Veteran-owned businesses in Colorado nearly two percent higher than national average

COLORADO SPRINGS, Colo., (KRDO) - Veteran business owners are being celebrated nationwide.

Transitioning out of the military can be difficult but, a veteran-owned business owner says it is about taking a risk.

The small business administration of the Pikes Peak region says veterans are 45 percent more likely to start their own business than non-veterans.

Todd Baldwin is living the American dream. 

"We are ground up, we developed here, our future is here. And it really shows community and culture and what happens when the community invests in small business."

After serving in the  U.S. Army as an artillery officer for a couple of years, he then opted to start his own brewing company here in the springs.

"By taking out a whopping 18 credit cards in 20 minutes and balance transferring 250-thousand dollars in credit card debt to start red leg brewing company and now 12 million-ish dollars later here we are."

More than five years later, he's now serving beer on 2.5 acres of land.

"It was a huge risk for us to do it, but at the same time, to change your life, your employee's life, and put a huge stamp on your community forever is something we were willing to do. "

According to the small business administration of the Pikes Peak region, 6.3 percent of people who own businesses in colorado are veterans.

That’s higher than the national average of about five percent.

 Baldwin says for the most part the risk is worth it.

"Before you take out a debt, you really need to have a solid business down, but then you should also seek advice, who can you talk to? Maybe someone that is in that industry "

If you are a veteran looking to start a business right now, the U.S. small business administration’s new veteran small business certification program includes a one-year extension to businesses verified by the department of veterans affairs’ vets' first verification program.

The SBA's certification program will open and begin accepting new applications in January 2023.