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Veterans can pursue their dreams of owning their businesses with the aid of various small-enterprise grants. A grant is unrestricted funding given to individuals to support a business starting, initiating, or expanding. Given that you are not required to pay back the grantor, it differs from a loan.
Here, we will discuss 15 available grants for veterans to start a business in 2023.
Let’s get started.
The American government offers two grants to assist disabled veterans in purchasing a home or making necessary modifications to an existing one. The Specially Adapted Housing (SAH) Grant provides financial aid for veterans with particular disabilities to build a new home or adapt to an existing one to live independently.
The Special Housing Adaptation (SHA) Grant is for veterans who want to buy a home that has already been modified to accommodate their disability or to modify an existing house owned by the veteran or a family member.
All veterans are eligible for health benefits from the U.S. government (barring dishonorable discharge). The Department of Veterans Affairs offers several healthcare benefits. Hospital care, outpatient treatments, specialist medical services, dentistry, vision, and preventative maintenance are among the services provided.
Healthcare services are free if a medical issue is caused by their service, as long as income requirements are met. Veterans can submit applications by phone, mail, in person, or online through the V.A. website.
Here is the list of available grants for veterans to start a business:
Below is the list of grants available for veterans:
Warrior Rising is a nonprofit that provides grants for veterans to start a business of their wish. Vets who participate in pitch competitions can get cash for their business ideas.
Additionally, the board offers educational possibilities, such as its six-step business development program, which trains veterans and their wives and offers networking, coaching, and one-on-one mentorship.
You must be a veteran of the U.S. military or a member of that veteran’s immediate family to be eligible for Warrior Rising Small Business Grants. Both new and established companies are eligible to apply.
Another nonprofit organization, the Second Service Foundation, formerly the StreetShares Foundation, was established to train and provide grants for veterans to start a business after many years of service.
Its neighborhood offers courses and informational resources on mental health, children and families, unemployment and underemployment, homelessness, and disaster relief.
Along with providing financial assistance to veterans through its award program, Military Entrepreneur Challenge, the group also hosts networking events, mentorship programs, and other programs.
Through its Dream Big Awards program, the U.S. Chamber of Commerce provides cash to small businesses. Each year, winners are selected and given prizes totaling $25,000.They also offer grants for veterans to start a business or grow their ventures.
This Veterans Day, Budweiser is providing startup funding to veteran-owned businesses. Veterans of the U.S. armed forces need to comment on one of the company’s chosen social media postings mentioning their military branch and how the prize money would benefit their business.
Citizens Financial Group is partnering with Military Warriors Support Foundation to provide grants to veterans to start a business or maintain their ventures. $300,000 has been allocated for the Hope4Heroes program.
Grant recipients may utilize them for various things, including remodeling, investing in new technology, and training. Business owners must be honorably discharged U.S. military veterans to be eligible.
An angel investment club called Hivers and Strivers invests in companies run and managed by veterans. The company’s Venture Capital for Veterans initiative provides early-round investment funding. The organization also gives grants to veterans to start a business of their choice.
The available funding ranges from $250,000 to $1 million.
This group supports female veterans financially through advocacy, education, and transitional activities. Emergency financial aid is available from the organization to female combat veterans who are transitioning back to civilian life. The company also provides female veterans grants to start a business of their choice.
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, which are;
In addition to monetary prizes, the winner will receive pro bono legal services worth $25,000. A $1,000 scholarship at the Synergy Learning Institute is also awarded to each finalist. The first, second, and third-place winners receive more great scholarships, ranging from $3,000 to $10,000.
To help female veterans and their families struggling financially, The Dixon Center gives one-time grants through its Women Veterans Emergency Financial Assistance program.
Veterans’ grants can be used to pay for various expenses, including petrol, job training, housing fees, etc. Veterans’ grants can also be used to start up a business.
Many small business owners, including veterans, can benefit from Grants.gov as a reliable resource. 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. Also, Grants.gov provides grants for veterans to start a business or maintain their ventures.
GrantWatch is a company that assists veterans in obtaining grant opportunities for both professional and private endeavors (including home-buying and home improvement).
Additionally, GrantWatch provides grants for veterans to start a business or maintain their ventures. The comprehensive database includes information on more than 28,000 funding possibilities from numerous sources across the United States, Canada, and U.S. Territories.
The VBOC program was created by the U.S. Small Business Administration (SBA) to help veteran business owners in various ways. Some priceless resources made accessible through this program are business training services, mentoring, aid with the transition out of active duty, and counseling.
The VWISE program is yet another tool provided by the SBA. For this initiative, female veterans can apply for business training from prominent businesspeople and educators across the nation.
Veterans who have disabilities due to their service can take part in the Veteran Readiness and Employment program. The agency provides grants for veterans to start a business, look for employment, return to work, and more.
The Office of Small & Disadvantaged Business Utilization at the U.S. Department of Veterans Affairs administers the VEP program. VEP’s goal is to provide veterans grants to start a business venture or increase profits in existing businesses.
It is available to qualified veterans with service-connected impairments and veterans who excelled in the military.
Here are some recommendations for applying for veteran business grants:
Grant applications can be time-consuming and irritating. Therefore, it’s critical not to 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 disabled veterans, those who received honorable discharges, veterans starting new businesses, and more.
You want your application for a grant to be comprehensive and detailed. It’s crucial to complete the application and provide additional supporting paperwork.
Keep track of deadlines, both for the initial submission and any follow-ups, to avoid losing out on valuable funding opportunities owing to a mistake on your part.
It’s crucial to consider who will examine your application and what they are looking for when you submit a grant application. An investigator must be more familiar with your company or business concept.
Therefore, give specific information about your firm, including how you plan to use the grant win to advance your company.
Spend 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 the competition.
Grant programs are one way to launch and expand a business. For seasoned business owners, there are numerous additional resources accessible.
They provide all entrepreneurs with free, two-day training and education. The SBA offers a program that teaches veterans and their spouses how to run a business. You can take the B2B Revenue Readiness course for further business training after finishing the two-day in-person course.
The program provides training and career options while assisting veterans in locating federal contracts and franchise opportunities. To find resources, visit the Veteran Entrepreneur Portal.
Through workshops, management training, and mentorship, this program equips veterans with the knowledge and resources they need to create their businesses. You can locate small-business funding opportunities there because it is a component of the SBA.
In the U.S., this institute offers training to vet and disabled vet business owners. It also aids in getting federal contracts for vetting. Additionally, it provides business accelerator training courses for veterans with new or growing enterprises. You can attend networking, educational events, and community support by joining.
Veteran-owned business numbers by state. The total number of veteran-owned businesses in the U.S. is 2,449,477.
Texas had the highest number of veterans of any state in 2021, with roughly 1.4 million. That year, the top five states with the highest veteran population were Florida, California, Pennsylvania, and Virginia.
In 2021, veterans made up 6.4% of the country’s overall population, but they were concentrated in some states much more than others. With 3.9%, New Jersey has the lowest veteran population.
The second-best state overall for veterans to live in is Florida in 2023. Florida has several incredible advantages available for veterans. For instance, Florida is one of 17 states with a 100% P&T VA rating that completely exempts veterans from paying property taxes.
Overall, Texas is the state that offers the most benefits to veterans. No other state can compare to Texas’ benefits for veterans.
We’ve listed 15 grants in this article that you can use to launch a business in 2023 if you’re a veteran. We have also given you some advice on how to apply for veteran business funding.