Services (HHS) is aware that Change Healthcare – a unit of UnitedHealth Group (UHG) – was impacted by a cybersecurity incident in late February. HHS recognizes the impact this attack has had on health care operations across the country. HHS’ first priority is to help coordinate efforts to avoid disruptions to care throughout the health care system.

HHS is in regular contact with UHG leadership, state partners, and with numerous external stakeholders to better understand the nature of the impacts and to ensure the effectiveness of UHG’s response. HHS has made clear its expectation that UHG does everything in its power to ensure continuity of operations for all health care providers impacted and HHS appreciates UHG’s continuous efforts to do so. HHS is also leading interagency coordination of the Federal government’s related activities, including working closely with the Federal Bureau of Investigations (FBI), the Cybersecurity and Infrastructure Security Agency (CISA), the White House, and other agencies to provide credible, actionable threat intelligence to industry wherever possible.

HHS refers directly to UHG for updates on their incident response progress and recovery planning. However, numerous hospitals, doctors, pharmacies and other stakeholders have highlighted potential cash flow concerns to HHS stemming from an inability to submit claims and receive payments. HHS has heard these concerns and is taking direct action and working to support the important needs of the health care community.

Today, HHS is announcing immediate steps that the Centers for Medicare & Medicaid Services (CMS) is taking to assist providers to continue to serve patients. CMS will continue to communicate with the health care community and assist, as appropriate. Providers should continue to work with all their payers for the latest updates on how to receive timely payments.

Affected parties should be aware of the following flexibilities in place:

Medicare providers needing to change clearinghouses that they use for claims processing during these outages should contact their Medicare Administrative Contractor (MAC) to request a new electronic data interchange (EDI) enrollment for the switch. The MAC will provide instructions based on the specific request to expedite the new EDI enrollment. CMS has instructed the MACs to expedite this process and move all provider and facility requests into production and ready to bill claims quickly. CMS is strongly encouraging other payers, including state Medicaid and Children’s Health Insurance Program (CHIP) agencies and Medicaid and CHIP managed care plans, to waive or expedite solutions for this requirement.
CMS will issue guidance to Medicare Advantage (MA) organizations and Part D sponsors encouraging them to remove or relax prior authorization, other utilization management, and timely filing requirements during these system outages. CMS is also encouraging MA plans to offer advance funding to providers most affected by this cyberattack.
CMS strongly encourages Medicaid and CHIP managed care plans to adopt the same strategies of removing or relaxing prior authorization and utilization management requirements, and consider offering advance funding to providers, on behalf of Medicaid and CHIP managed care enrollees to the extent permitted by the State.
If Medicare providers are having trouble filing claims or other necessary notices or other submissions, they should contact their MAC for details on exceptions, waivers, or extensions, or contact CMS regarding quality reporting programs.
CMS has contacted all of the MACs to make sure they are prepared to accept paper claims from providers who need to file them. While we recognize that electronic billing is preferable for everyone, the MACs must accept paper submissions if a provider needs to file claims in that method.

CMS has also heard from providers about the availability of accelerated payments, like those issued during the COVID-19 pandemic. We understand that many payers are making funds available while billing systems are offline, and providers should take advantage of those opportunities. However, CMS recognizes that hospitals may face significant cash flow problems from the unusual circumstances impacting hospitals’ operations, and – during outages arising from this event – facilities may submit accelerated payment requests to their respective servicing MACs for individual consideration. We are working to provide additional information to the MACs about the specific items and information a provider’s request should contain. Specific information will be available from the MACs later this week.

This incident is a reminder of the interconnectedness of the domestic health care ecosystem and of the urgency of strengthening cybersecurity resiliency across the ecosystem. That’s why, in December 2023, HHS released a concept paper that outlines the Department’s cybersecurity strategy for the sector. The concept paper builds on the National Cybersecurity Strategy that President Biden released last year, focusing specifically on strengthening resilience for hospitals, patients, and communities threatened by cyber-attacks. The paper details four pillars for action, including publishing new voluntary health care-specific cybersecurity performance goals, working with Congress to develop supports and incentives for domestic hospitals to improve cybersecurity, increasing accountability within the health care sector, and enhancing coordination through a one-stop shop.

