GRANTS FOR VETERANS TO START A BUSINESS IN 2023

If you are an established business owner looking for capital, consider submitting an application for small-enterprise grants from public and private organizations. Grants for veteran-owned firms could offer free capital as opposed to debt-based funding such as small business loans or other forms of debt that require payback. Applying for veteran small-business awards may be challenging and time-consuming, but if you are chosen, the work may be rewarding. These tools could help you launch a new company or grow an existing one that you’re ready to take to a new level. Therefore, in this post, you will learn to know the grants (including government grant) for veterans to start a business.

Grants For Veterans To Start a Business

Veterans who run small companies or want to start one might benefit from a variety of options. Small business grants, especially those for veterans, may be an excellent source of funding for the growth and development of your company.

There is usually ferocious competition when it comes to grants. However, due to the smaller applicant pool than with certain other sources of business finance, you might have a greater chance of qualifying for small business grants for veterans.

Advice for Veteran Businesses Applying for Grants

Here are some advice you can take when applying for a veteran grant: 

#1. Make sure you’re eligible first

Grant applications can be tedious and time-consuming. Therefore, it’s crucial to avoid wasting your valuable time by submitting applications for cash awards that you are not qualified for.

Before sending any veteran application forms, carefully review the requirements. Even among awards offered to veterans, some may be restricted to individuals with disabilities, those who obtained honorable discharges, veterans launching new enterprises, and more.

#2. Follow Instructions

Your grant application should be thorough and well-written. It’s important to fill out the application thoroughly and submit any supplementary required documentation. To prevent missing out on excellent financing possibilities due to a mistake on your part, keep track of deadlines for both the initial submission and any follow-ups.

#3. Consider Who Will Review the Application.

When you submit a grant application of any kind, it is imperative to consider who will review your submission and what they are looking for. The reviewer won’t be familiar with your business or your business idea. As a result, be sure to include detailed information about your business, such as how you intend to use the grant award to promote it.

#4. Recheck

Before submitting your grant application and any required papers, take the time to edit it (perhaps multiple times). Grammar mistakes or missing information may turn off some reviewers. Additionally, you want to do everything within your power to set your business apart from the rivals.

Are There Grants For Veterans To Start a Business?

Yes! There are grants for veterans to start a business, and these include: 

#1. Veterans Business Outreach Centers

The Office of Veterans Business Development of the SBA oversees Veterans Business Outreach Centers (VBOC), which provide training and services to veterans and their spouses so they can launch their own enterprises. Consider managerial education, mentorship programs, and seminars on company plans. Given that they are SBA-eligible, VBOCs can assist you in locating potential SBA loan possibilities, providing loan recommendations, and creating loan applications.

#2. Military Reservist Economic Injury Disaster Loan

Small businesses that are unable to pay their operational expenses due to the owner or a key employee being called to active duty may be eligible for loans through the SBA’s Military Reservist Economic Injury Disaster Loan program. The business receives the operating funds it needs from the loan to go on until the owner or employee returns from active duty. In contrast to previous SBA loans, money is genuinely supplied by the SBA in this program rather than via an intermediary lender.

#3. GrantWatch

To stay up to date on the most recent grant opportunities for veterans, visit GrantWatch, a free website that gathers all federal, regional, and local grants for small businesses, veterans, and groups. GrantWatch is a wonderful resource for both veteran and non-military business owners because it regularly posts the most recent grants.

#4. Veterans’ Employment and Readiness

Veterans with service-connected disabilities who are unable to work in a regular setting may be qualified for training and financial aid through the Veteran Readiness and Employment program in order to start their own businesses or receive help with employment training.

Any interested veterans must fill out an application. Each applicant’s application will be reviewed after being submitted to determine whether it complies with the program’s requirements. If they are able to fulfill the requirements, they will be able to participate in an orientation session and learn more about the program.

#5. Small Business Innovation Research Grants

The Small Business Innovation Research (SBIR) program, which is open to all small enterprises, provides funding to those who create technological innovations. They fall under two types of SBIR funding: Phase I and Phase II. Phase I grants are provided to companies that need money to assess the commercial viability of their activities. These grants have a limit of $150,000 and are non-dilutive.

#6. Grants from Warrior Rising for Small Businesses

Warrior Rising, a nonprofit, supports potential veteran business owners by providing workshops, training, and grants to assist with startup costs. To join Warrior Rising, you must take part in a phone interview where staff members will ask you about your background. The following action is to complete an online course. Warrior Rising will offer coaching and assistance with possible grant funding opportunities after graduation.

