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Reciprocal benefits, veteran entrepreneurs help boost the local economy while gaining from Fayetteville benefits

By Staff Report, posted May 12, 2022 on BizFayetteville.com

Recently, the Defense Alliance of North Carolina assembled

data from various resources to point to how the success of veteran-owned businesses aids North Carolina’s economy.
In 2021, CNBC’s list of America's Top States for Business placed North Carolina as number two, second to Virginia.

According to the Defense Alliance of North Carolina, more than

10 percent of businesses are veteran-owned in the state. The organization pointed out that, according to the Veteran-Owned Business Project, ““North Carolina currently represents nearly 3 percent (2.95 percent) of the total businesses in the United States and 3.44 percent of the total Veteran-Owned Businesses
in the United States.10.56 percent of the total number of businesses in North Carolina are majority-owned (51 percent+) by veterans which is nearly 17 percent (+1.52 percent) higher than the national state aver- age of 9.04 percent.”These veteran-owned businesses help impact the economy of North Carolina by generating revenue for local economies, providing jobs for local and remote workers, encouraging innovation, supporting other local suppliers in their community, and providing communities with experienced leaders.

Recognizing the success of veteran-owned businesses, North Carolina continues to look for ways to embrace and support the veteran workforce.
North Carolina has eight military bases across different regions; of course, one of those, Fort Bragg, is located in Fayetteville Business Journal’s coverage area. Fayetteville helps support military personnel from Fort Bragg in hopes that when they leave they will stay and help grow the economy in the area.When

exiting the military and transitioning to opening their own businesses, veterans are able to bring the experience they gained during their years of service to the workforce.
Not only are veteran entrepreneurs an asset to Fayetteville’s economy, but Fayetteville can offer benefits as well. In fact, upon the approval of the state budget last year, North Carolina eliminated the state’s tax on military pension income. Moreover,

Methodist University and Fayetteville State University were recently recognized as military-friendly institutions; Methodist was recognized by the The Military Friendly® ratings program and FSU was recognized in in Military Times’ 2021 Best For Vets college ranking. Moreover, FSU announced new tuition-free scholarships for military-connected students in February. 

These businesses are successful because of their strengths. Military.com mentioned five qualities of veterans that they incorporate into their businesses, these qualities include teamwork, discipline, ability to perform under pressure, leadership, and the willingness to go above and beyond. 

Smallbusiness.com listed that the industries that include the highest percentage of businesses owned by veterans throughout the United States are:

As reported by the National Veterans Foundation, veteran-owned businesses tend to be very successful, with 40 percent bringing in a revenue over half a million dollars a year.

Not only are veteran entrepreneurs an asset to Fayetteville’s economy, but Fayetteville can offer benefits to those who stay local as well. In fact, upon the approval of the state budget last year, North Carolina eliminated the state’s tax on military pension income. Moreover, Methodist University and Fayetteville State University were recently recognized as military-friendly institutions; Methodist was recognized  by the The Military Friendly® ratings program and FSU was recognized in Military Times’ 2021 Best For Vets college ranking. Moreover, FSU announced new tuition-free scholarships for military-connected students in February. There are many resources available to those that want to start their own business. Some resources include the NC District Office of the Small Business Administration and The Veterans Business Outreach Center at Fayetteville State University.

These resources help train and provide information to members and their spouses who are wanting to start a small business.

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