Starting a business can be a daunting task, especially for veterans who may face unique challenges such as adjusting to civilian life and dealing with physical or mental injuries. However, many veterans possess valuable skills that can make them successful entrepreneurs. In recognition of the sacrifices made by veterans, various organizations and government agencies offer grants specifically for veteran owned businesses.
These grants can help veterans cover the costs of starting and growing their businesses. In this article, we will explore some of the best grants available for veteran-owned businesses in 2023. From government-funded grants to private-sector initiatives, we will highlight the top opportunities for veterans to secure funding for their businesses.
So, whether you are just starting out or looking to expand your existing business, be sure to read on to find out more about the grants available to help you succeed.
Consider small-business grants if you’re an experienced entrepreneur searching for funding. Grants for veteran-owned businesses might provide free capital instead of small-business loans or other debt-based financing options that need a repayment.
Even though it might be difficult and time-consuming to apply for veteran small-business awards, the effort may be worthwhile if you are successful. So, if you are looking for the top grants for veteran owned businesses in 2023, continue reading.
Table of contents
About Veteran Owned Business
A veteran-owned business is a business that is owned by a person who has served in the armed forces, including the Army, Navy, Air Force, Marine Corps, and Coast Guard. These businesses are often eligible for special government contracts and other benefits, as a way to support and encourage veterans to become entrepreneurs.
Additionally, many private organizations and corporations also have programs in place to support veteran owned businesses. Starting a business can be a challenging task, especially for veterans who may face unique obstacles such as adjusting to civilian life and dealing with physical or mental injuries.
However, veterans often possess valuable skills, including leadership, discipline, and the ability to work under pressure, that can make them successful entrepreneurs. Many veterans also have access to resources and networks specifically designed to help veterans succeed in business.
Additionally, the government and some private organizations have set-aside certain contracts for Veteran Owned Small Businesses (VOSB) and Service-Disabled Veteran Owned Small Businesses (SDVOSB) which allows them to compete for contracts that are set aside for them alone, this is a way to support and encourage more veterans to become entrepreneurs.
Being a veteran-owned business can also be a source of pride for veterans and can serve as a way to give back to their communities.
See: 15 Best Grants for New Businesses in Wales | 2023 Requirements
Grants For Veteran Owned Business
Here are 10 places veteran business owners can look for small-business grants:
- Grants.gov
- Veteran Business Outreach Centers
- GrantWatch
- Warrior Rising
- Veteran Woman Entrepreneur Grant
- The StreetShares Foundation
- The Service-Disabled Veteran-Owned Small Businesses
- Hivers and Strivers
- Michigan Veteran Entrepreneur Lab
- Nav’s Small Business Grant
1. Grants.gov
Grants.gov is a database with information on more than 1,000 federal grant programs that the Department of Health and Human Services runs. Several governmental organizations, including the Departments of Labor, Veterans Affairs, and Commerce, provide these small-business awards.
Make sure your company satisfies all eligibility requirements and create an account on Awards.gov before applying for one of these grants. Although it is not solely for seasoned business owners, this database is a fantastic place to start if you seek free capital.
2. Veteran Business Outreach Centers
The Small Company Administration supports 22 Veteran Business Outreach Centers around the U.S. that offer courses, training, counseling, and mentorship to veteran business owners. It is one of the know grants for veteran owned business.
These organizations provide services for company owners wishing to start a new venture, including pre-business plan training, thorough feasibility analyses, and business plan creation.
Additionally, VBOCs may connect you to other SBA resources such as community partners, lenders, and programs and assist you in understanding your financing alternatives.
3. GrantWatch
GrantWatch is a grant listing website that provides hundreds of small-business awards throughout the United States. By searching specifically for grants for veterans, you may explore the directory to discover a grant that satisfies your needs and qualifying requirements.
Although GrantWatch offers a free membership, the premium membership grants you access to other services like keyword searching and the capacity to examine complete grant details. Weekly subscriptions to paid memberships start at $18.
