17 Small Business Grants and Resources for Veterans

Veteran-owned companies play a big function within the U.S. financial system. The U.S. is the house of 1.6 million veteran-owned companies that rent 3.3 million staff, based on the U.S. Chamber of Commerce.

However regardless of their nice impression, a report from the SBA and New York Federal Reserve discovered that veterans typically have a tougher time accessing capital than non-veteran enterprise house owners. 

Thankfully, many federal, state and personal organizations provide small enterprise grants for veterans, which can be utilized to develop or begin your small business. Right here’s the place to look and learn how to apply.

Enterprise grants for veterans

1. Second Service Basis

The Second Service Basis Grant lets contributors pitch their enterprise earlier than a bunch of judges. Grant quantities can range from occasion to occasion, however in 2019, the first-place winner obtained $15,000, the second-place winner obtained $6,000 and the third-place winner obtained $4,000.

The Second Service Basis, previously the StreetShares Basis, is a nonprofit group that helps veterans create or develop their companies by offering funding by its grant program — the Army Entrepreneur Problem.

2. Warriors Rising Small Enterprise Grants

Warriors Rising is a nonprofit group based by veterans in 2015 that gives small enterprise grants and mentorship to veterans and their rapid members of the family. Members are referred to as “Veterepreneurs” and bear a six-step course of that features Zoom teaching periods and one-on-one mentorship.

A part of the method is a “Enterprise Bathe.” Nearly like a child or bridal bathe, a enterprise bathe helps set the veterepreneurs up for achievement by offering grants, contacts with purchasers and traders, and important instruments and companies like net design or gear.

3. Grants.gov

Grants.gov is an internet database the place you possibly can seek for varied federal grants. Grants are provided by a number of authorities departments, together with the U.S. Division of Veterans Affairs and the U.S. Division of Protection.

4. Hivers and Strivers

Hivers and Strivers is an funding group that invests solely in veteran-owned companies. You obtain between $250,000 and $1 million in funding in alternate for fairness in your organization.

The agency encourages pitches about “extremely scalable” concepts. Although not technically a grant, veterans could also be on this potential funding supply.

5. Small Enterprise Innovation Analysis program

Whereas not particularly for veterans, this program affords an amazing alternative for entrepreneurial veterans with a brand new thought. The Small Enterprise Innovation Analysis (SBIR) Program affords funding in two rounds: $150,000 within the first spherical and as much as $1 million over two years within the second.

6. VetFran

VetFran is a corporation that helps match veterans to franchisors seeking to increase their companies. Often, new franchisees must pay excessive charges to purchase a franchise and begin their enterprise, however the corporations working with VetFran provide reductions and different help to veterans trying to enter enterprise. For some franchisors, the low cost is 100%.

7. Nationwide Affiliation for the Self-Employed

The Nationwide Affiliation for the Self-Employed (NASE) affords grants of as much as $4,000 to members who wish to develop their self-employment enterprise by advertising and marketing, increasing services or hiring staff.

Veterans can apply instantly after becoming a member of NASE moderately than ready for the standard interval.

8. Veteran Readiness and Employment

Veteran Readiness & Employment (VR&E) is a program aimed toward serving to veterans with service-connected disabilities discover a job as they return to civilian life. Its self-employment monitor is designed to assist veterans begin a enterprise and affords assist with enterprise planning, coaching in advertising and marketing and funds and different assist.

Whereas VR&E doesn’t provide grants straight, it could assist match veterans with grants and different funding alternatives.

9. Michigan Veteran Entrepreneur Lab

The Michigan Veteran Entrepreneur-Lab (MVE-LAB) affords a three-month accelerator for veteran-owned companies and army spouses. Contributors get hands-on training in learn how to run a enterprise and might win as much as $20,000 in grant cash after pitching their enterprise throughout this system’s pitch showcase.

10. Texas Lady’s College Veteran Lady Grant

The Texas Lady’s College Veteran Lady Grant awards $5,000 every to 5 totally different recipients annually. This program focuses solely on feminine veterans who dwell in Texas and runs as soon as annually.

11. Maryland Army Personnel and Veteran-Owned Small Enterprise Mortgage Program

The Maryland Army Personnel and Veteran-owned Small Enterprise Mortgage Program (MPVOLP) is a program that gives interest-free loans as much as $100,000 to corporations owned by veterans, Reservists and Nationwide Guard members referred to as to energetic responsibility. Mortgage phrases vary from 1-8 years.

Although this isn’t fairly a grant, an interest-free mortgage generally is a boon for brand spanking new corporations that want extra funding.

12. Venmo Small Enterprise Grant

By means of the Venmo Small Enterprise Grant, twenty small enterprise house owners will likely be awarded $20,000 grants and obtain mentorship and promotion on Venmo’s social channels.

