The Wisconsin Veterans Chamber of Commerce (WVCC) hosted a panel of experts on the topic of entrepreneurship specific to veterans in WI as part of the recent 2023 Wisconsin Veterans Business Conference.
This panel was moderated by Meg Hendricks of Fiserv and featured Anna Blanch Rabe of Institute for Veterans and Military Families (IVMF), Tammie Clendenning of Wisconsin Small Business Administration (SBA) and Chris Gromowski of Vyper Industrial and Vyper Energy.
The experts outlined advice for accessing capital in WI, highlighting it as the primary barrier to growth in veteran businesses. Since 50% of WI veterans self-identify as entrepreneurs, trouble accessing capital is impacting this innovative population and their positive effects on the economy.
How do we solve the capital access problem?
Blanch Rabe mentioned that a method is needed to prepare veterans to be capital ready. Clendenning highlighted the SBA’s recently released notice detailing the 7(a) Lender’s Fee drop to 0% on all loans up to $1 million. This fee drop opens opportunities for lenders across Wisconsin to help develop and expand small businesses.
Who can connect you to lenders in your community?
Clendenning named the following SBA-funded resources as critical to entrepreneurial success and SBA loan connection in Wisconsin:
- Wisconsin Small Business Development Center (SBDC) Network
- Wisconsin Women’s Business Initiative Corporation (WWBIC)
- Veteran’s Business Outreach Center (VBOC)
- SCORE
- Community Navigators
What should veteran entrepreneurs do to connect?
Gromowski noted that his ‘biggest regret’ in entrepreneurship was not reaching out sooner to his university to connect with thought leaders in his field. Once he reached out, he discovered bottlenecks that opened opportunities for his company. He advised entrepreneurs to connect with every network available and delve deep to discover all they have to offer. Blanch Rabe agreed, emphasizing that not only do small business owners have a built-in network at their own university or college but also that the U.S. Military is the largest alumni network in the world. Other veterans can help you to succeed, whether as your customers or as resources for you.
So, what should you do?
- Trust yourself, your idea and your capabilities.
- The panel highlighted that 60% of veteran business owners felt able to navigate through the pandemic due to their ability to evaluate and adapt to situations.
- Connect with your networks, all of them!
- Communicate with resources across the state, especially the ones highlighted in this blog article.
- Develop a vision that can be communicated through effective storytelling.
If you need help connecting to the entrepreneurial ecosystem in Wisconsin, check out our Veteran and Military Community Consulting.
