Worcester Business Journal

wbjournal.com | October 2, 2023 | Worcester Business Journal 15 roughly 80% male. James said a common scenario for professional services entrepreneurs is to work for a client on site as a billable contractor. She remembers spending evenings trying to figure out how to actually launch her business in the Washington D.C. area, and even B A N K I N G & F I N A N C E F O C U S Veteran's reasons for being turned down credit In a 2021 national survey of military entrepreneurs, they listed the following as reasons they were given by a financial institution for why they were denied a loan. Reason % of respondents, 2019 % of respondents, 2021 Credit rating 29% 28% Not enough assets or collatoral 25% 22% Amount of income 20% 23% Existing debt 19% 15% Strict lending requirements 14% 17% Source: Syracuse University's Institute for Veterans & Military Families put her house up as collateral. "It can be very scary for people, but I'm not a risk- averse person," James said. "You have to adapt" For James, part of the secret to early success was to hire a good lawyer and accountant, and to secure a business line of credit. She highlighted the many resources available to veterans through the federal government. While registration with the federal Veterans Administration is required, James said it's worth the effort for the benefits of set- aside programs for federal contracts. Additionally, the U.S. Small Business Administration Office of Veterans Business Development offers numerous programs to this end. Such programs help veterans who face certain obstacles, whether not having a lot of home equity to borrow against after moving many times during military service, or perhaps having a tax bill fall through the cracks through so many moves, said Ducharme, of the Massachusetts Veterans Chamber of Commerce. Still, Ducharme believes veterans are well prepared for most any problem. "Everybody should get stressed over funding, but one of the things we learn in the military is that you have to adapt," Ducharme said. "Everybody should get stressed over funding, but one of the things we learn in the military is that you have to adapt." - Lisa Ducharme, executive director of the Massachusetts Veterans Chamber of Commerce W

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