Veterans have access to grants, financing opportunities and resources to help them create and grow a business.
If you’re a veteran hoping to urge your small business off the bottom, start with the Veterans Business Outreach Center Program. VBOCs provide business training, counseling, and mentoring at 15 locations throughout the country. you’ll also contact SCORE, a nonprofit association of volunteer business counselors who offer free business workshops and in-person appointments.
Financing advice and training are highly beneficial for vets-turned-entrepreneurs. Find a mentor who has transitioned out of the military. they will provide valuable information on the leap into entrepreneurship, says Jim Salmon, a Navy veteran and vice chairman of business services at Navy Federal depository financial institution.
“That information is often invaluable and helps steer these young men and ladies in the right direction,” Salmon says.
To help you begin and grow your business, we rounded up the simplest small-business loans for veterans.
Small-business grants and other resources for veterans
Boots to Business: this is often a free, two-step education and educational program offered by the U.S. Small Business Administration to service members who want to become entrepreneurs. The program includes a two-day introduction to entrepreneurship course, also as an eight-week foundation of entrepreneurship online course that gives tips and techniques for starting a business, including the way to write a business plan. All active-duty military members transitioning out of the military and their partners or spouses are eligible.
Institute for Veterans and Military Families (IVMF): This program at Syracuse University provides education and training for business-minded veterans. It includes the Boots to Business program, the Entrepreneurship Bootcamp for Veterans With Disabilities (EBV) and therefore the Veteran Women Igniting the Spirit of Entrepreneurship program.
“We’ve put about 39,000 people through [our programs],” says James Schmeling, IVMF’s co-founder, and former director. “Part of what we do is educate them on access to capital, financing their business, or bootstrapping a business.”
Military Reservist Economic Injury Disaster Loan: These SBA loans help small businesses meet “ordinary and necessary” operating expenses if an important employee is named to active duty. The rate of interest on these loans is 4%, with a loan amount limit of $2 million and a loan term max of 30 years.
Patriot Boot Camp: This nonprofit’s three-day camp is obtainable to active duty service members, veterans, and their spouses. It provides access to resources for starting a business, including mentors and academic training and programming.
Service-Disabled Veteran-Owned Small-Business Program: This SBA program helps qualifying entrepreneurs obtain sole-source government contracts of up to $5 million. Participants must own a minimum of 51% of the business and have a service-connected disability, as determined by the Department of Veterans Affairs or the Department of Defense, among other criteria.
The StreetShares Foundation: Online lender StreetShares announced a partnership with JP Morgan Chase on Nov. 10 to supply a complete of $10,000 in three monthly awards to eligible veterans, reserve or active-duty members, and military-spouse small-business owners. Winners are chosen to support several criteria, including the strength of their business idea, the potential impact and use of awarded funds, and therefore the influence of the business on the military and veterans community, consistent with StreetShares.
Vets First Verification Program: Veteran-owned businesses can use this Department of Veterans Affairs site to find out the way to compete for VA set-aside contracts.
Veteran Entrepreneur Portal: The VEP connects entrepreneurial vets to federal, state, and native financing programs, resources, and opportunities.
Veteran Women Igniting the Spirit of Entrepreneurship (V-Wise): This three-phase program offers tools to assist female veterans to become successful entrepreneurs. It includes a 15-day online training course, a three-day in-person training event, and ongoing mentorship, training, and support for launching or growing a business. The program costs $75 and is hospitable to all honorably discharged female veterans, active-duty female service members, and therefore the female partners or spouses of the above (including widowed spouses or partners).
Warrior Rising: Founded by entrepreneurial combat veterans, this non-profit helps veterans who want to start out a business by providing start-up grants, instruction, one-on-one mentorship, and connection to a community of veteran entrepreneurs and potential funding sources.