Get Support For Your Veteran
If you have a Veteran-Owned Small Business, you may qualify for advantages when bidding on government contractsalong with access to other resources and supportthrough the Vets First Verification Program. This program is run by the Office of Small & Disadvantaged Business Utilization . Registering through OSDBU will allow you to work with us . Find out if youre eligible and how to register your business.
Am I Eligible To Register My Business As A Service
You may be eligible if you meet all the requirements of a VOSB listed above, and either you or another Veteran owner of the company meets at least one of the requirements listed below.
You or another Veteran owner of the company must have at least one of these:
- A disability rating letter from us confirming that you have a service-connected disability rating between 0 and 100%, or
- A disability determination from the Department of Defense
Va Business Loans And Grants Summary
While funding via grants or small business loans is often top of mind for any small business owner, there are other resources that can help veterans looking to start a business or level up. Veteran-owned businesses can seek out their local Office of Veterans Business Development for various resources for veterans, including training programs for adjusting to civilian life, technical assistance, business training, and other tools that may not be available at traditional small business development centers.
They may also have more information on VA loans including VA business loans and eligibility, various grant programs, and ways to help your business dream get rolling.
If you dream of running your own business, invest time in finding out which veteran financial and small business resources can help with start-up costs and planning. See more options for Start Up Business Loans here.
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Qualifications For Veteran Business Loans And Grants
Generally, to qualify for small business loans or other government opportunities for military veterans, you must fall into one of the following categories:
- Honorably discharged veterans
- Service-disabled veterans
- Active duty military service member participating in the militarys Transition Assistance Program
- Reservists and National Guard members or
- Current spouse of any veteran, active duty service member, or any reservist or National Guard member or widowed spouse of a service member who died while in service or of a service-connected disability
Small Business Administration Grants And Programs
The Small Business Administration offers grants for small businesses and community organizations that support entrepreneurs.
Such grants include the Small Business Innovation Research program and Small Business Technology Transfer program.
According to the SBA, these grantsencourage small firms to undertake scientific research that helps meet federal research and development objectives and have high potential for commercialization if successful.
Businesses must be for-profit and U.S.-based, with fewer than 500 employees.
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Warrior Rising Small Business Grants
Warrior Rising is a nonprofit organization dedicated to supporting aspiring veteran business owners by providing workshops, training, and grants to cover startup business expenses.
To become a member of Warrior Rising, you will need to partake in a phone interview and speak to staff members about your background. You will then need to complete a virtual course. Once completed, Warrior Rising will then offer mentorship and assistance with grant funding opportunities.
Veteran Readiness & Employment
The VAs VR& E program helps veterans with service-connected disabilities find help getting back into the workforce or starting a business. The program can also fund VA small business loans for veteran entrepreneurs.
Veterans will need to have a disability rating with the VA or are going through the process to get approved. They can also have a VA memorandum rating of 20% or more or be entered into the Integrated Disability Evaluation System . The veterans business will also need to meet qualifications for funding.
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Sba Veterans Advantage Guaranteed Loan
Another offering from the SBA designed specifically for a veteran entrepreneur, the SBA Veterans Advantage Guaranteed Loan program grants a VA small business loan up to $5,000,000. These guaranteed loans reduce underwriting costs and help loans go through the underwriting and closing process quicker to get veterans the financing they need.
To qualify for a business loan, the veteran-owned small business must be at least 51% owned by a veteran, like the SDVOSB program, or someone from a military group. Honorably discharged vets, active duty service members, active reservists, National Guard members, and the spouse of a veteran or another eligible military person may qualify.
Government Grants For Homeless Veterans
Veteran housing grants are awarded to veterans for construction, acquisition, and renovation of real estate properties. The veteran housing grant initiative also provides financial aid for transportation by helping veterans to purchase vehicles. According to the Housing and Economic Recovery Act, the amount in veteran housing grants will remain unchanged this fiscal year. Specially Adapted Housing grants are also available to veterans or service members who have service-connected disabilities to ensure a barrier-free living environment for disabled veterans.
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State Small Business Grants
In addition to federal small business grants, states also offer small business grants.
State grants are even more specific than federal grants, and they provide less funding. They also work in conjunction with federal and other state grants and many are matching grants, which means youâre required to meet the amount of money they give you.
But a big pro is that fewer people are applying for state grants than for federal small business grants, so if you find one thatâs a good fit, it could be a good deal.
