Veterans represent about 7% of the adult population in the United States, totaling approximately 18 million Americans. Despite this, veterans own around 6% of U.S. businesses and employ roughly 4 million people, as reported by the U.S. Census Bureau.
If you are a veteran who currently owns or is interested in starting a small business, there are a variety of resources available to support you. Among these, small business grants specifically tailored for veterans can be a valuable financial tool to foster the growth and success of your enterprise.
Although the competition for grants can be intense, the relatively smaller number of applicants for veteran-specific grants may improve your chances of securing funding compared to more general business grants.
Below is a list of six notable small business grants available to veterans, as well as other funding options you might explore. These resources are designed to help you launch a new venture or expand an existing business, providing crucial support as you advance to the next level.Veterans make up roughly 7% of the U.S. adult population, totaling about 18 million people. At the same time, veterans own approximately 6% of U.S. businesses and employ around 4 million individuals, according to the U.S. Census Bureau.
For veterans who own or are looking to start a small business, various resources are available to support them, including small business grants specifically tailored for veterans. These grants can be a valuable financial tool to foster the growth and success of your business. Although grant competition can be fierce, the relatively smaller pool of applicants for veteran-specific grants might improve your chances of receiving funding compared to other business funding options.
Here are details about six small business grants for veterans, along with other funding opportunities that could assist you in launching or expanding your business:
Hivers and Strivers
Hivers and Strivers is an angel investment group dedicated to supporting veteran-owned and -led businesses. Their Venture Capital for Veterans program provides early-stage investment funding ranging from $250,000 to $1 million. please click here
Service-Disabled Veteran-Owned Small Business Program
Disabled veterans may qualify for the Service-Disabled Veteran-Owned Small Business (SDVOSB) Program, which helps them access a minimum of 3% of federal contract dollars annually. Certain federal contracts are exclusively available to SDVOSB members.
Application Process: To participate, your business must self-certify by updating your profile on SAM.gov under the socio-economic status section. For VA contracts, you need to contact the Center for Verification and Evaluation for certification. Eligibility includes owning a small business (as defined by SBA standards), having a service-disabled veteran managing daily operations and strategic decisions, and having at least 51% ownership by a service-disabled veteran.
Resources
Department of Veteran Affairs
Center for Veterans Enterprise is small business division of the VA Office of Small and Disadvantaged Business Utilization
SBA Veterans Business Development
SBA Office of Veterans Business Development – SBA Office of Veterans Business Development
Street Shares Foundation Veteran Small Business Award
The Street Shares Foundation, a nonprofit organization, offers the Veteran Small Business Award through its Military Entrepreneur Challenge. The competition awards:
- First place: $15,000
- Second place: $6,000
- Third place: $4,000
Additionally, the first-place winner receives $25,000 in pro-bono legal services. All finalists receive a $1,000 scholarship to the Synergy Learning Institute, with larger scholarships between $3,000 and $10,000 for top winners.
Application Process: Applications are currently closed, but you can subscribe to the foundation’s newsletter to get updates on when the next round of applications opens. StreetShares
Warrior Rising Small Business Grants
Warrior Rising offers small business grants and mentorship to veterans starting new businesses or seeking to grow existing ones. Founded in Utah in 2015, this nonprofit program supports veteran entrepreneurs with both financial assistance and guidance.
Veteran Entrepreneur Portal
The Veteran Entrepreneur Portal provides a range of resources and tools to assist veterans with starting and managing a small business. This platform offers access to funding opportunities, business planning resources, and mentoring services.
The VetFran Program
The VetFran Program, part of the International Franchise Association, offers discounts and incentives to veterans interested in franchising. Participating franchises provide financial incentives and support to help veterans purchase and operate franchise businesses.
Grants.gov
Grants.gov can be a solid resource for many different types of small business owners, including veterans. The Office of Management and Budget (OMB) governs the database that features more than 1,000 grant programs from a variety of federal agencies. Collectively, those agencies award more than $500 billion in grant funding each year.
How to Apply
You can register for a grants.gov via Grants.gov. Workplace aims to simplify the grant application process. After a one-time registration, you can apply for multiple grant opportunities with the same profile. The system will even prepopulate your information so you don’t have to fill out the same details repeatedly with each grant application.
Other Funding Resources for Veterans
Grants can be an attractive way to obtain funding for your business since you don’t have to pay the money back. However, there are other business funding options for veterans that you may want to consider as well, especially since securing grant awards can be a lengthy and highly competitive process.
Below are five business funding resources for veterans that might be a good fit for you.
Veterans Entrepreneurship Program (VEP):
The VEP program is available through the U.S. Department of Veterans Affairs Office of Small & Disadvantaged Business Utilization. The goal of VEP is to help eligible veterans start a new business venture or to increase profits in existing businesses. It’s open to eligible veterans with service-related disabilities and veterans who distinguished themselves during their military careers.
Veteran Business Outreach Center (VBOC):
The U.S. Small Business Administration (SBA) established the VBOC program to support veteran entrepreneurs in several ways. Business training services, mentorship, assistance transitioning from active duty service and counseling are some of the valuable resources available through this program.Find your local Veterans Business Outreach Center
Veteran Women Igniting the Spirit of Entrepreneurship (VWISE):
Another resource that’s available through the SBA is the VWISE program. Female veterans can apply for this program to receive business training from successful entrepreneurs and educators throughout the country. Veteran Women Igniting the Spirit of Entrepreneurship (V-WISE)
Boots to Business (B2B):
The SBA also offers the B2B business education and training program as part of the Transition Assistance Program (TAP) through the Department of Defense. The program is available to service members who are transitioning from active duty, along with their spouses.
please email us at boots-to-business@sba.gov
Veteran Readiness and Employment:
Service members and veterans who have service-related disabilities can participate in the Veteran Readiness and Employment program. The service provides resources that can help participants start a business, find a new job, return to a former job and more.