The 4 Best States for Veteran-Owned Businesses

Across the country, states are finding ways to give thanks to the men and women who have served in the U.S. armed forces. From dedicated government contracts to affordable and help securing small business loans, there are certain states that are making a concerted effort to for help veterans business owners.

Here are four of the best states for veteran-owned businesses:

1. Michigan

Michigan is a great place for veterans to form a small business. According to digital news and lifestyle magazine TakePart, Michigan requires that at least 5% of all state contracts be awarded to veterans. Members of the armed forces can also bid higher on these contracts than civilians.

The state also hosts annual networking conferences for veterans focused on professional growth; local media outlet MLive reported.

2. Arkansas

Similar to Michigan, Arkansas also requires that 5% of all contracts be awarded to veteran-owned businesses, TakePart noted. However, Arkansas also includes veterans in the state’s Minority Business Enterprise program, opening up more doors for this type of company.

3. Illinois

Like Arkansas, Illinois has set aside 5% of its contracts for veterans. In order to facilitate this goal, Illinois also has appointed advocates in state agencies to work with military business owners to connect with the right available contracts.

4. Utah

A dedication and focus on helping veteran small business owners is an ongoing mission in Utah. In an article for The Salt Lake Tribune, director of the Utah Department of Veterans and Military Affairs wrote that the state currently has a Veteran Owned Business Partnership in place to determine how to best help this segment. Over the past year, the unemployment rate for veterans has dropped from roughly 7% down to 4.7%.

While many states in the U.S. offer programs, perks and other benefits for veteran-owned small businesses, some states are truly better than others for forming and growing a strong company.