Swords into Plowshares

If G.I.s carry out their present plans, there will be at least half a million new small businesses in the U.S. after the war. So said the Army last week, after a poll of U.S. troops. There are another 300,000 soldiers who plan to buy farms.

Postwar farmers & businessmen plan to start out modestly. About half think that they can do the job on an investment under $4,000 (actually, most small retail stores are started on far less). But the most surprising fact was: some 60% of the soldiers expect to have saved at least half their needed capital by the time they are discharged.

To help them all get started, Veterans' Administrator Frank T. Hines last week laid down the rules under which the soldiers can borrow for new enterprises under the G.I. bill of rights. The Federal Government will guarantee a soldier's loan, made by a private bank, loan company, or friend, up to $2,000, providing the RFC or Maury Maverick's Smaller War plants Corp. approves. One requirement: the project must have a reasonable chance of success. If they wish, soldiers can pool their loans, that is, 100 soldiers can get $200,000 to go into business together.

On all this good news, Brigadier General Hines tacked a gloomy postscript: 52% of those who go into business for themselves fail within two years.

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