#7. Hivers and Strivers

To begin with, Hivers & Strivers is a group of angel investors that provides startup funding to companies founded by graduates of the United States Military Academies. Hivers and Strivers often invest between $250,000 and $1 million in a single investment round.

To apply for financing, you must fill out an online form on Hivers and Strivers’ website.

#8. The StreetShares Foundation loans

They actively encourage military-owned businesses through their grant program, which offers grants of up to $15,000 to veteran entrepreneurs. The Female Founders Veteran Small Business Award Grant Program was sponsored by them this year. Applications are evaluated based on the social impact a business has on the military community, the owner’s background, and how to grant money will be used.

Another option is to apply for a loan through StreetShares, the veteran-owned online lending platform that runs the StreetShares Foundation. However, they do provide three specific loan types for veterans: contract finance, lines of credit up to $250,000, and term loans up to $250,000. The platform as a whole isn’t just for veteran-owned businesses.

Does the VA give loans to start a business?

The straight answer is NO! VA does not offer business loans.

How big of a VA business loan can I get?

Vets can receive upfront guarantee fees of nothing for loans up to $125,000. Vets are offered a 50% decrease in guaranty fees on loans over $125,000.

Can I use a VA loan for a commercial property?

No, you cannot use a VA loan to buy commercial properties because of the occupancy requirements.

Can you use VA loan to buy an investment property?

Additionally, a VA loan can only be used to purchase a primary residence; it cannot be used to purchase a second house or an investment property.

Can I own a business and get VA disability?

There are certain exceptions to the general rule that 100% of disabled veterans cannot own a business while receiving VA benefits.

How can I start my own business with no money?

How to launch a business without any funding

• Locate a free business concept.
• Plan your business.
• Decide on a company name.
• start a website.

Is there an advantage to being a veteran-owned business?

The Department of Veterans Affairs (VA) provides grants to help with the purchase, building, or alteration of an adapted home or of an existing home to accommodate a handicap for servicemembers and veterans with specific permanent and total service-connected disabilities.

What is a VA grant?

Businesses can receive a maximum income tax credit of $1,500 for hiring unemployed veterans.

Government Grants For Veterans To Start a Business

In addition to the government, there are various sources of grants assistance for veterans small business enterprises to start up. Numerous organizations also offer small businesses incentives or hold competitions for them. Before applying, you might need to be a customer or have an account with a certain company.

Here are a few government grants for veterans to start a business:

#1. FedEx Small Business Grants Competition

FedEx as a government body, began providing financial grants assistance to small American businesses in 2012. According to the website, for-profit small businesses with less than 99 employees and a minimum of six continuous months of operation are eligible to enter. FedEx changes the rules every year. However, FedEx does update its policies annually, so make sure to check back each month.

#2. National Association for the Self-Employed Growth Grants

The National Association for the Self-Employed awards up to four grants of $4,000 per quarter. If you’re an active member, you could be eligible to apply. According to the NASE website, funds may be utilized for expansion initiatives such as the construction of new facilities, the hiring of additional staff, or promotions.

#3. Nav Small Business Grant

This is another government grants provided for veterans to start a business. The financial technology business Nav provides funding each quarter to “Legitify Your Small Business.” According to the Nav website, the grants—one for $10,000 and one for $5,000 are meant to help businesses “solve a business difficulty or take their business to the next level.”

#4. StreetShares Foundation’s Veteran Small Business Award

The StreetShares Foundation is a foundation that, according to its website, “exists to inspire, educate, and support the military business community.” The organization provides a number of programs to help veteran small business entrepreneurs, including networking and coaching events, an eBook handbook for business owners, and the Veteran Small Business Award. Applicants must submit an application and a video pitch to be eligible to compete for three prizes ranging between $4,000 and $15,000.

#5. U.S. Chamber of Commerce

The U.S. Chamber of Commerce awards $25,000 annually to the small business of the year. It also awards prizes in eight categories, one of which is for businesses run by veterans. Businesses must be for-profit, employ no more than 250 people, and be in business for at least a year. You can access the application on the website.

GRANTS FOR VETERANS TO START A BUSINESS FAQ

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• SMALL BUSINESS LOANS FOR VETERANS: Best 2023 Options and; All you Need
• California Small Business Grants: Top 13+ picks for Minorities & Veterans (+ Application Guide)

References 

• fundera.com
• veteran.com
• forbes.com