6 Veteran Small Business Grants
In the United States, there are about 18 million adults who are veterans. According to the U.S. Census Bureau, veterans own around 6% of U.S. companies and employ about 4 million people.
There are many tools available to assist veterans who operate small businesses or desire to launch one. Small business grants for veterans in particular could be a fantastic financial tool to support the expansion and development of your firm.
When it comes to grants, there is frequently fierce rivalry. However, compared to some other business funding choices, you might have a better chance of being eligible for small business grants for veterans due to the smaller pool of candidates.
Details on six veteran-friendly small business awards are provided below, along with some other possibilities for business financing. These resources could assist you in starting a new business or expanding an existing one that you're prepared to expand to a new level.
1. Strivers and Hivers
An angel investment club called Hivers and Strivers makes investments in companies run and managed by veterans. The company's Venture Capital for Veterans initiative provides early-round investment funding. The available funding ranges from $250,000 to $1 million.
How to Use
Through the Gust platform, you may apply for funding for your company concept. The initiative concentrates on veteran-led, startup businesses with high growth potential. However, funding is not available to companies that depend on government contracts.
2. Program for Small Businesses Owned by Service-Disabled Veterans
The Service-Disabled Veteran-Owned Small Business (SDVOSB) Program may be available to veterans who became disabled while serving in the armed forces. The program intends to give owners of disabled veteran-owned businesses access to at least 3% of all annual government contract money. In actuality, SDVOSB program participants are the only ones eligible for some federal contract payments.
How to Apply
To be eligible for the SDVOSB program, your company must first self-certify. You can finish this procedure by updating your business profile on SAM.gov under the socioeconomic status section. You must get certification from the Center for Verification and Evaluation for VA contracts.
You must complete additional eligibility requirements in addition to company certification if you want to be eligible for the SDVOSB program. For instance, your company must be small (as defined by the SBA's size guidelines), run by at least one service-disabled veteran, be majority-owned (at least 51%) by a disabled veteran, and employ at least one service-disabled veteran.
3. Award for Veteran Small Businesses from Street Shares Foundation
Veteran entrepreneurs may be interested in submitting a grant application through the charitable Street Shares Foundation. Through its Military Entrepreneur Challenge, the organization's grant program, the Veteran Small Business Award, offers three separate grants:
- First place: $15,000
- Second place: $6,000
- Third place: $4,000
The winner of the top prize also receives $25,000 worth of pro bono legal services in addition to the cash prizes. A $1,000 scholarship at the Synergy Learning Institute is also awarded to each finalist. Winners of the first, second, and third places get larger scholarships of $3,000 to $10,000.
How to Apply
The next round of grant applications is not currently accepting submissions. To be informed when the application procedure reopens, you can join the foundation's newsletter, nevertheless.
4. Warrior Rising Grants for Small Businesses
You might want to look into Warrior Rising Small Business Grants if you're a veteran trying to launch a new business or need money to expand an existing one. The nonprofit initiative, which was established in Utah in 2015, offers qualified veteran entrepreneurs business subsidies and mentoring.
How to Apply
To join the Warrior Rising program as a "webpreneur," businesses can apply online. You'll get an onboarding email if the company accepts your application. From there, you can arrange a phone conversation to go over the four steps of the company development program, which include Warrior Academy business training, one-on-one mentorship, funding opportunities, and membership in the Warrior Community.
5. Grants.gov
Veterans who own small businesses can benefit greatly from Grants.gov's wealth of resources. The database, which contains more than 1,000 grant programs from various federal agencies, is under the control of the Office of Management and Budget (OMB). These organizations give out more than $500 billion in grants annually.
How to Apply
Through Grants.gov, you can create a Workspace account. The grant application procedure will be made simpler by Workplace. You can use the same profile to apply for numerous funding opportunities after registering just once. Even better, the system will prepopulate your information so you won't have to continuously enter the same information when applying for grants.
6. GrantWatch
Veterans can access grant possibilities through GrantWatch for both corporate and personal uses (including homebuying and home improvement). The comprehensive database includes information on more than 28,000 funding possibilities from numerous sources across the United States, Canada, and U.S. Territories.
How to Apply
Access to GrantWatch's directory requires an active membership. Depending on the membership you choose, the cost of the service ranges from $18 per week to $199 per year. When you locate a grant that piques your interest, you must apply for the funds according to the guidelines provided by the issuing agency.
1. Verify Your Eligibility
Grant applications can be time-consuming and irritating. Therefore, it's critical to not waste your precious time applying for cash prizes for which you are ineligible.
Examine all of the prerequisites before submitting any veteran grant applications. Even among grants for veterans, some might only be available to handicapped veterans, those who received honorable discharges, veterans starting new businesses, and more.
2. Observe Directions
You want your application for a grant to be comprehensive and detailed. It's crucial to complete the application completely and provide any additional supporting paperwork that is needed. Keep track of deadlines, both for the initial submission and any follow-ups, to avoid losing out on worthwhile funding opportunities owing to a mistake on your part.
3. Think about Who Will Examine the Application
It's crucial to think about who will be examining your application and what they are looking for when you submit a grant application of any kind. A reviewer won't already be aware of your company or your business concept. Therefore, make sure to give specific information about your firm, including how you plan to use the grant win to advance your company.
4. Proofread
Spend some time editing your grant application before submitting it and any necessary documentation (perhaps multiple times). For some reviewers, grammatical errors or missing information may be a turn off. Additionally, you want to take every possible step to distinguish your company from those of the competition.
Veterans' Funding Alternatives
Since you don't have to pay the money back, grants might be a tempting approach to raise money for your company. However, there are additional business funding possibilities for veterans that you might want to take into account, particularly since applying for grants can be a time-consuming and extremely difficult procedure.
Here are five veteran-friendly sources of business funding that might be a good fit for you.
The U.S. Small Business Administration (SBA) created the Veteran Business Outreach Center (VBOC) initiative to assist veteran business owners in a variety of ways. Some of the priceless resources made accessible through this program are business training services, mentoring, aid with the transition out of active duty, and counseling.
VWISE: Veteran Women Igniting the Spirit of Entrepreneurship The VWISE program is another tool made available by the SBA. For this initiative, female veterans can apply to receive business training from prominent businesspeople and educators across the nation.
Boots to Business (B2B): As a component of the Transition Assistance Program (TAP) run by the Department of Defense, the SBA also provides the B2B business education and training program. Service members transitioning off active duty and their spouses are both eligible for the program.
Veteran Readiness and Employment: Service members and veterans with disabilities incurred during active duty are eligible to take part in this program. The service offers resources that clients can use to launch a business, look for employment, get back to work, and more.
Veterans Entrepreneurship Program (VEP): The Office of Small & Disadvantaged Business Utilization of the U.S. Department of Veterans Affairs administers the VEP program. Helping eligible veterans launch a new business or boost profits at already-existing enterprises is the aim of the VEP. It is available to qualified veterans with service-connected impairments and veterans who excelled in their military careers.
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