As a result of their time in the military services, many veterans are equipped with the knowledge and leadership qualities necessary to launch successful new businesses. Thankfully, in 2023, disabled veteran entrepreneurs will have access to a wealth of funding options, from grants to the support and start-up of the business community. The first step in starting a successful veteran-owned business is learning about the several loan and grant programs currently available to veterans and their families.
Overview
Approximately 18 million adults in the United States are veterans. However, the U.S. Census Bureau estimates that veterans employ roughly 4 million people through the businesses they control.
There are a wealth of options for veterans who are interested in or already running their own small businesses. In particular, veteran-oriented small business grants could be an excellent source of funding to help expand your company.
It’s common for grant applications to face stiff competition. However, because there are few veterans applying for these business grants, your chances of being accepted may be higher than they would be for other sources of company assistance. Here are the top 3 disabled veteran business grants.
#1. Disability Assistance for Veteran-Owned Small Businesses
There is a program called the Service-Disabled Veteran-Owned Small Business (SDVOSB) Program that may be open to disabled veterans who served in the armed forces. The program’s stated objective is to assist disabled veteran business owners in securing at least 3% of the total annual government contracting grants. In fact, only SDVOSBs can access some federal contract monies.
#2. Veterans Small Business Development Center
They provide the greatest assistance to veterans starting businesses. This office does not give out grants itself, but it does help veteran-owned businesses apply for and receive grants and other forms of financial aid.
#3. Warrior Rising Small Business Grants
If you’re a disabled veteran and either just getting started in business or looking to expand your current venture, you might want to look into the Warrior Rising Small Business Grants program. This Utah-based nonprofit was established in 2015 to aid veteran business owners by way of financial support and professional guidance.
Grants for Disabled Veterans: Helpful Hints for Applicants
#1. Verify Your Eligibility
Submitting a grant application can be a lengthy and arduous process. You should not waste your time on applications for monetary awards for which you are not a candidate.
Always check the prerequisites for disabled veteran grants before applying. Some awards for veterans may be available only to people who meet specific requirements, such as being disabled, having an honorable discharge, starting a new business, etc.
#2. Stick to the Guides
If you’re applying for a grant, it’s important that your application be as comprehensive as possible. Complete the application in its entirety and include any required supporting materials. Make sure you don’t miss out on potential financing possibilities by failing to meet deadlines, both for the first submission and subsequent ones.
#3. Think About Who Will Be Evaluating Your Application
Think about the people who will be assessing your grant application and what they are looking for. The person doing the review will know nothing about your company or your proposed idea. So, be as specific as possible about your company and the ways in which you would put the grant money to work to advance your enterprise.
#4. Proofread
Take the time to edit your grant application in its entirety before submitting it (perhaps multiple times). Mistakes in grammar or omissions of crucial details may discourage some reviewers. Likewise, you should do everything in your ability to set your company apart from the competition.
What Is the Veteran Program?
The International Franchise Association (IFA) member companies created the VetFran program as a voluntary initiative to promote franchise ownership by providing financial incentives to veterans who have received an honorable discharge.
Can I Own a Business and Get VA Disability?
However, there are certain rare cases where a 100% disabled veteran cannot own a business and still receive VA benefits. If the VA has determined that you are unemployable and you are receiving 100% disability payments, all earnings from work, even those from your own business, must be kept below the poverty line or you will lose your benefits. If your rating of 100% isn’t based on unemployability, however, you are free to earn as much money as you like outside of the site.
Disabled Veteran Business Grants To Start
For such a small segment of the population, veteran business owners have had a huge impact on the modern economy. For disabled veterans to start or expand their operations, they may, like many entrepreneurs, seek business loans, grants, or other sources of capital.
Furthermore, grants don’t need to be repaid, like certain business loans for a disabled veteran that wants to start a business. This makes them a compelling choice for business loans if you meet their requirements. Those seeking to participate in a grant program should be aware that many of them have stringent eligibility requirements and restrictions on how the money can be spent. But getting one could be pivotal to the success of your startup. Here are the top 3 disabled veteran business grants to start
#1. Street Shares Foundation
The StreetShares Foundation was established by two veterans to support veteran businesses in the United States.
You need to be a veteran or reserve/transitioning active member of the U.S. military to be considered for the StreetShares Foundation Veteran Small Business Award. Additionally, the spouse, children, or any immediate family members of a service member who died on active duty are also eligible. You’ll need to provide a video pitch about your company in addition to a completed application.
#2. Veteran Readiness and Employment
A disabled veteran who is unable to find work in a conventional setting may be eligible for training and grants financing to start their own enterprises or aid in their job-seeking efforts under the Veteran Readiness and Employment program.
