Last updated on October 3, 2023 by Lori Pace
As an experienced entrepreneur, you understand the challenges of starting and growing a small business. One of the most significant hurdles is obtaining the capital needed to start or expand your business.
Fortunately, there are many small business grants available to you as a veteran. These grants can provide the necessary funding, resources and support to help you achieve your entrepreneurial goals.
In this article, we’ll explore various small business grant programs, financing options, and organizations that support veteran entrepreneurs. We’ll also provide helpful tips for applying for grants and resources to help you succeed.
Whether you are just starting out or looking to expand your business, this article will provide you with valuable information to help you get the capital you need to succeed.
Second Service Foundation
The Second Service Foundation is a nonprofit organization that provides veterans and their spouses the opportunity to pitch their business ideas and win funding through its Military Entrepreneur Challenge program. The challenge is open to veteran-owned businesses and provides small business grants to veterans to help them start or grow a business.
Warrior Rising is a nonprofit organization that provides a comprehensive six-step business development program to help veterans transition to entrepreneurship and succeed. The program includes business training, mentoring and access to funding through grant programs.
The Michigan Veteran Entrepreneur Lab, operated by Grand Valley State University, is a nonprofit organization that provides a three-month training program for veteran entrepreneurs and their spouses. During this time, participants will also have the opportunity to build their businesses through various networking opportunities.
The Veteran Women Entrepreneur Grant provides Texas women veterans with the opportunity to receive funding and support to start or grow their own business. As a veteran entrepreneur, you can take advantage of this state-level initiative offered by Texas Woman’s University. Grant applications are open to female veterans who own or start a business and can be used to cover a variety of business expenses.
The program awards $25,000 grand prizes to small businesses, including veteran-owned small businesses. To qualify, your business must have fewer than 250 employees, have been in business for at least three years, and have demonstrated financial strength and ability to grow.
While the program is open to all small businesses, it is an excellent opportunity for veterans and those with service-related disabilities to receive recognition and support for their businesses.
Hivers and Strives is an angel investment group that specializes in investing in veteran-owned and operated businesses. They provide assistance to veterans seeking to start or grow a business enterprise. Hivers and Strivers offers comprehensive feasibility analyses, educational events and term loans to eligible veterans.
VetFran is a program that connects veterans with franchisors who are committed to offering discounts on initial franchise fees and providing training and support to veterans interested in starting their own business.
Grants.gov is an online repository, not the grant providers themselves. This organization aims to compile the various federal grant programs available to eligible veterans. These programs provide small business grants to veterans who own or are starting a business, and some of these programs specifically target small businesses owned by veterans with service-connected disabilities.
Like Grant.gov, GrantWatch is a great resource to check out. This online grant listing platform offers hundreds of small business grants specifically for veterans, including grants for veteran-owned small businesses and eligible veterans with service-connected disabilities.
The Veterans Business Outreach Center provides workshops and connections to community partners, providing valuable resources and support to veterans who are qualified to start and grow successful businesses.
This program is designed to help qualified veteran entrepreneurs obtain government contracts, which can be a great way to obtain funding for your business. To qualify for this program, you must have a service-connected disability and own at least 51% of a veteran-owned small business.
The Small Business Administration’s (SBA) Boots to Business program provides free two-step education and training to military members who want to become entrepreneurs. The program is designed to assist eligible individuals, including active duty military members, veterans and their spouses, who are interested in starting a business.
IVMF offers a range of entrepreneurship programs including pre-business plan workshops, management training and veteran venture capital. They also provide employment resources and support to veteran-owned and service-disabled veteran-owned small businesses.
The program provides tools and resources specifically tailored to the needs of female veterans, including business ideas, franchise opportunities and loans to veterans. They also offer accountability partners to help you stay on track and achieve your goals.
The Office of Small and Disadvantaged Business Utilization provides a variety of services and resources to help veterans achieve their business dreams, including information about Veterans Small Business Grants, guidance on eligibility criteria and connections to community partners and government entities.
In addition, the office provides training and support to help veterans through the process of starting and growing a successful business, including assistance with business tax filing and financial planning.
Alternatives to Veterans Business Grants
You may be surprised to learn that there are other options to support your entrepreneurial goals as a veteran. Here are four alternatives to consider:
1. Consider a veterans-specific term loan with better terms and lower interest rates than traditional small business loans.
2. Some franchise stores provide franchise fee discounts for experienced entrepreneurs, which helps reduce the cost of starting a business.
3. Bunker Labs is a nonprofit organization that provides resources and support to veteran-owned businesses, including access to mentors, workshops and networking opportunities.
4. Before pursuing any financing options, it is important to conduct a feasibility analysis to ensure that your business idea is feasible. Additionally, eligibility criteria may vary from program to program, so be sure to research and understand the requirements before applying.
With these alternative options, you can explore different avenues of funding and support as you start or grow your veteran-owned business.
Helpful tips for business grant applications
To increase your chances of success, it’s important to pay attention to the eligibility criteria and thoroughly research the different types of grants available. Additionally, it is recommended to prepare a comprehensive feasibility analysis and seek assistance from organizations like Bunker Labs, which provide support and resources to veteran-owned businesses. To help you get started, here are some helpful tips for successfully submitting a grant application:
1. Understand the eligibility criteria – Research the requirements for each grant and make sure you meet all criteria before applying.
2. Prepare a thorough feasibility analysis – this will help you identify any potential challenges and demonstrate that you have a solid business plan.
3. Reach out to veteran support organizations for assistance – Organizations like Bunker Labs can provide guidance and resources to help you navigate the grant application process.
4. Consider other financing options – In addition to grants, explore other financing options, such as term loans or initial franchise fee financing.
By following these tips, you can increase your chances of receiving a small business grant for your veteran-owned business. Remember to always do your research, be prepared, and ask for help when you need it.
FAQ
Are there grants available specifically for veterans who want to start a nonprofit?
Yes, there are grants available specifically for veterans interested in starting a nonprofit. The Department of Veterans Affairs offers an adaptive sports grant program, a homeless grant, and a per diem program, among others.
How long does it usually take to receive grant funds after submitting an application?
After you submit a grant application, it usually takes several weeks or months to receive your funding. The exact timeline may vary depending on the specific funding program and the volume of applications being processed.
Are there grants specifically for homeless veterans?
Yes, there are grants specifically for homeless veterans. The Department of Veterans Affairs offers the Veteran Family Supportive Services program, which provides financial assistance and support services to help veterans and their families find and maintain stable housing.
Can veterans receive multiple grants for different businesses?
Yes, veterans can receive multiple grants for different businesses. There are several grant programs available specifically for veterans, including the Small Business Administration’s Veterans Business Outreach Center program and the Veteran Entrepreneur Portal.
Are any benefits available to veterans who are not U.S. citizens or permanent residents?
Unfortunately, no benefits are available to veterans who are not U.S. citizens or permanent residents. However, there may be other resources, such as loans and assistance programs, that can help start a business.
in conclusion
There are various funding schemes, funding options and organizations available to support you, so it’s important to do your research and apply for the opportunities that best suit your needs. Get guidance and support throughout the application process with resources like the U.S. Small Business Administration and the Veterans Business Outreach Center.
Don’t be discouraged if you face rejection, as this is common in the business world. Instead, use feedback to improve your app and continually advance your goals. With determination and the right resources, you can succeed as a veteran entrepreneur and make a positive impact on your community and economy.
