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Women Veterans Are Now The Fastest-Growing Group of Women-Owned Businesses

Women Veterans Are Now The Fastest-Growing Group of Women-Owned Businesses
Women-owned companies are increasing in number at a faster pace than those owned by men, especially women of color. But there is another group of women that have now taken the lead, making them the fastest growing group of entrepreneurs: women veterans.

Women veterans coming home to start their own businesses

In the past five years, the number of companies started by female veterans has quadrupled. That means they have grown four times as large. Between 2007 and 2012, they increased by an incredible 296 percent. According to the National Women's Business Council, this is higher than any other group of entrepreneurs. What's driving the increase?

Female veterans are returning home and getting back to work. But they are finding it difficult due to high unemployment. Unemployment for other women is 7.1 percent, but for female veterans, the rate was 11.1 percent from 2008 to 2012, according to information from Syracuse University. So, they are starting their own businesses.

Fortunately, there are now more resources than ever before to help veterans establish a business of their own. A tremendous number of women-owned businesses are also getting their women-owned certifications from the Women's Business Enterprise National Council (WBENC) so they can gain access to government contracts. Other programs include Women as Veteran Entrepreneurs (WAVE), and the U.S. Small Business Administration's Patriot Express program which helps veterans fund their businesses.