Franchising News
Congress Considers Bill To Help Veterans Own Franchises
Written by Jenna Weiner
Published: 3/17/2010
A new legislative effort backed by the International Franchise Association could make Franchises more affordable for veterans.
Veterans, like many people looking for stability and profitability in new business ventures, often consider franchising. News for veterans is often daunting, with high unemployment rates, but Congress is considering a bill to help veterans make the investment to start a franchise.
The bill, which is now sponsored by more than 30 members of Congress, was introduced by Representatives Aaron Schock of Illinois and Leonard Boswell of Iowa. It calls for a tax incentive to franchisers who allow qualified veterans to purchase franchises at lower fees.
"Given the current economic climate," International Franchise Association vice president of government relations David French said in a statement, "many franchised businesses are finding it harder to access the capital they need to open new stores and recruit new investors. In order to encourage economic growth and make it easier for veterans to own their business, the IFA supports enactment of this tax credit for those franchise systems that choose to offer qualified veterans a discounted franchise fee."
Columnist Joe Lindenmayer at Entrepreneur magazine has suggested that veterans are the perfect candidates for franchising, having extensive experience of both quick thinking and teamwork.
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