HHS will continue to communicate with the health care sector and encourage continued dialogue among affected parties. We will continue to communicate with UHG, closely monitor their ongoing response to this cyberattack, and promote transparent, robust response while working with the industry to close any gaps that remain.

HHS also takes this opportunity to encourage all providers, technology vendors, and members of the health care ecosystem to double down on cybersecurity, with urgency. The system and the American people can ill afford further disruptions in care. Please visit the HPH Cyber Performance Goals website for more details on steps to stay protected.

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What to know about the SAVE plan, the income-driven plan to repay student loans

FILE - Wheaton College students stop to chat on the Norton, Mass. campus, Feb. 13, 2024 as snow falls. More than 75 million student loan borrowers have enrolled in the U.S. government’s newest repayment plan since it launched in August. (Mark Stockwell/The Sun Chronicle via AP, File)

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NEW YORK (AP) — More than 7.5 million student loan borrowers have enrolled in the U.S. government’s newest repayment plan since it launched in August.

President Joe Biden recently announced that he was canceling federal student loans for nearly 153,000 borrowers enrolled in the plan, known as the SAVE plan . Forgiveness was granted to borrowers who had made payments for at least 10 years and originally borrowed $12,000 or less.

The SAVE plan was created last year to replace other existing income-based repayment plans offered by the federal government. More borrowers are now eligible to have their monthly payments reduced to $0, and many will qualify for lower payments compared to other repayment plans.

For Lauran Michael and her husband, the SAVE plan has reduced student loan payments by half.

Since getting married, they’ve both been paying off her husband’s student loans, which would have amounted to about $1,000 a month when payments resumed after a pause during the pandemic. Under the SAVE plan, their payments are now $530 a month.

“We don’t want our loans dictating our life choices, and us not being able to do other things because we’re paying so much money. The SAVE plan is definitely a game changer for us,” said Michael, a 34-year-old interior designer in Raleigh, North Carolina.

President Joe Biden waves to members of the media as he walks toward Marine One on the South Lawn of the White House in Washington, Friday, March 22, 2024, to travel to Wilmington, Del. (AP Photo/Andrew Harnik)

Michael’s family is paying for daycare for their two children using the money they saved from not making payments during the pandemic and the reduced payments under the SAVE plan.

If you are interested in applying for the SAVE plan, here’s what you need to know:

WHAT IS AN INCOME-DRIVEN REPAYMENT PLAN?

The U.S. Education Department offers several plans for repaying federal student loans. Under the standard plan, borrowers are charged a fixed monthly amount that ensures all their debt will be repaid after 10 years. But if borrowers have difficulty paying that amount, they can enroll in one of several plans that offer lower monthly payments based on income and family size. Those are known as income-driven repayment plans.

Income-driven options have been offered for years and generally cap monthly payments at 10% of a borrower’s discretionary income. If a borrower’s earnings are low enough, their bill is reduced to $0. And after 20 or 25 years, any remaining debt gets erased.

HOW IS THE SAVE PLAN DIFFERENT?

More borrowers in the SAVE plan are eligible for $0 payments. This plan won’t require borrowers to make payments if they earn less than 225% of the federal poverty line — $32,800 a year for a single person. The cutoff for other plans, by contrast, is 150% of the poverty line, or $22,000 a year for a single person.

Also, the SAVE plan prevents interest from piling up. As long as borrowers make their monthly payments, their overall balance won’t increase. Once they cover their adjusted monthly payment — even if it’s $0 — any remaining interest is waived.

Other major changes will take effect in July 2024. Payments on undergraduate loans will be capped at 5% of discretionary income, down from 10% now. Those with graduate and undergraduate loans will pay between 5% and 10%, depending on their original loan balance.

The maximum repayment period is capped at 20 years for those with only undergraduate loans and 25 years for those with any graduate school loans.

WHO QUALIFIES FOR THE SAVE PLAN?

The SAVE plan is available to all student loan borrowers in the Direct Loan Program who are in good standing on their loans.

HOW DO I APPLY FOR THE SAVE PLAN?

Borrowers can apply to the SAVE plan using the Income-Driven Repayment Plan request through the Education Department’s website.

HOW WILL I KNOW THAT MY DEBT HAS BEEN CANCELED?

If you are one of the borrowers who is benefitting from forgiveness under the SAVE plan, you will receive an email from the Education Department.

WHAT ARE OTHER PROGRAMS THAT CAN HELP WITH STUDENT LOAN DEBT?

