Veteran-owned businesses play a key role in the US economy. According to the US Chamber of Commerce, the United States is home to 1.6 million veteran-owned companies that employ 3.3 million workers.
However, despite their great influence, Reports from the SBA and the New York Federal Reserve System We found that veterans often have more difficulty accessing capital than non-vetera business owners.
Fortunately, many federal, state and private organizations provide small business grants to veterans. This can be used to grow or start a business. Here are the places to see and how to apply.
Business grants for veterans
1. SecondService Foundation
The second Service Foundation grant allows participants to market their business before the judges group. Grant amounts vary from event to event, but in 2019, the first-place winner received $15,000, the second-place winner received $6,000, and the third-place winner received $4,000.
The second service foundation, Streetshares Foundation, is a nonprofit organization that helps veterans create or grow their businesses by providing funding through the Military Entrepreneurial Challenge, a grant program.
2. Warriors rising small and medium-sized enterprise subsidies
Warriors Rising is a nonprofit organization founded by veterans in 2015 and provides small business grants and guidance to veterans and their relatives. Members are called “Vetere Preneurs” and undergo a six-stage process that includes Zoom coaching sessions and one-on-one mentorship.
Part of the process is a “business shower.” Just like a baby or a bridal shower, a business shower can help your Veterreprena succeed by providing subsidies, contacts with clients and investors, as well as essential tools and services such as web design and equipment.
3. grants.gov
grants.gov is an online database that allows you to search for a variety of federal grants. Grants are provided by several government departments, including the U.S. Veterans Affairs Bureau and the U.S. Department of Defense.
4. hivers and strivers
Hivers and Strivers is an investment group that invests only in veteran-owned businesses. You will receive between $250,000 and $1 million in funds in exchange for your company’s fairness.
The company encourages pitching for “very scalable” ideas. Although technically it is not a grant, veterans may be interested in this potential source of funding.
5. Small and Medium Enterprise Innovation Research Program
Though not for veterans, this program offers a great opportunity for entrepreneurial veterans with new ideas. The Small Business Innovation Research (SBIR) program is funded in two rounds. The first round is $150,000, and the second year is up to $1 million.
6. Vet Franc
Vetfran is an organization that helps align veterans with franchisees looking to expand their business. While new franchisees usually have to pay higher fees to buy a franchise and start a business, companies working with Vetfran offer discounts and other support to veterans looking to enter the business. For some franchisors, the discount is 100%.
7. Self-employed association
The National Association of Self-Employment (NASE) offers grants of up to $4,000 to members who want to grow their self-Employment business through marketing, expanding facilities and hiring employees.
Veterans can apply immediately after joining Nase, rather than waiting for a typical period.
8. Veteran preparation and employment
Veterans Preparation and Employment (VR&E) is a program aimed at helping veterans with disabilities connected to services find work as they return to civilian life. Its self-employed truck is designed to help veterans start their business and provides business planning, marketing and financial training, and other support assistance.
Although VR&E does not provide grants directly, it helps to match veterans with grants and other funding opportunities.
9. Michigan Institute of Veteran Entrepreneurs
Veteran Michigan entrepreneur LAB (MVE-LAB) offers three-month accelerators for veteran-owned businesses and military spouses. Participants will receive practical education on how the business is run and will earn up to $20,000 in grant money after pitching the business during the program’s pitch showcase.
10. Texas Women’s University Veteran Women Grant
The Texas Women’s College Veteran Woman Grant awards $5,000 each year to five different recipients. The program focuses solely on female veterans who live in Texas and run once a year.
11. Maryland military and veteran-owned small business loan program
Maryland’s Military and Veteran-Owned Small Business Loan Program (MPVOLP) is a program that offers interest-free loans of up to $100,000 to businesses owned by veterans, reserves, and active duty members of the National Guard. The loan terms range from 1 to 8 years.
While this is not a sufficient grant, interest-free loans could be a boon for new businesses that require additional funds.
12. Venmo Small Business Grant
Through Venmo Small Business Grant, 20 small business owners will receive a $20,000 grant and receive mentorship and promotions on Venmo’s social channels.
