According to the U.S. Census Bureau, veterans own 7.2% of businesses in the U.S. Fortunately, there are numerous programs that have been created specifically for veterans to help make their your business goals a reality. So, if you have been recently discharged and want to start a business of your own, here are five types of business grants you may be eligible for.
Small Business Grants for Veterans
A variety of small business grants are available to assist veterans in financing their new business concept. These include:
The Veterans Business Outreach Center Program is a great way to kick-start your small business idea. The program, designed by the Small Business Administration – offers business training, mentoring, and counseling available in 15 different locations across the United States.
The training includes courses in management and market research, in addition to others that are designed to provide potential new business owners with the necessary tools you need to start and grow your business. This program also provides vets with qualified referrals to independent grants needed to get their business off the ground.
This program, which is also created by the Small Business Administration, is designed to help budding entrepreneurs who have suffered a service-related disability. Through this program, a qualified vet can apply for up to $5 million in government funding that can be invested into their business. In order to qualify, there are two requirements each candidate must meet:
- You own at least 51% of the business
- You have a service-connected disability. (This will need to be confirmed by the Department of Veterans Affairs or the Department of Defense.)
Grantwatch is an online educational resource that provides information on a wide variety of government grants, including those designed to aid veterans in financing their small business. It’s a great tool for veterans who own their own business – as well as people who own businesses that specifically work to aid veterans such as identifying what type of help is out there for veterans. A sampling of the grants found on the site include:
- Grants specifically for nonprofit organizations that support veterans and their families
- Grants for entrepreneurs that own businesses that help/hire a veteran in Idaho.
- Grants that create housing for veterans in Puerto Rico
The HCC Veteran Entrepreneurship Training (VET) Program gives veteran business owners access to funding partners and angel investors that otherwise they might not have an opportunity to connect with. Veterans in the VET program also receive expert training and entrepreneurial guidance on how to start and run a business.
The U.S. Department of Veteran Affairs may not grant generous programs, but they do offer resources for disabled veterans. It’s not easy to qualify, but once approved, you’ll be able to receive the following business and personal support.
- Management training
- Personalized counseling
- Grant funding in order to buy inventory, specialized equipment, licenses, and bonds
Keep in mind that you don’t have to be veteran to use these grants, but here’s the catch. Your business must offer products or services to military veterans in order to qualify. If you want to receive more details about small business grants for veterans, SMB Compass’ business and finance experts can answer all your questions – and there is absolutely no obligation.
Our service advisors are standing by ready to answer your specific questions.