It’s Veterans Day in the U.S., a day dedicated to honoring the service of the country’s military veterans.

Given the long-running military conflicts in Iraq and Afghanistan, the Veterans Day holiday has taken on a special significance for Americans in recent years. And it could be argued that more military veterans have been “thanked for their service” in the past decade and a half than in the previous several put together. But beyond expressions of gratitude, what can financial services companies, financial institutions, and fintechs do to really show their appreciation for veterans? Here are five ideas:

Hire Them

The economic fallout from the global health crisis has had its impact on veterans as it has on everyone else. While the unemployment rate for veterans is better than the national rate – 5.5% for veterans compared to 6.9% for the U.S. population overall – some veterans still face unique challenges when it comes to returning to the civilian workforce.

One study published this week by the San Diego Workforce Partnership showed that many veterans lack the kind of business networks and networking opportunities that their non-veteran counterparts access. Respondents also felt they were unable to impress upon employers the value of skills they developed while serving in the military – such as discipline and reliability.

U.S. Veterans Magazine published a valuable primer in this regard last summer. For more on how to bring more veterans to your workforce – and how to make the most out of veterans you already have working for you, check out their 12 Tips for Effectively Managing Veterans in the Workplace.

Lend to Them

While there are many financial institutions and even insurers that make a point of serving veterans and their families, helping veterans buy first homes and fund small businesses is one of the best ways that fintechs can support the veteran community.

One fintech that has done much to help ensure veterans and veteran-run small businesses get the financial help they need is StreetShares. Founded in 2013 by U.S. Air Force veteran Mark Rockefeller and headquartered in Reston, Virginia, StreetShares offers a lending-as-a-service platform that enables banks, credit unions, and other organizations to offer small business loans. The company began, however, with a “first affinity” for providing financing for military veteran business owners who, the company noted in its Finovate debut in 2015, make up one in nine of all small businesses in the U.S.

Partner with Them

A growing number of companies are helping further the cause of diversity by seeking out partnerships with businesses run by women and members of underrepresented ethnic groups. For those interested in supporting veteran entrepreneurs and veteran-owned businesses, approaching veteran communities with the same enthusiasm and similar opportunities is a sound strategy.

Whether it’s via something as simple and straightforward as Veterans Day sponsorships or, ideally, a more enduring effort to seek out veteran business owners to discuss innovative collaborations, fintechs and financial institutions have as much to gain from the diversity of veteran-run businesses as these small businesses do.

Work for Them

As noted above, many veterans seeking work lack the networking opportunities many non-veterans have that can make the difference between a merely challenging job search and a brutally frustrating one. Similarly, not every veteran small business owner or entrepreneur has a Rolodex – or a LinkedIn account – full of talented and qualified potential employees. At the same time, some non-veterans may harbor negative stereotypes against veteran employers, and express some concern about working for them.

Understanding that the civilian workplace is different from the military workplace is a good place to start for everyone, including prospective employees of a veteran boss. In the same way that we correctly seek out diversity among those we live and work with to enhance our lives, improve our work, and support our communities, appreciating and learning from the life experience of military veterans can be similarly valuable for all involved.

And if you are a veteran, seeking out another veteran-run business is not only a way to support the veteran community, but also it might present a unique opportunity in which the veteran has a leg up over the non-veteran applying for the same job. It may be that many life-long civilians will not appreciate fully the “soft skills” developed through years of military service. But you can bet your bottom dollar that your veteran employer gets it.

Listen to Them

It is a cliche to say that many veterans bring valuable leadership skills to the private sector. But it is a cliche that endures for a reason: whether serving in peacetime or in conflict, the veterans of our armed forces have lessons and life experiences that not only have shaped them, but also can help guide us, as well. It is no surprise that, when surveyed, the U.S. military ranks consistently among the most trusted public institution. When respondents are asked why, the “competence with which they do their job” and “selflessness, bravery, and discipline,” were among the reasons.

And with more than a million men and women currently on active duty in the U.S. military, many of whom will become veterans in the next few years, “selflessness, bravery, and discipline” sound like a few good reasons to start adding more military veterans to your business network.

Photo by Aaron Schwartz from Pexels

Let’s face it, 2020 hasn’t been the year we were anticipating. We’re experiencing increased stress levels created by not only by fears of contracting a life-threatening virus, but also an economic downturn of unknown proportions.

And from a business perspective, stay-at-home orders and lack of childcare create a frustrating environment for co-worker communications. Not only that, but the lack of in-person meetings and a firm handshake makes it difficult to land partnerships.