4. Warrior Rising
A nonprofit group called Warrior Rising assists veterans in becoming “vetrepreneurs.” The company provides a six-step business development program, including networking, coaching, and training. It is also one of the top grants for veteran owned business.
Veterans can pitch their company concept throughout the procedure and compete for a starting business grant.
To be eligible, you must fill out a brief application and be a veteran of the U.S. military or an immediate family member. Warrior Rising will take into account both new and established companies’ submissions.
5. Veteran Woman Entrepreneur Grant
Female veterans establishing or already operating a business are eligible for this small-enterprise award from Texas Woman’s University. Ten company owners from around the state of Texas receive $5,000 rewards each year through the grant program.
Grants may be used for various things, such as acquiring machinery, technology, or equipment, launching marketing or advertising initiatives, or developing real estate.
You must prove that at least 51% of your company is controlled or owned by women to be eligible. Additionally, you must present proof of your veteran status.
The Street Shares Foundation provides the most significant grants for veterans looking to start businesses with a social effect. Veterans who make a big difference in the military and veteran communities can receive funding from the StreetShares Foundation.
The website for The StreetShares Foundation describes it as a nonprofit with the mission of “inspiring, educating, and supporting the military business community.”
The company provides programs to assist veteran small business owners, including networking and coaching events, an eBook handbook for business owners, and the Veteran Small Business Award.
To win one of three prizes worth between $4,000 and $15,000, contestants must submit an application and a video pitch.
Also, see: Top 15 Grants For Homeless Individuals In 2023 | Requirements
7. The Service-Disabled Veteran-Owned Small Businesses
For service-disabled veterans, this program provides the most significant business resources. Veterans with disabilities are now permitted to bid on set-aside government contracts thanks to this initiative.
Every year, disabled veteran small business owners get at least 3% of government contracting funds. However, just a few of these set-aside contract possibilities are available, also provided through the Veterans First program.
To qualify, the company must be at least 51% owned and controlled by a service-disabled veteran. Additionally, at least one service-disabled veteran must oversee everyday operations and business decision-making.
8. Hivers and Strivers
A network of angel investors called Hivers and Strivers funds companies run and controlled by veterans. The organization provides early-round investment funding through its Venture Capital for Veterans initiative. Funding opportunities vary from $250,000 to $1 million.
The Gust platform allows you to apply for funding for your company concept. The program’s primary emphasis is on early-stage businesses with solid growth potential run by veterans. However, businesses dependent on government contracts need to be qualified for support.
9. Michigan Veteran Entrepreneur Lab
MVE-Lab is a Grand Valley State University initiative for Michigan veterans and entrepreneurs. It provides free entrepreneurial training, mentorship, and networking opportunities for veterans and spouses of active-duty military personnel.
Over three months, participants meet weekly to work on launching their businesses and receive feedback on their business plans.
A pitch event that offers at least $25,000 in prize money marks the program’s conclusion. Ninety-two individuals have completed the MVE-Lab program since its debut in 2018.
See Also: 15 Grants For Veterans To Start A Business In 2023
Nav knows the difficulties in beginning, funding, and managing a small business. Nav provides a $10,000 small business award every quarter to help small company entrepreneurs.
Although one does not need to be a veteran to apply, veterans have done so and received awards in this competition.
Qualifications For Veteran Business Loans And Grants
Typically, to be eligible for small business loans or other government programs for veterans, you must fit into one of the following categories:
- Veterans who received an honorable discharge (certain grants may have a specific conflict or time limit, such as the post-9/11 timeframe).
- Veterans with a service-connected disability.
- A member of the military’s Transition Assistance Program who is currently on active duty (TAP).
- National Guard and reserve personnel, as well as the present spouse of any veteran or active duty military member. Members of the bereaved spouse of a service member who passed away in the line of duty or suffered a disability related to their service.
Tips for Applying for Veteran Business Grants
Make Sure You’re Eligible
It might take a lot of time and effort to complete grant applications. However, it is crucial to save your precious time by not applying for cash prizes for which you are ineligible.