If you’ve worked for a government agency or a nonprofit , the Public Service Loan Forgiveness program offers cancellation after 10 years of regular payments, and some income-driven repayment plans cancel the remainder of a borrower’s debt after 20 to 25 years.

Borrowers should make sure they’re signed up for the best possible income-driven repayment plan to qualify for these programs.

Borrowers who have been defrauded by for-profit colleges may also apply for relief through a program known as Borrower Defense.

If you’d like to repay your federal student loans under an income-driven plan, the first step is to fill out an application through the Federal Student Aid website .

WILL THERE BE FUTURE FORGIVENESS?

Several categories of borrowers would be eligible for relief under Biden’s second try at widespread cancellation after the Supreme Court rejected his first plan last year.

The proposed plan includes relief for borrowers who have been paying their loans for at least 20 or 25 years, automatic forgiveness for borrowers who are eligible for income-driven repayment plans but are not enrolled, and loan cancellation for borrowers who attended a for-profit college that left them unable to pay their student loans, among others.

Whether any of the relief will materialize is a looming question as conservatives vow to challenge any attempt at mass student loan cancellation. The new proposal is narrower, focusing on several categories of borrowers who could get some or all of their loans canceled, but legal challenge is almost certain.

Currently, borrowers who are eligible for forgiveness under the SAVE program will get their loans discharged on a rolling basis, according to the Education Department.

This story was first published on March 10, 2024. It was updated on March 18, 2024, to correct the number of borrowers who have enrolled in the government’s newest repayment plan.

The Associated Press receives support from Charles Schwab Foundation for educational and explanatory reporting to improve financial literacy. The independent foundation is separate from Charles Schwab and Co. Inc. The AP is solely responsible for its journalism.

CCT Opinion | Maryland horse racing industry needs new…

Carroll County Times

Cct opinion, cct opinion | maryland horse racing industry needs new business plan; looking forward to hearing from new paper owner | reader commentary.

Horse racing is not a dying sport; new proposal could help

I’m writing this as an open letter to our elected state officials as they try to justify keeping horse racing viable in Maryland.

The first point I would like them to consider is urban sprawl. Looking at the map of my own county, Carroll, the distance between Eldersburg and Sykesville has vanished.

Woodbine is rapidly connecting to that mass, reaching toward Mount Airy, which itself has sprawled well into Frederick County and north toward Taylorsville. Westminster is working on connecting Taneytown, Silver Run, New Windsor, Hamstead, Manchester and Finksburg.

Each time one of the farms goes to housing, the existing citizens protest to protect their water supply and services. Most times they lose, and the developers’ promise to provide adequate protection to resources comes up short.

On the national level we have seen land once used by the Garden State, Hollywood Park, Arlington Park, Calder race tracks, and several others, go to development.

Here in Maryland, we used to have tracks in Havre de Grace, Bel Air, Marlboro and Hagerstown that have all been developed. Talk of developing the Timonium Fairgrounds has persisted for years even as that area has already sprawled into an ugly mess.

I keep hearing arguments that racing is a dying sport, which I contest. The best way to depict this argument is the international growth that can best be seen by the Breeders’ Cup Races and the world interests that cover that event.

In the states we cover other international events such as Royal Ascot and the Dubai races. Not as much as other events of interest that occur at awkward times. Racing is not like the Olympics as its fans expect to be paid off immediately and not when it is most profitable to air.

Racing’s business plan was broken when internet gambling was approved. No longer could they charge to park. No more admission fees. No program sales. No premium seating or dining room overlooking the track. No more concession stands.

I might inject here that when racing first came to this legislature with hat in hand we envisioned slots at the track making up for a lot of that revenue. The legislature royally messed up in the way it approved where the slots went as it created competing forces within the same gambling market.

No longer can we use attendance numbers to gauge interest. No more turnstiles. Handle indicates interest is still viable.

As I contemplate a new business plan that will work, I can see the one you are considering as very possible. With the internet, only a few tracks are needed as broadcast stations to the rest of the world. I can make a strong case for Pimlico and its history being one of those facilities. I have some excellent ideas, but my word limit has expired.

— Steven Davidson, New Windsor

Hoping new newspaper owners care about longtime supporters

I spent my formative years in Baltimore and I am proud to say that. My immigrant grandparents settled there and sacrificed so much to give their three sons a better life than they ever would have realized in midcentury Greece.