Despite these (and many more) woes, here are a handful of silver linings:

Digital is working

Even for firms who have yet to implement it, the technology is available for them to create a fully-digital banking experience. While many of these capabilities have been around for awhile, we have now reached a point where consumers feel comfortable with interacting with tools such as remote onboarding, remote deposit check capture, and even chatbots.

Funding is on

At the onset of the public health crisis earlier this year, many prepared to say farewell to VC funding. And though funding has declined and valuations are stagnant, the fintech industry is still experiencing growth. So far this week alone, we’ve seen five fintechs raise $262 million in funding.

Fintechs are hiring

Layoffs and furloughs have taken place within the industry and there may be another round of layoffs in the future as the coronavirus drags on. However, we may ultimately see many of these employees shift to new positions. That’s because there are plenty of fintechs hiring. A search on Angel List reveals that more than 800 fintechs are currently seeking to fill roles. And the new remote working environment enables many companies to tap into global talent.

Partnerships are strong

Social distancing requirements may be preventing companies from gathering together in conference rooms and sealing a deal with a handshake. However, that doesn’t seem to be stopping fintechs from inking deals. Over the past month, we saw 10 major fintech-bank partnerships. Much of this collaboration was driven by the sudden need for traditional providers to digitize their offerings.

Transformation is mandatory

This point may seem like a strange silver lining. In fact, many may view mandatory transformation as more of a storm cloud, since fintech as an industry will not come through this crisis scot-free. Unfortunately, there will be cut backs and unplanned exits. Here’s the silver lining part– companies that fight to see the other side of the crisis will be better off for it. And so will their customers.

Photo by Kristopher Roller on Unsplash

The U.S. Government’s Paycheck Protection Program (PPP) was set to expire yesterday, but the Senate voted to extend the loan program by five weeks, making the new deadline August 8, 2020.

Since it was initiated on April 3, the PPP has helped banks provide billions in working capital to 4.8 million small businesses. The extension offers businesses more time to apply for the $130 billion in unspent funds that remain in the program.

The PPP has had a rocky existence, caused by a muddy application system, confusion from both businesses and banks on the terms surrounding the funds, and the fraudulent (or at least unethical) acquisition of loan money by major corporations. That said, there are a handful of lessons learned we can take away from this experience. Here is a summary of the top three.

Open banking would have made a positive impact

In the height of the coronavirus, many small businesses struggled to find a bank that would lend PPP funds to them. Much of this was due to the fact that banks had difficulty underwriting loans of new clients. With open banking, businesses could opt to share their data with other financial institutions. This availability of data would not only help businesses speed up the application process at the bank of their choice, it would also offer banks access to crucial data regarding businesses’ historical finances.

It is possible for the government to move fast

“Move fast and break things” is typically a mantra of agile startups, and not a slow-moving government. However, given the serious economic threat that the coronavirus-induced stay-at-home orders posed, there was no time for a lengthy revision process and regulatory approvals.

The PPP is part of the CARES act, which includes multiple provisions for unemployment benefits, tax rebates, grants, and more. Early voting on the bill began March 22 and by the morning of March 25, Senate Democrats and Republicans announced they had come to an agreement on the 300-page document. A few hours after the agreement, the President signed the bill into law.

“Like all compromises, this bill is far from perfect, but we believe the legislation has been improved significantly to warrant its quick consideration and passage, and because many Democrats and Republicans were willing to do the serious and hard work, the bill is much better off than where it started,” said Democratic Senate Minority Leader Chuck Schumer.

Communication and transparency are king and queen

One of the biggest speed bumps encountered was confusion around the terms of the loans. Businesses not only had difficulty during the application process, many also had trouble in determining if they were eligible for the loans. And even if they were eligible, many businesses still didn’t understand if the funds needed to be repaid and what the stipulations for repayment were.

There is no other loan in America where the applicant is unaware of their responsibility to repay. Because of this confusion (and the legal and regulatory ramifications), in early June President Trump signed a new law relaxing some of the PPP regulations and addressing some of the original flaws.

This mistake is easy to excuse, given the tight deadline to organize and originate the program. However, it doesn’t discount the need for lenders to maintain transparency and ensure borrowers know what is expected when it comes to repayment. It reminds me of a millionaire I once met who, after originating a mortgage on his new home, didn’t understand that he was expected to pay his mortgage every month. He assumed that the bank would automatically deduct the funds from his account each month on his behalf. After 6 months of missed payments, his credit score was trashed.

Since we have yet to conquer the virus and are reeling from low unemployment, we still have a lot to learn. One of these lessons is to take things one day at a time. As we do so, let’s take stock of lessons learned so that we can help each other during this crisis.

Photo by Kyle Glenn on Unsplash