13. StephenL. Tadlock Veteran Grant
Founders will first support a diverse range of business owners by providing growth programs, coaching and small business grants to veterans. In honor of US Navy veteran Stephen L. Tadlock, brother of the founder’s first CEO, Kim Folsom, the grant awards $1,000 to 25 veteran-owned businesses nationwide.
14. Founder First Job Creators Quest Grant
Founder First Job Creators Quest Grant offers small and medium-sized businesses the opportunity to secure growth capital. Not only will 25 grant recipients receive a $100,000 share of share, but they will also have access to the founder’s first accelerator program through the scholarship. Selected companies operating within Los Angeles, Orange County, Riverside, San Bernardino, Imperial, and San Diego will need to add at least one or two new premium pay jobs next year.
15. FedEx Entrepreneurs Fund
FedEx has launched the second phase of the FedEx Entrepreneurship Fund in collaboration with Hello Alice and the Global Entrepreneurship Network (GEN). The initiative aims to support entrepreneurs by providing $30 in $10,000 grants and educational support, with priority being given to military affiliations and disabled entrepreneurs.
16. Grant Watch
GrantWatch serves as an online platform for compiling grant offers for nonprofits and small business companies in the United States. Explore grants tailored to your business requirements and qualifications, including those specifically designed for veteran-owned businesses.
Business resources for veterans
Grants are just one of the sources of support for veterans. There are loans, equity-based funds, or many other programs that can provide advice.
Veteran Business Outreach Center
The SBA operates these outreach centres nationwide and are concentrated in or near major cities. These centres have workshops that help you plan and research your business, and connect with community partners.
Boots for business
Boots to Business is a two-stage training program offered by SBA. It includes a two-day course that introduces entrepreneurship and provides the basic information and skills you need to start a business.
Veteran Procurement Research Institute
Veteran Procurement Institute (VIP) is a program that supports veterans who own businesses. VIP trains strategy trains for landing contracts from the federal government and other government agencies. There are five programs that are suitable for your business at any point in the lifecycle.
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Busa is an online database with rich information on state and federal programs that help veterans start their business and secure funding.
State-based and other local programs
Find programs run by state governments or local nonprofits. Many have veteran-owned programs aimed at business. For example, Michigan veterans can access the Veteran Entrepreneur Lab at Grand Valley State University, a three-month program that can help veterans start a company.
Alternatives to Small Business Grants for Veterans
Veteran SME grants will help you start or grow your business, but they may not be the best choice for you. Generally, grant programs are competitive and grantors may only allow the use of funds for specific purposes.
If you are looking for a funding option that is generally easier to qualify, with fewer restrictions and more widely available, consider the following options:
- Small business loans. You can also pay the project fee with a Veteran Business Loan From traditional banks, credit unions, or online lenders. Unlike business credit cards, small business loans come with temporary payments to pay back over time in fixed installments.
- SBA loan. There are several types of SBA loans, including 7(a) for general purposes, CDC/504 for real estate and equipment purchases, and microloans for small capital needs. They support companies with funds for startups, expansion, working capital and more, with competitive rates and extension requirements of up to 25 years.
- Credit business line. With the Business Line, you can access a supply of revolving cash that can be used when needed, and you can pay interest only on outstanding funds.
- Business credit card. If you get Business Credit Cardyou can borrow against your credit limit and pay any business expenses. You can also build credits. Credit business line Working in the same way, there are no features found on many business cards, such as grace periods and opportunities to earn rewards.
- Borrow money from family and friends. Family and friends may be willing to offer loans that have little or no interest in them. If you find someone willing to borrow money, discuss repayment terms first. And pay it back as promised to avoid harming your relationship.
- Crowdfunding. This method relies on small amounts of sourcing from a large number of people. Suitable for businesses that focus on the community or are looking to sell their products in advance.
Conclusion
Whether you’re a veteran looking to grow your business or start a new business, looking for a veteran business grant is a good solution. Grants can provide you with the funds you need – and the main advantage is that they don’t have to pay back.