Furthermore, veterans who are keen on applying will have to do so. Submission of an application does not guarantee acceptance into the program; eligibility is determined afterward. They can attend an orientation to find out more about the program and see if they qualify if they do.
#3. GrantWatch
GrantWatch is a free resource that compiles federal, regional, and local grant possibilities for small companies, veterans, and organizations, making it easy to get the funding you need to grow your organization. Veteran and non-veteran business owners alike will find GrantWatch to be a useful resource thanks to its daily updates of the most recent grants.
Does the VA Give Out Small Business Loans?
The Veterans Administration does not offer business financing. Patriot Express is the Small Business Administration’s (SBA) financing program designed specifically for military service members. We advise business owners to consult with their local Small Business Development Center to collect the required paperwork.
Veteran Business Grants 2023
According to data from 2021, veterans make more of an impact on the entrepreneurial scene than non-veterans do. This is according to SCORE, a charity that provides free resources to small-business owners. According to the data presented here, business owners who are veterans apply for COVID relief loans at the same rate as those who are not, yet veterans and are more likely to be turned down for the loans.
Furthermore, in 2023, grants for small businesses will be an option for those who are looking for funding and are veterans. Contrast this with small business loans or other forms of debt-based financing, which you will need to repay, and you can see how veteran business awards can give you free money.
In addition, the grant application process for experienced small businesses can be time-consuming and difficult, but the rewards can be substantial if you are successful in winning funding. Here are some business grants for a veteran in 2023.
Also, read: GRANTS FOR VETERANS TO START A BUSINESS IN 2023.
#1. State and Local Governments
Many state governments provide grants to help veterans who own small businesses. In order to level the playing field for businesses owned by veterans and veterans with disabilities to win government contracts, some states provide certificates for such enterprises.
There may be training opportunities, webinars, and other resources available to you as a veteran through your state. Local financial resources, such as company grants, may also be available through your city or state’s Economic Development Administration.
#2. Veteran Woman Entrepreneur Grant
This grant is available to female veterans who are beginning or already operating a business and are enrolled at Texas Woman’s University. Each year, ten business owners in Texas will receive $5,000 from the state’s yearly grant program.
In 2023, the money from business grants might go for anything from a new piece of machinery to a new piece of advertising to a renovation of your building for a veteran. Proof that your company is owned or operated by women must be provided. You must also submit proof that you are a veteran.
#3. U.S. Chamber of Commerce Dream Big Awards
The annual U.S. Chamber of Commerce Dream Big Awards highlight small businesses’ economic contributions. To qualify, your for-profit business must be one year old. You must have fewer than 250 people and annual sales of less than $20 million. Furthermore, the winner receives $25,000. There are also awards for veteran-owned and woman-owned businesses. Applications for 2023 might not be available yet, but you can sign up for updates.
Can You Use VA Loan Commercial Property?
However, commercial properties are not eligible for a VA loan since they do not meet the requirements for the allowed number of occupants. In order to facilitate the purchase of permanent residences, this loan program is targeted toward serving Veterans.
Is There an Advantage to Being a Veteran-Owned Business?
If you operate a business and are a disabled veteran, you are more likely to qualify for government contracts, grants, and loans. You’ll also find information on the franchise benefits available to veterans who start their own franchise or convert an existing firm into a franchise.
How Can a Veteran Get Money to Start a Business?
The Veterans Entrepreneurship Program (VEP) is a service provided by the Department of Veterans Affairs Office of Small and Disadvantaged Business Utilization. The purpose of the VEP is to assist qualified veterans in establishing or expanding their own businesses.
Conclusion
Applying for any type of small business grant for veterans, whether it be a startup program for former service members, disabled veteran small business grants, or any other funding source, is a big step toward realizing your entrepreneurial aspirations.
Disabled Veteran Business Grants FAQs
How many veteran-owned small businesses are there in the US?
There were roughly 5.9% (337,934) of all firms owned by veterans, generating an estimated $947.7 billion in sales, employing about 3.9 million people, and paying out about $177.7 billion in wages each year.
How many veterans start their own business?
The SBA estimates that currently more than 2.5 million U.S. enterprises are run by veterans, making up roughly 9% of all firms in America.
Can you sell your house with a VA loan?
You can regain eligibility after selling your house and paying off the remaining loan sum. However, you likely won’t be able to repay the full loan balance if you’re selling your house through a short sale.
Similar Posts
- SMALL BUSINESS LOANS FOR VETERANS: Best 2023 Options and; All you Need
- BUSINESS LOANS FOR VETERANS: Best Easy 2023 Guide and; US Practices
- California Small Business Grants: Top 13+ picks for Minorities & Veterans (+ Application Guide)
- SMALL BUSINESS LOANS FOR VETERANS 2023: Guide and Best Small Business Loans 2023
Reference