Growing up, besides family and food, I can remember three things that were sacred in our home: the Colts, the Orioles and The Baltimore Sun. I cut my social, sports and political teeth reading The Sun.

Years later when I moved to Carroll County, I subscribed to The Sun and Carroll County Times. After my parents retired to Florida, they visited a couple times a year. My most vivid memories are of awakening to the sound of Dad stirring his coffee as he settled in to read The Sunpaper he missed so much the rest of the year. These quiet mornings were our chance to reconnect on the many issues we had discussed for decades. We had both come a long way.

When in 2014, The Sun purchased the Times, I was not worried at first. I anticipated more repetition, and I was not wrong. Unfortunately, over the next few years, the Times became valuable only for occasional local news pieces and sadly, at my age, obituaries. I eventually took the inevitable step of switching to a joint online subscription to both papers.

Based on this long history, I am moved to write today to express my total disappointment at the newest ownership of these papers. Co-owner Armstrong Williams prints his personal beliefs under the banner of “Owner’s Box.” Primary owner David Smith is supporting a convicted criminal for mayor of Baltimore. He wants to make our papers “more like FOX News,” i.e. abridged and inflammatory. I could go on.

I often contemplate abandoning The Sun. Several weeks ago, I did receive a call from our County Commissioners office saying Smith wanted to meet with some community influencers to hear our thoughts on the direction our paper should take.

I pledged my participation. I anxiously await this conversation. Mr. Smith, please listen to us and let us know that you care about longtime supporters of your new asset.

— Corynne B. Courpas, Westminster

Questioning a term used in Roemer column

Chris Roemer in the March 17 edition of the newspaper wrote about “abortion advocates.” This term is inaccurate. There are Americans who are pro-choice, pro-freedom and in favor of women and their doctors being able to determine the best medical care for women without interference from the government.

None of these people can be described as “abortion advocates.” I’ve never seen any pro-choice advocates chase women down a street screaming at them to get an abortion. On the other hand, I have seen anti-choice advocates harassing women in public. One side is pro-choice, not pro-abortion.

— Steven Hirsch, Westminster

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America’s enemies learned long ago, to triumph over the United States, they need not defeat us militarily. They just need to wait us out. That’s been Putin’s strategy from the beginning in Ukraine. He knows America will cut and run soon enough, just as Hamas and Iran are counting on Biden turning his back on Israel.

CCT Opinion | Chris Roemer: It was only a matter of time before Biden turned his back on Israel | COMMENTARY

Donald Trump has taken complete control of the Republican National Committee. His daughter-in-law, Lara Trump, and Michael Whatley, who continues to argue that Trump won the last presidential election, have been installed as co-chairs of the committee per the former president's request.

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First human transplant of a genetically modified pig kidney performed

Rob Stein, photographed for NPR, 22 January 2020, in Washington DC.

Surgeons perform the first transplant of a genetically modified pig kidney into a living human at Massachusetts General Hospital in Boston. Michelle Rose/Massachusetts General Hospital hide caption

Surgeons perform the first transplant of a genetically modified pig kidney into a living human at Massachusetts General Hospital in Boston.

For the first time, surgeons have transplanted a kidney from a genetically modified pig into a living person, doctors in Boston said Thursday.

Richard Slayman, 62, of Weymouth, Mass., who is suffering from end-stage kidney disease , received the organ Saturday in a four-hour procedure, Massachusetts General Hospital announced . He is recovering well and is expected to be discharged Saturday, the hospital said.

"I saw it not only as a way to help me, but a way to provide hope for the thousands of people who need a transplant to survive," Slayman said in a statement released by the hospital.

The procedure is the latest development in a fast-moving race to create genetically modified pigs to provide kidneys, livers, hearts and other organs to help alleviate the shortage of organs for people who need transplants.

Shots - Health News

How genetically modified pigs could end the shortage of organs for transplants.

"Our hope is that this transplant approach will offer a lifeline to millions of patients worldwide who are suffering from kidney failure," said Dr. Tatsuo Kawai, the hospital's director for clinical transplant tolerance, in the hospital statement.

