Starting a business is a big leap for anyone, but for veterans, it’s often a shift from the structure of military life to the organized chaos of entrepreneurship. Here in Chicago, veteran-owned businesses are a powerful force, contributing innovation and resilience to the local economy. However, funding that leap can be a challenge. At Viking Funding, we believe in empowering veterans to trade their dog tags for the CEO hat. Here are five financial tips for Chicago’s veteran entrepreneurs ready to take the plunge:

1. Utilize Veteran-Specific Loan Programs

Some doors are only open to veterans, and financial resources are no different. In Chicago, veteran entrepreneurs can explore funding opportunities specifically tailored to their unique experiences. Programs like the SBA’s Veterans Advantage Loan Program offer favorable terms that reduce fees for small business loans. Additionally, the Illinois Small Business Development Center (SBDC) often holds workshops and offers one-on-one counseling for veterans looking to navigate these options.

2. Take Advantage of Tax Incentives

Let’s face it—no one likes taxes. But as a veteran entrepreneur in Chicago, you may be eligible for federal and state tax benefits that can reduce your startup’s financial strain. The IRS offers tax breaks for hiring fellow veterans and for spending on equipment and training. Illinois also has programs that can offset certain local taxes. Knowing where to find these incentives and taking full advantage can leave more capital in your business’s coffers.

3. Consider Business Grants for Veterans

Not all funding has to be repaid. The key is finding grant programs that support your business goals. Chicago veterans can tap into resources such as the StreetShares Foundation, which offers grants to veteran-owned businesses each year. Furthermore, Chicago’s Veteran Business Project pairs veterans with entrepreneurial mentors and can provide guidance on funding opportunities. It’s all about seeking out the support that fits your mission, from grant competitions to local programs dedicated to veterans.

4. Networking with Veteran Business Organizations

If there’s one thing veterans are great at, it’s networking and creating a community. Join veteran-focused business organizations like the Chicago Veterans Business Association or national groups such as Bunker Labs, which has a strong presence in Chicago. Through these networks, you can find financial advice, mentorship, and maybe even a little friendly competition. Many of these organizations also host pitch events where winners can receive business grants or other funding.

5. Plan Your Cash Flow Wisely

Running a business may not require the same drill precision as military life, but discipline is essential, especially when it comes to managing cash flow. Start by creating a monthly budget that covers every dollar you plan to spend and earn. Cash flow management is one of the most challenging parts of any new business, and it’s easy to get caught up in costs. Whether it’s making payroll, stocking inventory, or covering the rent in a Chicago storefront, a solid financial plan can make the difference between growth and struggle.

By navigating these resources, veterans in Chicago can transition from service to CEO with a stronger financial foundation. Remember, Viking Funding is here to help veterans find the right financial support, even if your goal is as ambitious as a startup on the Magnificent Mile. Give us a call at 754-240-8620 to discuss your options and make your transition from service to entrepreneurship a successful one.