Journal Times staff
STURTEVANT — To help encourage business improvement, retention and attraction, the Village of Sturtevant created a new program with favorable loan terms: little-to-no equity requirement, low interest and principal deferrals.
The program also allocates funding for grants aimed at assisting business and property owners with their expansion projects. Loan sizes range from $50,000-$250,000, while the grant program provides up to $25,000 or no more than 50% of total eligible costs.
“We highly encourage businesses to apply,” said Sturtevant President Mike Rosenbaum in a statement. “This kind of opportunity directly aligns with our community strategic goals, and I can’t wait to see the kinds of improvements to come within the village.”
According to a news release from Racine County Economic Development Corporation, both the loan and grant programs are allocated to businesses within an area identified as Tax Increment District No. 4. Eligible uses include but are not limited to: land and buildings, machinery and equipment, site preparation, leasehold improvements and limited working capital.
Projects also must demonstrate a benefit to the community.
“We (RCEDC) have been working diligently with the Village of Sturtevant to research, coordinate and provide the most valuable assistance to businesses within this district,” stated Jordan Brown, RCEDC’s Business Recruitment Specialist. “I’m confident this program will help enhance the economic vitality in Sturtevant.”
An early example of the grant program’s use is Nonna Wells Pizzeria and Pub, owned by Samantha and William Stanko.
After leasing the property at 8607 Durand Ave., the Stankos plan to use the grant to help fund property improvements and purchase fixtures and equipment. The project, when completed, is expected to create 12 full-time jobs.
“RCEDC and the Village of Sturtevant have been incredibly supportive throughout this process,” stated Samantha Stanko. “This program will help put our business in a position to succeed early on.”
Eligible businesses interested in the loan or grant program can learn more by contacting Brown at [email protected] or 262-898-7444.
Cities with the most veteran-owned businesses
Cities With the Most Veteran-Owned Businesses
Photo Credit: New Africa / Shutterstock
According to the U.S. Department of Veterans Affairs, there are about 19 million veterans living in America. Many of these people who served their country are starting businesses, joining an increasing number of Americans who sought to become entrepreneurs after the onset of COVID-19, according to the U.S. Census Bureau .
Demographic data sheds light on who these veterans are. According to the U.S. Bureau of Labor Statistics , around nine out of 10 veterans are men. The largest cohort is over 60 years old, comprising about a 35% share of the U.S. veteran population. In October 2021, an estimated 8.4 million veterans participated in the civilian workforce, and in 2021, the unemployment rate for veterans (4.4%) was lower than the rate for nonveterans (5.3%).
The rise in overall entrepreneurship seems logical in the face of an undeniable fact: a decreasing number of Americans are realizing the American Dream. According to Pew Research , the U.S. middle class has contracted steadily over the last five decades. In 1971, the share of American adults who lived in middle-class households was 61%. By 2021, that number was 50%. Pandemic-related financial issues impacted lower- and middle-income households the hardest; from 2019 to 2020, median incomes fell 3.0% for lower-income households and 2.1% for middle-income households. There was almost no change in the median incomes of upper-income households during the same period.
For most business owners (roughly 64% according to the Census Bureau’s Annual Business Survey ), achieving greater income is one of the primary drivers behind owning their businesses. And that number is fairly consistent across veterans and nonveterans. Interestingly though, when comparing veteran business owners to nonveteran owners across other metrics, there are a few notable differences. Compared to nonveterans, veteran business owners value being their own boss, working for themselves, and wanting to start their own business more heavily. On the other hand, nonveterans are more likely to report having flexible hours and a better work-life balance as primary motivators for business ownership.
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Veteran business owners value independence over flexible hours and balance when compared to non veterans
While nearly 6% of employer firms overall are owned by veterans, the concentration of veteran-owned businesses varies by industry. Comparing what types of businesses veterans started to overall filings for new businesses shows some divergence. The top industries for entrepreneurs who are veterans include oil & gas, finance, professional services, manufacturing, construction, and transportation. According to the Business Formation Statistics from the U.S. Census Bureau, the top types of overall new businesses from 2020 to 2021 were in retail trade (including e-commerce), professional services, construction, and transportation and warehousing. Veterans are least likely to own businesses in the arts, entertainment, education, accommodation, and food services sectors.
Common industries for veteran owned businesses
States where the highest number of veterans call home are California, Texas, and Florida, and these three states also have the country’s highest total numbers of veteran-owned businesses. Looking at the proportion of businesses that are veteran-owned by state shows a cohort of Eastern and Southern states, ranging from New Hampshire, Virginia, and Georgia to Tennessee, Oklahoma, and Alabama. At the metro level, the concentration of veteran-owned firms mirrors the state-level trends with higher percentages in metropolitan areas located in Eastern and Southern states. These include cities in Maryland, North Carolina, Virginia, Florida, and Georgia.
NH and VA report the largest shares of veteran owned businesses
The data used in this analysis is from the U.S. Census Bureau’s 2020 Annual Business Survey and the U.S. Census Bureau’s 2020 American Community Survey . To determine the locations with the most veteran-owned businesses, researchers at HireAHelper calculated the share of employer firms (those businesses with paid employees) that are veteran-owned. Researchers also included statistics on the total number of veteran-owned firms, employees and revenue at these firms, and the veteran population share in each location.
Here are the major U.S. metropolitan areas with the most veteran-owned businesses.