Animal organs could ease transplant shortage

Several biotech companies are racing to develop a supply of cloned pigs whose DNA has been genetically modified so they won't be rejected by the human body, spread pig viruses to people or cause other complications. NPR recently got exclusive access to a research farm breeding these animals for a company in this competition, Revivicor Inc. of Blacksburg, Va.

The kidney transplanted in Boston came from a pig created by eGenesis of Cambridge, Mass. The eGenesis pigs are bred with 69 genetic modifications to prepare organs for human transplantation. The changes protect against a virus known to infect pigs as well as delete pig genes and add human genes to make the organs compatible with people.

"We are grateful for the courageous contribution of the patient and to the advancement of transplantation science," said Mike Curtis, chief executive officer for eGenesis in the statement. "This represents a new frontier in medicine and demonstrates the potential of genome engineering to change the live of millions of patients."

The Government's Plan To Fix A Broken Organ Transplant System

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The field is stirring excitement about harnessing cloning and gene-editing technologies to solve the persistent shortage of organs for human transplantation. More than 103,000 people are currently on the waiting list for organs. About 17 die every day because they can't get one.

End-stage renal disease is 3.8 times more common among Black people than white people in the U.S., according to federal statistics .

The transplant "represents a potential breakthrough in solving one of the more intractable problems in our field, that being unequal access for ethnic minority patients to the opportunity for kidney transplants due to the extreme donor organ shortage and other system-based barriers," said Dr. Winfred Williams, the kidney specialist treating Slayman, who is a Black man.

Reservations about using animal organs in people

But the research is also raising several concerns. One worry is about the possibility of spreading animal viruses to humans. Another is about slaughtering thousands of animals every year to harvest their organs.

"I think we need to be very, very careful," L. Syd M. Johnson , a bioethicist at SUNY Upstate Medical University in Syracuse, N.Y., told NPR. "I have a lot of concerns about a therapy that is very much unproven."

Some also question testing these organs on gravely ill patients.

"If the FDA wants to explore the use of pig kidneys in humans, it would be better to authorize a phase I clinical trial so we can begin to gather more systematic evidence about this," Michael Gusmano , a bioethicist at Lehigh University, wrote NPR in an email.

Surgeons have already transplanted kidneys and livers from genetically modified cloned pigs into baboons and a handful of brain dead people. Surgeons at the University of Maryland even tested hearts in two men who had run out of other options. They lived for several weeks after the procedures.

Slayman got a human kidney transplant after being on dialysis for seven years, according to the hospital. But his transplanted kidney showed signs of failure after about five years, forcing Slayman to resume dialysis last May. He's since been suffering serious complications.

The transplant of the pig kidney was made possible by the Food and Drug Administration as part of a " compassionate use " program aimed at helping desperate patients.

"When my transplanted kidney began failing in 2023, I again trusted my care team at MGH to meet my goals of not just improving my quality of life but extending it," Slayman said in the hospital's statement, adding the doctors explained the "pros and cons of this procedure."

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Top Goldman Sachs exec Stephanie Cohen explains why she's leaving Wall Street for tech

Stephanie Cohen, one of the highest-profile women on Wall Street, is leaving Goldman Sachs.
Cohen is joining the tech company Cloudflare as its first chief strategy officer.
Cohen's exit comes after a monthslong leave and a retreat from the consumer business, which she led.

One of Goldman's most visible female leaders is leaving the bank and Wall Street altogether.

Stephanie Cohen , one of the few women in Goldman's history to run a major division at the firm, went on a personal leave last June to focus on her family. During her sabbatical, she said, she considered her career — she'd increasingly been drawn toward the most tech-oriented parts of the organization, most recently serving as the head of platform solutions.

"I just got to this place where it was, 'I want to do this for real,'" Cohen told Business Insider in an interview. "This is what I want to do. I don't want technology to be just a part of it; I want it to be what I do."

Cohen, 46, will join Cloudflare, a San Francisco technology company aimed at helping businesses improve their internet security and performance. Cohen will be its first chief strategy officer, based in Utah. It will be a familiar role, as she served as Goldman's strategy chief from 2018 to 2020.

"One of the things that happens when you spend a really long time at one place, a quarter century at one place, is you start to feel responsibility for a lot of things related to the organization and the people in the organization," Cohen said. "And I realized that the best thing I could do for me and everyone else was to do what I wanted to do, to make the right decision for me and my family."

