Missouri exceeds the national average for revenue earned by veteran-owned businesses as well as the prevalence of these businesses.
A business is considered veteran-owned if a military veteran owns 51% or more of its stock or equity.
Luke Dietterle, University of Missouri Extension specialist, released a report in October detailing the state of veterans in Missouri’s economy. It showed veteran-owned firms generate 2.3% of the state's business revenue, which is above the national average of 1.8%
“The veterans in Missouri that are business owners tend to punch above their weight a little bit,” Dietterle said.
Although Oklahoma, Arkansas and Nebraska have higher densities of veteran-owned businesses, Missouri’s businesses generate higher shares of the state’s total revenue.
Veterans make significant contributions in several counties' local economies. Sales attributed to veteran-owned businesses in Reynolds, Iron and Dent counties account for more than a quarter of the overall sales in those places.
Veterans are most represented in the arts, entertainment and recreation, with 8% of Missouri firms in this sector being veteran-owned. Wholesale trade follows close behind with 7% of firms.
The share of industry revenue generated by veteran-owned firms was highest in mining, quarry and oil and gas extraction, at 22%. Transportation and warehousing followed, with 13% of revenue attributable to veteran-owned firms.
Despite the success many veterans find in business, they still face significant barriers in the transition to civilian life.
“You're not really going to have a credit history,” Dietterle said. “You're not really going to have sufficient income to serve as collateral for a loan. These folks are just leaving the service, and they just haven't had those experiences. They haven't been able to build that record of financial responsibility.”