Small and midsize metros with the most veteran owned businesses
15. St. Louis, MO-IL
Photo Credit: Sean Pavone / Shutterstock
Share of businesses that are veteran-owned: 6.5%
Total businesses that are veteran-owned: 3,366
Employees at veteran-owned businesses: 43,677
Annual revenue at veteran-owned businesses: $5 billion or more
Veteran population share: 8.2%
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14. Birmingham-Hoover, AL
Photo Credit: Sean Pavone / Shutterstock
Share of businesses that are veteran-owned: 6.7%
Total businesses that are veteran-owned: 1,325
Employees at veteran-owned businesses: 10,390
Annual revenue at veteran-owned businesses: $1 billion to less than $5 billion
Veteran population share: 7.4%
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13. Cincinnati, OH-KY-IN
Photo Credit: Agnieszka Gaul / Shutterstock
Share of businesses that are veteran-owned: 6.7%
Total businesses that are veteran-owned: 2,155
Employees at veteran-owned businesses: 28,780
Annual revenue at veteran-owned businesses: $5 billion or more
Veteran population share: 7.1%
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12. Tucson, AZ
Photo Credit: Sean Pavone / Shutterstock
Share of businesses that are veteran-owned: 6.8%
Total businesses that are veteran-owned: 1,069
Employees at veteran-owned businesses: 12,395
Annual revenue at veteran-owned businesses: $1 billion to less than $5 billion
Veteran population share: 10.5%
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11. Tulsa, OK
Photo Credit: Sean Pavone / Shutterstock
Share of businesses that are veteran-owned: 6.8%
Total businesses that are veteran-owned: 1,293
Employees at veteran-owned businesses: 12,842
Annual revenue at veteran-owned businesses: $1 billion to less than $5 billion
Veteran population share: 8.2%
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10. Providence-Warwick, RI-MA
Photo Credit: Richard Cavalleri / Shutterstock
Share of businesses that are veteran-owned: 6.8%
Total businesses that are veteran-owned: 2,264
Employees at veteran-owned businesses: 30,279
Annual revenue at veteran-owned businesses: $5 billion or more
Veteran population share: 6.2%
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9. Charlotte-Concord-Gastonia, NC-SC
Photo Credit: Jon Bilous / Shutterstock
Share of businesses that are veteran-owned: 6.8%
Total businesses that are veteran-owned: 3,212
Employees at veteran-owned businesses: 47,519
Annual revenue at veteran-owned businesses: $5 billion or more
Veteran population share: 7.0%
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8. Richmond, VA
Photo Credit: Sean Pavone / Shutterstock
Share of businesses that are veteran-owned: 6.9%
Total businesses that are veteran-owned: 1,771
Employees at veteran-owned businesses: 15,375
Annual revenue at veteran-owned businesses: $1 billion to less than $5 billion
Veteran population share: 8.7%
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7. Las Vegas-Henderson-Paradise, NV
Photo Credit: Virrage Images / Shutterstock
Share of businesses that are veteran-owned: 6.9%
Total businesses that are veteran-owned: 2,578
Employees at veteran-owned businesses: 37,474
Annual revenue at veteran-owned businesses: $5 billion or more
Veteran population share: 8.2%
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6. Indianapolis-Carmel-Anderson, IN
Photo Credit: Agnieszka Gaul / Shutterstock
Share of businesses that are veteran-owned: 7.1%
Total businesses that are veteran-owned: 2,369
Employees at veteran-owned businesses: 36,856
Annual revenue at veteran-owned businesses: $5 billion or more
Veteran population share: 7.0%
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5. Baltimore-Columbia-Towson, MD
Photo Credit: f11photo / Shutterstock
Share of businesses that are veteran-owned: 7.3%
Total businesses that are veteran-owned: 3,766
Employees at veteran-owned businesses: 53,920
Annual revenue at veteran-owned businesses: $5 billion or more
Veteran population share: 7.8%
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4. Washington-Arlington-Alexandria, DC-VA-MD-WV
Photo Credit: Sean Pavone / Shutterstock
Share of businesses that are veteran-owned: 7.5%
Total businesses that are veteran-owned: 8,351
Employees at veteran-owned businesses: 125,645
Annual revenue at veteran-owned businesses: $5 billion or more
Veteran population share: 8.0%
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3. Oklahoma City, OK
Photo Credit: Natalia Bratslavsky / Shutterstock
Share of businesses that are veteran-owned: 8.5%
Total businesses that are veteran-owned: 2,476
Employees at veteran-owned businesses: 20,790
Annual revenue at veteran-owned businesses: $1 billion to less than $5 billion
Veteran population share: 9.1%
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2. Jacksonville, FL
Photo Credit: GagliardiPhotography / Shutterstock
Share of businesses that are veteran-owned: 8.9%
Total businesses that are veteran-owned: 2,626
Employees at veteran-owned businesses: 34,630
Annual revenue at veteran-owned businesses: $5 billion or more
Veteran population share: 12.1%
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1. Virginia Beach-Norfolk-Newport News, VA-NC
Photo Credit: Alexandr Junek Imaging / Shutterstock
Share of businesses that are veteran-owned: 10.9%
Total businesses that are veteran-owned: 2,905
Employees at veteran-owned businesses: 43,697
Annual revenue at veteran-owned businesses: $5 billion or more
Veteran population share: 16.0%
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