Improving Capital Access for Veteran Entrepreneurs and Military Spouses

Historically, veterans and military spouses have produced some of the most innovative and successful entrepreneurs in the United States, but their potential in today’s economy is constrained by limited access to the capital needed to grow their businesses. These entrepreneurs represent a large and capable segment of the US economy, yet research shows they face worse capital outcomes than nonveteran peers. Despite comparable demand for financing, veteran-owned businesses experience lower approval rates, greater financing shortfalls, and structural disadvantages tied to personal credit history and small-dollar loan requests.

This paper examines the roots of these challenges and identifies existing resources to address capital access, both for veterans and military spouses. The veteran capital ecosystem is rich in programs and research but fragmented at the point of execution. By identifying barriers and convening key stakeholders, the Milken Institute can serve as a catalyst in driving capital solutions for a key component of the nation's entrepreneurial landscape.