17 Small Business Grants and Resources for Veterans

Veteran-owned companies play a big position within the U.S. financial system. The U.S. is the house of 1.6 million veteran-owned companies that rent 3.3 million employees, in keeping with 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 usually have a tougher time accessing capital than non-veteran enterprise house owners. 

Fortuitously, many federal, state and personal organizations supply small enterprise grants for veterans, which can be utilized to develop or begin what you are promoting. 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 gaggle of judges. Grant quantities can differ from occasion to occasion, however in 2019, the first-place winner acquired $15,000, the second-place winner acquired $6,000 and the third-place winner acquired $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 way of its grant program — the Navy 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 quick members of the family. Members are referred to as “Veterepreneurs” and bear a six-step course of that features Zoom teaching classes 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 fulfillment by offering grants, contacts with purchasers and traders, and important instruments and companies like internet design or gear.

3. Grants.gov

Grants.gov is an internet database the place you possibly can seek for numerous 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 trade 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 provides a terrific alternative for entrepreneurial veterans with a brand new concept. The Small Enterprise Innovation Analysis (SBIR) Program provides 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 company that helps match veterans to franchisors trying to develop their companies. Normally, new franchisees have to pay excessive charges to purchase a franchise and begin their enterprise, however the corporations working with VetFran supply reductions and different help to veterans wanting 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) provides 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 reasonably than ready for the everyday 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 observe is designed to assist veterans begin a enterprise and provides assist with enterprise planning, coaching in advertising and marketing and funds and different help.

Whereas VR&E doesn’t supply grants instantly, it might assist match veterans with grants and different funding alternatives.

9. Michigan Veteran Entrepreneur Lab

The Michigan Veteran Entrepreneur-Lab (MVE-LAB) provides a three-month accelerator for veteran-owned companies and army spouses. Contributors get hands-on schooling in learn how to run a enterprise and may 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 completely different recipients every year. This program focuses completely on feminine veterans who dwell in Texas and runs as soon as every year.

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

The Maryland Navy 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 lively responsibility. Mortgage phrases vary from 1-8 years.

Although this isn’t fairly a grant, an interest-free mortgage could be a boon for brand new corporations that want further funding.

12. Venmo Small Enterprise Grant

Via the Venmo Small Enterprise Grant, twenty small enterprise house owners will probably 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 progress packages, 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 provides small companies an opportunity to safe progress capital. Twenty-five grant recipients not solely obtain their share of $100,000 but additionally achieve entry to Founders First accelerator packages by way of scholarships. Chosen companies working inside Los Angeles, Orange County, Riverside, San Bernardino, Imperial, and San Diego should be prepared so as to add a minimum of one or two new premium wage jobs within the subsequent 12 months.

15. FedEx Entrepreneur Fund

FedEx, in collaboration with Hiya Alice and the World Entrepreneurship Community (GEN), has initiated the second part of the FedEx Entrepreneur Fund. This initiative goals to assist entrepreneurs by offering thirty $10,000 grants and academic help, 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 USA. You may discover grants that align with what you are promoting 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 lots of different packages that may supply 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 may join you to group 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 packages which are appropriate for corporations at any level of their lifecycle.

bUSA

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

State-based and different native packages

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

Alternate options to small enterprise grants for veterans

Though veteran small enterprise grants will help you begin or develop what you are promoting, they may not be your best option for you. Grant packages are often aggressive, and the grantor may solely will let you use the funds for sure functions.

In the event you’re on the lookout for funding choices which are typically simpler to qualify for, include fewer restrictions and are extra extensively out there, take into account the next alternate options.

• Small enterprise loans. You can too pay for enterprise bills with a veteran enterprise mortgage from a conventional 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 mounted installments.
• SBA loans. There are a number of forms of SBA loans, together with 7(a) for normal functions, CDC/504 for actual property and gear purchases and microloans for small capital wants. They help companies with funding for startup, enlargement, working capital and extra, and so they include aggressive charges and prolonged phrases of as much as 25 years.
• Enterprise traces of credit score. With enterprise traces of credit score, you’ve got entry to a revolving provide of money that you should use as wanted and solely pay curiosity on the excellent funds.
• Enterprise bank cards. In the event you get a enterprise bank card, you possibly can borrow in opposition to your credit score restrict to pay for any enterprise expense. You can too construct credit score. Enterprise traces 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 pal. A member of the family or pal may be prepared to provide you a mortgage with little or no curiosity. Focus on reimbursement phrases first in case 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 methodology depends on elevating small quantities from a lot of folks. It could work nicely for community-focused companies or these trying 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 trying to develop what you are promoting or begin a brand new one, looking for veteran enterprise grants could be a good answer. Grants can present the funding you want — and a serious profit is that they don’t should be repaid. 

Regularly requested questions