Sba Standard 7 Loan Program
This is the SBA’s most commonly used loan program and the most common for veterans. SBA 7 loans guarantee up to $5 million, although the recipient might have to pay a fee for the loan guarantee. This loan program is not for start-up businesses. You must have been in business for at least two years, have a good credit score, and your business must generate excellent cash flow. They are excellent loans with low interest rates, low monthly payments, and long terms. These loans can be used for debt consolidation, working capital, and commercial real estate.
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Grants Loans And Programs To Benefit Your Small Business
When you know where to look, help for your small business is there for the taking.
There are many grant programs available to small businesses, depending on a variety of qualifying factors.
Times are tough for small business, but help is available, from both the governmentfederal, state or localand the private sector. It may be in the form of a grant, a loan or a leg up competing in a difficult business environment. Heres a breakdown to help you sort through whats available.
What Need Or Niche Will You Fill
Another thing to do is to look for an existing need in your community. There may be a shortage of people with a certain set of skills in your town or a business that doesnt exist beyond a certain driving distance. You might find yourself filling a niche that has been needed for a long time. It never hurts to talk to people about what sort of things that they wish they had available to them. There may be a need that people have that they might not even realize. If you can come up with this, sometimes a simple need can be translated into a profitable business.
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Business Grants And Loans For Military Veterans
Help exists for military veterans who wish to start a business after serving their country. Both the VA and SBA provide several financing options, including loans and grants, that veterans can benefit from. Organizations designed specifically for assisting veterans can also be good sources of funding opportunities.
Use the Veteran Entrepreneur Portal for supportive resources, training programs, and funding options. You can also visit your local Veterans Service Organization to connect with more opportunities.
Differences Between Small Business Loans & Grants For Veterans
First, lets establish a loan versus a grant. A business grant is an infusion of cash that doesnt have to be repaid. These grants are utilized at all levels of government, including federal and state. Loans have a definite repayment schedule attached to them along with specific terms that must be met.
Small business grants for veterans are a great mechanism to begin funding your business since they dont require repayment, but its a good idea to pursue both loans and grants when securing funding.Some small business grant websites and opportunities for veterans include grantwatch.com, the StreetShares Foundation, and Veteran Business Outreach Centers.
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Usda Veteran And Minority Farmer Grant
You may have seen information about this grant, which supports veteran and minority farmers. This grant still exists through the USDAs Outreach and Assistance for Socially Disadvantaged Farmers and Ranchers and Veteran Farmers and Ranchers Programs . But saying its for veterans would be incorrect it actually goes to groups who support veteran and minority farmersthink educational organizations rather than the farmers themselves.
Sorry to be the bearer of so much bad news. Fortunately, we have good news too! You still have plenty of good business funding options as a veteran business owner. Lets talk about those.
Browse hundreds of loan options, custom-tailored to your business and budget needs, from a single, simple platform.
Veteran Women Igniting The Spirit Of Entrepreneurship
Veteran Women Igniting the Spirit of Entrepreneurship, or V-Wise, is a three-phase program that offers tools to help female veterans become successful entrepreneurs. Coordinated by IVMF, the program includes a 15-day online training course, a three-day in-person event, as well as ongoing mentorship, resources and support for launching or growing a business.
V-Wise costs $75 and is open to all honorably discharged female veterans, active-duty female service members, and the female partners or spouses of the above .
» MORE:What is startup funding and how do you get it?
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Free Money From The Government
The federal government does not offer grants or free money to individuals to start a business or cover personal expenses, contrary to what you might see online or in the media. Websites or other publications claiming to offer “free money from the government” are often scams. Report them to the Federal Trade Commission.
Va Small Business Loans And Grants For Veterans
vetguide onNovember 10, 2021
Veteran-owned businesses have access to several entrepreneurial benefits. The government and private organizations maintain various business financing options for eligible veteran small business owners. The Department of Veterans Affairs also offers resources to assist veterans in locating small business financing opportunities.
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We’ve Compiled All The Information Veterans Need To Find Business Grants Ranging From Federal Government Grants To State
Looking for a business grant for veterans? Hereâs the thing: Grants are usually open for a set period of time, after which that money is no longer accessible.
As a result, it wouldnât actually be possible to list out business grants for veterans, because by the time you read this, they may or may not still be available. But that doesnât mean there arenât some great financing options out there for vets, like a VA small business loan!
First, weâre going to take a look at the federal governmentâs database for all small business grants. Then, weâre going to look at some government and private loans for veterans and other small business owners, as well as some veteran-specific training programs and resources.
Remember: Just because you donât see a specific grant listed here, doesnât mean it doesnât exist. Finding grants can take some time, but if itâs a good financing option for you and your startup, itâs worth searching around for.
