Veterans are an integral part of the franchise community. In the 116th Congress, the International Franchise Association supported the Veteran Entrepreneurs Act, which was introduced by U.S. Senator Bob Casey (D-Pa.) and Reps. Jackie Walorski (R-Ind.) and Julia Brownley (D-Ca.).
One of the largest challenges facing aspiring veteran franchisees is access to capital. The Veteran Entrepreneurs Act would provide veterans with a 25 percent tax credit on the initial franchise fee, which the prospective veteran franchisee can elect to pass to the franchisor in exchange for a discount of equivalent value up front. These measures ensure that the benefit of the tax credit is received directly by the veteran franchisee, lightening the financial burden of starting his or her own business.
Across the country, 14 percent of the 733,000 franchise establishments are veteran-owned. The Veteran Entrepreneurs Act is an important bill that can facilitate new opportunities for men and women who have served our country.
In 1991 IFA founded VetFran®, a program to support veterans and their spouses’ ability to access franchise opportunities through education on the franchise industry, financial assistance, and industry mentorship. To date, over 650 franchise brands voluntarily offer financial discounts, mentorship, and training for aspiring veteran franchisees and veterans seeking employment.
For more information, click here.
To review the latest bill text, click here.