CEO David Solomon tapped Cohen to help craft Goldman's digital bank as cohead of the consumer and wealth-management division in late 2020. Goldman reshuffled that division in 2022 amid significant losses and plans to sell the consumer-lending unit GreenSky , which the bank bought for $1.7 billion the year prior. She went on leave as Goldman continued to pull back from the business.

Her exit also comes as several Goldman partners and senior women have left the firm. Beth Hammack , a longtime Goldman partner and cohead of the global financial group, is also set to step down.

From Goldman to Cloudflare

Cohen told BI that while she was on sabbatical , she was in regular contact with Solomon — as well as John Waldron, the president and chief operating officer, and others — about coming back.

She said that more recently she started gathering advice because "it would be crazy for me while on sabbatical to not make a proactive decision about what I was going to do next." It was during those conversations that Cohen decided to think about doing something different.

Cloudflare is different; it's an enterprise technology firm with much less brand-name recognition than Cohen's former employer. But it plays a significant role in the world of technology.

The company aims to make the internet more secure and dependable. That could mean ensuring that sensitive company data handled by remote employees is protected from hackers, or enabling large websites to load quickly. It has said that more than 20% of internet traffic uses its security services and that it blocks an average of 182 billion threats a day.

"Everything that we're doing right now is impacted by the reliability and security of the internet," Cohen said. "I have young kids. The world that they're going to live in will be massively impacted by how companies like Cloudflare evolve."

Cloudflare says its clients include IBM, Shopify, L'Oréal, and Canva. Founded in 2009, it went public in 2019, and Cloudflare's stock price is up about 70% over the past year. Goldman was one of the lead banks on the initial public offering, a Cloudflare announcement at the time said. Cloudflare said it had nearly 3,700 employees globally at the end of 2023.

Cohen has long known the Cloudflare cofounders Matthew Prince, its CEO, and Michelle Zatlyn, its president and COO, but she didn't work with them while at Goldman. She said that during recent discussions with Prince and Zatlyn she realized moving to Cloudflare would allow her to marry her Wall Street experience and passion for technology.

"It was in the context of having that conversation, the 'aha' of not only am I really interested in enterprise technology, but there are real things that I've done over the last 25 years that are additive to a company that's at this stage," she said.

Having spent 20 years inking deals within Goldman Sachs' investment-banking unit, Cohen is no stranger to the boardroom. She'll bring experience in connecting with C-suites, but it'll be to sell them on the idea that "security and the connectivity cloud are board and CEO-level topics," she said.

"I'm really excited to be at the center of what I think is driving the world, and not just read about what's going on in cloud and AI, but actually be part of building it and helping the world build a better internet," she said.

Cohen's advice to Goldman's top brass

Cohen joined Goldman in 1999 as an investment-banking analyst after graduating from the University of Illinois at Urbana-Champaign. Seen as a rising star, she made partner in 2014 and joined the bank's management committee — responsible for strategy, policy, and management decisions across the firm — in 2018. She became the youngest person to join Goldman's management committee .

Running toward her future

Cohen has encouraged people to consider whether they're happy in their jobs and whether they're still learning.

"If you decide to be here, and decide to do what you're doing, you own it," she told the Financial Times last March.

Cohen said that while she's had the chance to learn from successes and failures during her time at Goldman, this career move is "really more running towards than running away from something."

"As you think about my career at Goldman, I was inching towards this whole idea of how do you take technology platforms and use them as client-facing solutions. Goldman Sachs has built world-class technology platforms. We run one of the best trading businesses in global banking and markets. We could not do that without a world-class technology platform," she said.

"But the reality is Goldman Sachs is not a technology firm," Cohen added.

In a statement, Prince described Cohen as "incredible."

"Anyone who has worked with her can attest she operates at a different clock speed," Prince said. He added that after her 25 years at Goldman Sachs, "she could have gone anywhere, and we're honored that she'll be joining us as our first-ever chief strategy officer."

While the departure of one of Goldman's top executives may surprise some, it's an obvious fit to those who know and have worked closely with Cohen, like Goldman's chief information officer, Marco Argenti .

Cohen recalled that when she broke the news to Argenti, he told her, 'This is exactly what you should do," adding, "This is exactly the right company."

"I think it's just one of those things where it all lines up," she said. "The sector lines up, the company lines up, the team lines up."

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