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Military Veteran Entrepreneurs Mean Big Business for Colorado

Friday, November 14, 2014
In honor of those who have served our country, the Larimer SBDC has researched some powerful statistics about veterans who have come home to start businesses within our state and nationally. 

Who are veteran entrepreneurs?
  • - 9.1% of all business owners in the United States are veterans as of 2012
  • - 7.1% of these veterans are under the age of 35
  • - 4.4% of veteran business owners are women
  • - Veteran business owners are more likely to produce goods as opposed to services
  • - 10.3% of veterans own more than one business, compared with only 7.4% of non-veterans
  • - According to 2007 U.S. Census data, veteran owned businesses are responsible for contributing 1.2 trillion dollars to the United States economy
What impact do veteran business owners have in Colorado?
  • - Colorado has 48,803 small businesses owned exclusively by veterans as of 2007 U.S. Census data
    • -- These business contribute an estimated $23 billion to the Colorado economy
    • -- They also employ 96,373 people, with an annual payroll of $3.6B 
    • -- Approximately 38,000 Colorado veteran owned businesses are owned and operated as sole proprietors, and these businesses generate $2 billion dollars in sales annually

These are not small contributions on top of the service they have already given to their country! Small businesses help stabilize local economies and employ large numbers of citizens. The Small Business Administration and the Larimer SBDC are here to support our veteran entrepreneurs with consulting, training and resources as they look to start and grow their businesses when they return home. Contact us to discover the resources we have available for you!

Whether you are an active duty, reservist or retired service member, thank you for your continued contributions!

Sources
Lichtenstein, Jules. "Profile of Veteran Business Owners." Issue Briefs 1 (2013).
United States Census Bureau. Survey of Business Owners - Veterans. Washinton DC: United States Census Bureau, 2007.