Veteran-owned small businesses play a critical role in the U.S. economy, employing millions of Americans and contributing trillions of dollars to the GDP. Despite their importance, however, veteran-owned small businesses often face challenges when it comes to securing funding. This is particularly true for those that are just starting out or in need of capital to grow. Fortunately, there are several grant programs available specifically for veteran-owned small businesses. In this blog post, we’ll explore some of the most prominent grant programs for veteran-owned small businesses, as well as tips for securing funding.
- Small Business Administration (SBA) Veterans Advantage Program
The SBA Veterans Advantage Program provides fee relief for loans up to $125,000. This program is open to any small business with at least 51% ownership by a veteran, service-disabled veteran, active-duty military member participating in the Transition Assistance Program, reservist or National Guard member, or spouse of any of these groups.
- StreetShares Foundation’s Commander’s Call Veteran Business Award
The StreetShares Foundation’s Commander’s Call Veteran Business Award is a grant program specifically for veteran-owned small businesses. This program awards up to $15,000 to businesses that demonstrate innovation, impact, and potential for growth. To be eligible, businesses must have less than $500,000 in annual revenue and be owned and operated by a veteran, military spouse, or other military member.
- National Association for the Self-Employed (NASE) Growth Grants
The NASE Growth Grants program provides grants of up to $4,000 to small businesses that need funding to take their operations to the next level. Eligible businesses must be members of the NASE, have been in operation for at least six months, and demonstrate a need for funding to support growth.
- Warriors to Workforce
Warriors to Workforce is a grant program offered by the National Veteran-Owned Business Association that provides funding to veterans who want to start or grow their own businesses. The program offers grants of up to $10,000 to eligible veterans, as well as access to mentorship and other resources.
- VetFran Business Grant Fund
The VetFran Business Grant Fund is a grant program that provides funding to veteran-owned franchise businesses. Grants of up to $10,000 are available to eligible businesses, which must be members of the International Franchise Association’s VetFran program and have been in operation for at least one year.
- USDA Rural Development Veteran and Minority Farmer Grant
The USDA Rural Development Veteran and Minority Farmer Grant is a grant program that provides funding to veteran and minority farmers and ranchers who want to start or expand their operations. Eligible businesses can receive up to $50,000 in funding.
7. Hivers and Strivers Angel Fund
The Hivers and Strivers Angel Fund is an investment fund that provides funding to veteran-owned startups. Eligible businesses must be led by a veteran or active-duty military member, have a proven business model, and be seeking seed-stage funding.
- Vets First Verification Program
The Vets First Verification Program is a certification program offered by the Department of Veterans Affairs that verifies small businesses owned and operated by veterans or service-disabled veterans. Businesses that are certified through this program are eligible for certain government contracts and set-aside opportunities.
- The Military Influencer Conference (MIC)
The Military Influencer Conference (MIC) is an annual event that connects veteran entrepreneurs with investors and other resources. At the conference, veteran-owned businesses can pitch their ideas to investors and compete for grant funding.
- FedEx Small Business Grant Contest
The FedEx Small Business Grant Contest is an annual competition that awards grant funding to small businesses across the country. Eligible businesses must be U.S.-based, have fewer than 100 employees, and have been in operation for at least six months. The top prize is $50,000 in grant funding.
Veteran-owned small businesses face unique challenges when it comes to securing funding, but there are several grant programs available that can help. By being proactive and exploring all of their options, veteran-owned small businesses can secure the funding they need to start and grow successful businesses. There are additional resources available for Veteran Owned Small Businesses. Reach out to BizCentral USA today at 833-217-9667.