Capitalizing on Opportunity: How SBA Fuels Veteran VenturesA traumatic parachute injury abruptly ended more than two decades of military service for Army combat veteran Gabriel Wander. His military career included roles as Combat Medic, medical-surgical nurse, Triage Officer for the National Disaster Assistance Response Team, and eventually, Officer and Board-Certified Registered Nurse Anesthesiologist (CRNA).
After separating from the military, Wander accepted contract work as a CRNA, then quickly turned his extensive knowledge and experience in the medical industry into a successful entrepreneurial venture. He founded Wander Staffing and signed his first contract with himself as the first recruit. Leveraging his deep understanding of the medical field and strong relationships with medical facilities in San Antonio, Wander transformed his company into a premier provider of clinicians across the United States.
When the demand for qualified medical personnel surged during the pandemic, Wander turned to the U.S. Small Business Administration (SBA) for critical support. Securing a revolving line of credit from the SBA—a lifeline during crucial growth phases—enabled him to invest in infrastructure and talent. This capital injection allowed his company to keep pace with rising demand, positioning Wander Staffing as a trusted partner in the healthcare community.
Leveraging SBA Loan Programs to Expand Your Business
SBA loan programs empower veteran entrepreneurs with several financing options to help fuel business growth. Key programs include:
- 7(a) Loan Program: Ideal for securing working capital and meeting flexible business needs.
- 504 Loan Program: Used as long-term financing for fixed assets such as equipment or real estate, offering competitive, fixed-rate terms.
- Microloans: Provide smaller amounts—from $500 to $50,000—to entrepreneurs from underserved communities, offering a practical solution for modest funding requirements.
Tools like the SBA’s Lender Match connect veteran and military spouse entrepreneurs with approved lenders who adhere to fair practices, reducing the risk of predatory lending.
Tip: Veterans and military spouses may qualify for waived fees or discounted rates on certain SBA express loans and bank fees when presenting their DD-214.
Managing Your Credit for Business Success
According to Operations Liaison Nina Ramon from the SBA Office of Field Operations, who spoke at a virtual webinar during National Veterans Small Business Week, personal credit plays a key role in your business's early stages. Understanding your credit report is essential, as lenders consider several components:
- Key Factors: Payment history, outstanding debt, credit availability, utilization rate, credit history length, credit mix, and recent inquiries are top criteria.
- Credit Score: Ranging from 300 to 850, your credit score offers a snapshot of your creditworthiness. Whether calculated by FICO, VantageScore, or other models, higher credit scores generally lead to better loan terms due to the lowered risk to lenders.
- Credit Report: Federal law entitles you to a free annual credit report from each major bureau. Visit annualcreditreport.com to check yours.
Maintaining a strong credit profile today will position your business for the best financing opportunities tomorrow.
Tip: With an average U.S. credit score of 715 in 2024, maintaining a healthy score is crucial for obtaining favorable loan terms and keeping your personal finances on track.
Tip: Local resources like Small Business Development Centers, Women's Business Centers, and SCORE Mentors offer specific tools, training, and programs that support women entrepreneurs.
The 8(a) Program: Unlocking Federal Opportunities
In addition to loan programs, the SBA’s 8(a) Business Development program can be a lifeline for small, disadvantaged businesses—including many veteran-owned enterprises. This program is specifically designed to help participants access federal contracts and gain valuable business development assistance. For Wander, joining the 8(a) program was instrumental in boosting the credibility of Wander Staffing and opening doors to larger contracts and new capital opportunities.
Tip: Leverage the 8(a) program to tap into exclusive government contracting opportunities. This can drive revenue growth, enhance overall business stability, and provide the support needed to scale operations, compete with larger firms, and establish a strong presence in the federal marketplace.
Tip: Sign up for SBA training programs or visit the MySBA Learning platform to boost entrepreneurial skills, connect with peers and mentors, and gain support for overcoming challenges and seizing opportunities that arise.
Final Thoughts
T
Gabriel Wander’s journey with Wander Staffing is a powerful example of the ways veteran entrepreneurs leverage SBA resources to turn their vision into a reality. By accessing capital through a revolving line of credit, exploring various SBA loan programs, and tapping into the exclusive opportunities offered by the 8(a) program, you can secure the funding needed to expand your business and realize your entrepreneurial goals.
Let Wander’s success inspire you to explore the diverse SBA resources available to veteran entrepreneurs
This blog was originally written by the U.S. Small Business Administration’s Office of Veterans Business Development (OVBD). To learn more about OVBD and its offerings, visit sba.gov/ovbd.