Veteran owned businesses are booming in Texas. Their number, over 24,400 as of August 2024*, has more than doubled since 2022. In 2022, there were over 9,460 veteran owned businesses. Together, these businesses reported $1,184,446,884 in total revenue to the Texas Comptroller.
In addition to being a positive economic impact for their communities, that revenue adds to State of Texas coffers. In 2022, the Texas Comptrollers Office reported veteran owned businesses generated $711,432,263 in sales tax.
“Veterans are staying in business and contributing to Texas’ Real Gross Domestic Product, which was $2.03 trillion in 2023, with an annual rate of growth of 5.7% above the national average of 2.5%,” said Megan Tamez, TVC Entrepreneur Program Director and Army veteran.
The State of Texas provides benefits for new, veteran owned businesses. This includes waiving some startup fees plus waiving state franchise taxes for the initial five years. As the state’s certifying official for the benefit, TVC’s Entrepreneur Program verifies the veteran’s eligibility and assists through the formation and the refund process for initial business development fees for those eligible. Further, upon establishing the new business, they can also certify the business as a TVC Veteran-Owned Business for marketing purposes in addition to assisting with business planning and development, finding capital, marketing and more.
“It’s working,” said Tamez. “The legislation, incentives, our business development program, plus Texas’ business friendly environment**.”
More proof of that pointed out by Tamez is the number of veteran owned businesses that are still operating though they have outlived the years of eligibility for the state’s veteran owned business incentives. Of the over 9,460 veteran owned businesses in 2022, “3,876 firms, while they no longer qualify as veteran owned under the legislation, had used the state benefit and now have surpasses being in business for five years or more,” said Tamez.
Veterans around Texas who want to start a business or that already own one can connect with the TVC Entrepreneur team to help develop their businesses.
Pictured is the TVC Entrepreneur Program team. From left are Tamez, Linda Luttrall, Veteran Business Consultant (VBC) and Navy veteran; Christine Gerber, VBC, Air Force veteran and military spouse; Greg Shigemasa, VBC and Army/Air Force veteran, and Lady, Greg’s service animal and the programs unofficial mascot.
* source: Texas Secretary of State
** Texas ranked #1 in in Business Facilities’ Annual State Rankings for Best Business Climate.
