Mobile Edition
Print
Get the Mag
Weekly UpdatesThe International Franchise Association applauded Congressmen Aaron Schock (R-Ill.) and Leonard Boswell (D-Iowa) for introducing The Help Veterans Own Franchises Act that encourages franchise businesses to offer discounts for veterans interested in buying a franchise.
"Franchising is a major contributor to the U.S. economy in terms of jobs and economic output," said IFA Chairwoman Dina Dwyer-Owens, CFE, who is also chairwoman and CEO of the Dwyer Group, a holding company of six service-based franchise companies. "Over 900,000 franchise businesses in the U.S. are responsible for 21 million jobs and generating $2.3 trillion in economic output. By helping veterans purchase franchise small businesses, this bill will help stimulate the economy and put the country on the road to economic recovery. We thank Congressmen Schock and Boswell for leading this important effort."
The bill was introduced June 3 and establishes a tax credit for franchise businesses that choose to offer qualified veterans a discounted initial franchise fee. The tax credit would amount to 50 percent of the total franchise fee discount offered by the franchisor to the franchisee and would be capped at $25,000 per unit. It also provides a tax credit to the veteran who chooses to purchase a franchise and open a business in their local community.
The IFA has a long history of helping veterans become franchise owners through its award-winning Veterans Transition Franchise Initiative, known as VetFran, established in 2002 to help those who have honorably served their country to seek the dream of small business ownership. The program is endorsed by the U.S. Department of Veterans Affairs.
Dwyer-Owens, whose company is the founding member of the IFA Veteran program, said the introduction of this bill is timely given the economic climate, which is making it harder for prospective franchise investors to access the necessary financing, and the increasing number of service members and women leaving the military who may be looking for new career opportunities.
[ILLUSTRATION OMITTED]
Franchise small businesses find that veterans make great franchise owners because of the skills and experiences they have acquired through their military service. The number of franchise businesses participating in Veteran reached an all time high of 411 in May. To date, purchases of franchised businesses by former military personnel have surpassed 1,370 and 222 others are in negotiation. A wide variety of franchise small businesses from which to choose and most offer significant reductions of the initial franchise fee required are available to veterans for purchase. Company details and their incentives for veterans may be viewed at www.franchise.org, Franchising for Veterans.
FEED