Joe Whaley is the owner of Chocolate Works, a business that manufactures and retails premium chocolate located in Valley Stream, New York. Whaley is a veteran of the U.S. Army and took over the business from his father after returning from a tour serving in Iraq. Both Whaley and his father are Veterans. Whaley always knew he would take over the family business, but needed additional financing to open the store.
He received a loan from NYBDC through the VetLoan Advantage Program. The VetLoan Advantage Program is an initiative sponsored by NADCO and the Small Business Administration to help Veterans access capital to grow and open small businesses. The loan provided working capital for Whaley's business that he otherwise couldn’t have gotten from a traditional bank.
Beth Solomon, President of NADCO, stated "Leadership, understanding operational excellence, self-discipline, adapting to changing circumstances quickly are skilled learned in the military and lead to success as a small business owner."
In 2013, more than 7,000 loans worth $4.8 million have been disbursed through Veteran loan programs. To learn more about NYBDC's Veteran Loan Program, click here >>
Video Source: Al Jazeera America, U.S. Cable Television