Veterans receive support from SBA

11/17/2011

The Small Business Administration granted New Jersey veterans 21 percent more loans in 2011 than they did in 2010, the Burlington County Times reports.

"Many veterans have the necessary skill set to become successful entrepreneurs," said SBA New Jersey district director Alfred J. Titone in a statement quoted by the news source. "Characteristics like hard work, focus, organizational skills, discipline, tenacity and perseverance are what veterans can bring to the table."

Titone added that the SBA is committed to providing returning veterans with a "wide array" of business counseling and training to put them in the best possible place to succeed.

Veterans in the Garden State received 57 SBA loans totaling $27 million this year, compared to 47 loans for $20.4 million last year. The majority of approvals came from Bergen County, with Pennington-based Hopewell Community Bank providing the most funds. The bank granted 11 loans this year for $3.7 million.

At the University of Tennessee's Extension in Jackson, around 20 veterans recently convened for a Veteran's Expo, where small company leaders shared ideas to attendees for creating successful business plans.