Look over all of the eligibility conditions before submitting any veteran grant applications. Even among grants for veterans, some could only be available to disabled veterans, those with honorable discharges, veterans starting new businesses, and more.
Follow Instructions
Your application should be detailed and in-depth if you’re applying for grants for veteran owned business. It is essential to complete the application and deliver any required supporting paperwork.
To avoid losing out on worthwhile financing possibilities owing to a mistake on your part, pay attention to deadlines as well—both for the original proposal and after that.
Consider Who Will Review the Application
When applying for any grant, it’s critical to consider who will be examining your application and what they expect to see. A reviewer won’t already know your company or business concept. Include particular details about your business, such as how you intend to use the grant award to promote it.
See Also: Top 15 Grants For Minority Women In 2023 | Requirements & Application
Proofread
Before submitting your grant application along with any required documents, take the time to modify it (perhaps multiple times). Grammar mistakes or a lack of details may turn off some reviewers. Additionally, you should make every effort to set your business apart from the competitors.
FAQs – Grants For Veteran Owned Business
It uses company income (from $1 million to over $40 million) and employment to identify small businesses (from 100 to more than 1,500 workers). For instance, the SBA considers a roofing contractor a small business if its yearly sales are $16.5 million or less.
The Veterans Entrepreneurship Program (VEP) is run by the U.S. Department of Veterans Affairs’ Office of Small & Disadvantaged Business Utilization. Helping qualified veterans launch a new business or boost earnings at already-existing enterprises is the aim of the VEP.
For qualifying Veterans, Servicemembers, Reservists, National Guard members, and certain surviving spouses, the Department of Veterans Affairs (V.A.) Home Loan program provides loan guarantees.
Veterans and service members on current duty may be eligible for PSLF. Under this program, borrowers of federal loans are entitled to have their debts forgiven after ten years of service with a qualified nonprofit or government organization and 120 qualifying monthly payments.
Even with certain limitations, it can be easy for a veteran to acquire a small business loan. For standard financing choices and small business administration (SBA) loans, a credit score of at least 685 is necessary.
Do income restrictions apply to V.A. loans? No, the V.A. does not impose an income cap on borrowers of eligible V.A. loans. Unlike other government-backed mortgage programs, the V.A. does not have a maximum income level that must be met to qualify for one of its lending programs.
Make Sure You’re Eligible
Follow Instructions
Consider Who Will Review the Application
Proofread
Veterans who received an honorable discharge (certain grants may have a specific conflict or time limit, such as the post-9/11 timeframe).
Veterans with a service-connected disability.
A member of the military’s Transition Assistance Program who is currently on active duty (TAP).
National Guard and reserve personnel, as well as the present spouse of any veteran or active duty military member. Members of the bereaved spouse of a service member who passed away in the line of duty or suffered a disability related to their service.
Grants.gov
Veteran Business Outreach Centers
GrantWatch
Warrior Rising
Veteran Woman Entrepreneur Grant
The StreetShares Foundation
The Service-Disabled Veteran-Owned Small Businesses
Hivers and Strivers
Michigan Veteran Entrepreneur Lab
Nav’s Small Business Grant
Additionally, the government and some private organizations have set-aside certain contracts for Veteran Owned Small Businesses (VOSB) and Service-Disabled Veteran Owned Small Businesses (SDVOSB) which allows them to compete for contracts that are set aside for them alone, this is a way to support and encourage more veterans to become entrepreneurs.
Conclusion
While grants and small business loans are frequently on the minds of small business owners, additional tools are available to support veterans wishing to launch a business or further their careers.
Veteran-owned businesses can contact their local Office of Veterans Business Development for various resources for veterans, such as technical assistance, business training, training programs for adjusting to civilian life, and other tools that might not be offered at conventional small business development centers.
References
- sba.gov – Veteran-owned businesses
- forbes.com – Small Business Grants For Veterans
- nerdwallet.com – Grants for Veterans
- hubspot.com – Veteran small-business grants
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