13. Stephen L. Tadlock Veteran Grant

Founders First helps numerous enterprise house owners by offering development applications, teaching, and small enterprise grants for veterans. In honor of U.S. Navy veteran Stephen L. Tadlock, brother of Founders First’s CEO, Kim Folsom, this grant awards $1,000 to 25 veteran-owned companies nationwide.

14. Founders First Job Creators Quest Grant

The Founders First Job Creators Quest Grant affords small companies an opportunity to safe development capital. Twenty-five grant recipients not solely obtain their share of $100,000 but additionally achieve entry to Founders First accelerator applications by scholarships. Chosen companies working inside Los Angeles, Orange County, Riverside, San Bernardino, Imperial, and San Diego have to be prepared so as to add no less than one or two new premium wage jobs within the subsequent yr.

15. FedEx Entrepreneur Fund

FedEx, in collaboration with Good day Alice and the World Entrepreneurship Community (GEN), has initiated the second section of the FedEx Entrepreneur Fund. This initiative goals to help entrepreneurs by offering thirty $10,000 grants and academic assist, with military-affiliated and disabled entrepreneurs taking precedence.

16. GrantWatch

GrantWatch serves as an internet platform that compiles non-profit and small enterprise grant choices in the US. You’ll be able to discover grants that align with your small business necessities and {qualifications}, together with these particularly designed for veteran-owned companies.

Enterprise assets for veterans

Grants are only one supply of help for veterans. There are a lot of different applications that may provide loans, equity-based funding or recommendation.

Veteran Enterprise Outreach Facilities

The SBA operates these outreach facilities across the nation, concentrated in or close to main cities. These facilities have workshops, assist with enterprise planning and analysis and might join you to neighborhood companions.

Boots to Enterprise

Boots to Enterprise is a two-step coaching program provided by the SBA. It entails a two-day course that introduces you to entrepreneurship and provides you the essential data and expertise you should begin a enterprise.

Veteran Institute for Procurement

The Veteran Institute for Procurement (VIP) is a program that helps veterans who personal companies. VIP trains in methods for touchdown contracts from the federal authorities and different authorities entities. It has 5 applications which might be appropriate for corporations at any level of their lifecycle.

bUSA

bUSA is an internet database with a wealth of knowledge on state and federal applications that may assist veterans begin companies and safe funding.

State-based and different native applications

Search for applications run by your state authorities or native nonprofits. Many have applications aimed toward veteran-owned companies. For instance, veterans in Michigan can make the most of Grand Valley State College’s Veteran Entrepreneur Lab, a three-month program that may assist veterans begin an organization.

Options to small enterprise grants for veterans

Though veteran small enterprise grants can assist you begin or develop your small business, they won’t be the only option for you. Grant applications are often aggressive, and the grantor may solely mean you can use the funds for sure functions.

When you’re in search of funding choices which might be usually simpler to qualify for, include fewer restrictions and are extra extensively obtainable, contemplate the next alternate options.

• Small enterprise loans. You can even pay for enterprise bills with a veteran enterprise mortgage from a standard financial institution, credit score union or on-line lender. Not like a enterprise bank card, a small enterprise mortgage comes with a lump-sum cost you repay over time in fastened installments.
• SBA loans. There are a number of forms of SBA loans, together with 7(a) for common functions, CDC/504 for actual property and gear purchases and microloans for small capital wants. They assist companies with funding for startup, growth, working capital and extra, and so they include aggressive charges and prolonged phrases of as much as 25 years.
• Enterprise strains of credit score. With enterprise strains of credit score, you might have entry to a revolving provide of money that you need to use as wanted and solely pay curiosity on the excellent funds.
• Enterprise bank cards. When you get a enterprise bank card, you possibly can borrow towards your credit score restrict to pay for any enterprise expense. You can even construct credit score. Enterprise strains of credit score work equally however lack options discovered with many enterprise playing cards, together with grace intervals and the prospect to earn rewards.
• Borrow cash from a member of the family or good friend. A member of the family or good friend could be prepared to provide you a mortgage with little or no curiosity. Focus on compensation phrases first in the event you discover somebody prepared to allow you to borrow cash. After which pay it again as promised to keep away from inflicting hurt to your relationship.
• Crowdfunding. This technique depends on elevating small quantities from numerous individuals. It might probably work nicely for community-focused companies or these seeking to pre-sell merchandise, elevating the funds they’ll use to supply items to ship to funders.

The underside line

Whether or not you’re a veteran seeking to develop your small business or begin a brand new one, looking for veteran enterprise grants generally is a good resolution. Grants can present the funding you want — and a significant profit is that they don’t must be repaid. 

Continuously requested questions