Grants For Veterans Starting A Business
Many veterans leave military service with the experience and know-how to channel their leadership skills into a new business venture. Fortunately, there are many resources available to veteran entrepreneurs, including grants for getting that dream business off the ground. Understanding the options available to veteran business owners is half the battle, which is why you should research current loan and grant programs designed to serve former military members and their families.
Veterans Business Outreach Center
According to data from the 2012 U.S. Census Bureau, veteran-owned businesses employ more than 5.5 million people. Veteran business owners have a track record of success, but every start-up needs a little help to get going. A good place to start researching your options is the Veterans Business Outreach Center Program , which is part of the U.S. Small Business Administration .
The VBOC program serves as a one-stop shop for veterans, military spouses and transitioning service members looking to start or grow their business. There are 15 Veterans Business Outreach Centers located across the United States to provide business development assistance, including counseling, mentoring, training and resource referrals.
Itâs important to note that the SBA does not provide these loans directly, but rather guarantees them while providing financial, technical and management assistance to borrowers.
Office of Small and Disadvantaged Business Utilization
Boots to Business
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What Resources Are Available To Help Me
Below are 4 sources of information that can help veterans start a new business or grow an existing one.
Vermont Small Business Development Center
The VT SBDC is a non-profit organization that provides high-quality, no-cost counseling and affordable training programs to help both current and future business owners. There are 12 SBDC locations across the state with advisors that can help you.
- Toll Free 464-SBDC
U.S. Small Business Administration
In addition to the services they provided to the all current and potential business owners, the SBA has programs specifically catered to veterans, most notably being the Patriot Express Loan Initiative to help start new or grow existing small businesses.
- U.S. Small Business Administration, Montpelier Office 828-4422
Vet Biz
Vet Biz is the U.S. Department of Veterans Affairs web portal for veteran business owners. It has advice on everything from starting a business to obtaining federal contracts.
National Veteran Owned Business Association
NaVOBA is an advocate for veteran owned business. They work to help make the 3 million veteran owned business across America become preferred vendors for corporations and governments. They have great information for current and potential veteran business owners.
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How Much Money Can You Get With A Va Business Loan
VA loans generally refer to loans guaranteed by the Veterans Administration . Many veterans are familiar with the VA home loan program for mortgage loans to qualifying veterans. However, there are no VA small business loans made through the Veterans Administration. The VA does not make or guarantee small business loans, unfortunately.
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Best For Young Veteran Entrepreneurs: Hivers And Strivers
Funding amount: $250,000-$1,000,000
Hivers and Strivers provides funding for US Military Academy graduates to launch startups through a network of investors. The mission of this organization is to support young veterans in creating successful businesses that will provide at least 10x a return on their investment.
Young veteran entrepreneurs with a business idea that has promise for high growth potential may secure funding through this network of angel investors to launch their startup idea.
To apply for Hivers and Strivers funding, you need to meet the following criteria/eligibility requirements:
- Applicants must have graduated from a US Military Academy.
- Applicants must provide a business idea with exceptional growth potential.
- Applicants cannot be dishonorably discharged.
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How Do Va Business Loans Work
Lets clarify this right now: VA business loans dont exist. There is no such thing as a VA business loan. You cannot get an VA business loan of any size.
Thats because the VA simply does not extend or back business loans. Sorry to put a damper on things.
That being said, people often use the phrase VA small-business loans to talk about any loans that offer veterans special incentives, such as looser loan requirements. For example, the U.S. Small Business Administration has backed loans with discounted fees for vets in the past. Likewise, some private lenders emphasize extending small-business loans to veterans.
You also wont find any VA business grants. Grants specifically for veterans do exist, but not through the VA. Again, sorry.
But dont leave just yet. You might not be able to get a VA business loan, but that doesn’t mean you cant get working capital. And now that you know the truth about VA business loans, well spend the rest of this article talking about all the forms of funding available to you as a veteran business owner, including loans, grants, and angel investors.
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Office Of Small And Disadvantaged Business Utilization
The Office of Small and Disadvantaged Business Utilization , managed by the U.S. Department of Veterans Affairs, is dedicated mainly to helping vets seek federal contracting opportunities. That said, the OSDBU website is a one-stop resource shop for veteran entrepreneurs seeking help with virtually every aspect of starting, running, and financing their businesses.
An especially important tool here is the Veteran Entrepreneur Portal, which aggregates resources to help entrepreneurs find and apply for government contracts, locate franchising opportunities, and access training and employment programs for vets, among many other resources.
