For Immediate Release
Contact Alisa Harrison 202-628-8000
Award-winning Effort Gains Popularity among Former Military Personnel
WASHINGTON, DC, July 3 – America’s veterans are increasingly applying their military skills in small-business ventures, according to the International Franchise Association which today announced that purchases of franchised businesses by former military personnel through its award-winning initiative had reached 1,155 and more than 200 others are currently in negotiation.
Attracted to franchising by financial incentives offered through IFA’s Veterans Transition Franchise Initiative, known as “VetFran,” honorably-discharged veterans now have nearly 350 franchised businesses from which to choose. Most participating companies offer significant reductions of the initial franchise fee required at purchase. Company details and their incentives for veterans may be viewed at www.franchise.org’s “VetFran Directory.”
Franchising, which spans more than 80 different industries, grew at a faster pace than many other U.S. economic sectors between 2001 and 2005, reported a PricewaterhouseCoopers study conducted for the IFA Educational Foundation. Data revealed that franchising provides more jobs than the durable goods manufacturing or financial services sectors. In 2005 alone, more than 900,000 franchised establishments generated nearly $900 billion of economic output and offered employment for more than 11 million Americans.
VetFran, endorsed by the U.S. Dept. of Veterans Affairs, partners with VA’s Center for Veterans Enterprise, which honored the effort in 2003 with its “Champion of Veterans Enterprise Award.” The program was also recently recognized by the American Society of Association Executives with its “Award of Excellence,” one of only 11 to receive the 2008 Associations Advance America Awards in the third round of the selection process and is now in consideration for one of six ASAE Summit Awards to be presented this fall.
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About the International Franchise Association
IFA, poised to celebrate its 50th anniversary in 2010, represents more than 1,300 franchise companies, thousands of franchisee small-business owners and hundreds of firms that provide goods and services to the franchising industry. Details about the industry’s impact on the U.S. economy may be viewed at www.buildingopportunity.com.