Helpful Resources for Veterans Looking to Start a Business
1. National veteran organizations
For starters, any business owned by a veteran needs to do what? Signing up for the Veterans Administration’s Vets First Verification Program (VA).
2. Educational resources
You’ll need the training to pick up on all those facets of managing a business. Many groups exist to provide resources for veteran business owners to further their education. The following are some places to look for such courses:
SBA Office of Veterans Business Development: You can visit one of the 22 Veterans Business Outreach Centers (VBOCs) across the United States. (You’ll be able to track down the facility that’s most convenient for you.) These centers are managed by the US Small Business Administration (SBA) and provide resources, including training and advice to veteran-owned businesses. Discover your business’s strengths and limitations, get tips on marketing your company online, and get assistance with writing a business plan at this hub.
Boots to Business: This training program, offered by the SBA, introduces participants to the basics of starting and running their businesses. Brown-Massey enrolled in Boots to Business before leaving the military and calls it “the most valuable veteran-specific resource” because of its instruction in marketing, competitive business, and the selection of a suitable legal company.
Institute for Veterans and Military Families: Those interested in starting their enterprises can take advantage of the institute’s educational programs and events. The institute’s location on the campus of Syracuse University makes it accessible to veterans and their families.
Patriot Boot Camp: Twice a year, a three-day boot camp resembles a technology accelerator. Individualized instruction and substantial guidance are to be anticipated. However, you should apply as soon as possible because each round accepts only 50 new business owners.
Warrior Rising: This organization works to ensure the success of “vetrepreneurs” by fostering relationships between mentors and mentees, providing financial assistance in the form of grants and training opportunities, and facilitating introductions between veteran business owners and potential investors.
3. Small business grants for veterans
Veteran-owned businesses can find other means of business besides loans. It’s possible to get funding for your business through these grants.
While specific government grant programs may not be designed specifically for veterans, they are still an excellent resource for any veteran-owned business. Looking into groups involved with military matters could create some small business incentives for veterans.
Grants.gov: This website, which the government operates, gathers all federal grants for which they are presently taking applications. You can find grants specific to your industry if you are launching a business of any kind, from a Head Start academy to a restaurant. You may try searching for “veterans” to uncover grants explicitly geared toward veterans or designed for veteran business owners. Check back frequently, as new awards are added consistently.
Small Business Innovation Research (SBIR) program: This initiative is run by the government, although it is not expressly designed to help veterans in any way. Instead, it is intended to help firms interested in research fund (and possibly commercialize) their ideas.
Service-Disabled Veteran-Owned Small Businesses program: Each year, the United States government intends to award 3% of all small business federal contracting dollars to wounded veterans who served in the armed forces. In exchange for participating in this program, your small business may be considered for federal contracts set aside expressly for disabled veterans.
Second Service Foundation: This nonprofit, formerly known as StreetShares, gives veterans access to funding, educational content, and mentoring, as well as opportunities to network with other veterans.
4. Small business loans and funding for veterans
There are other options available besides traditional banks when searching for a loan. There are a variety of lenders as well as nonprofit organizations that cater exclusively to veterans. This is the place where you should think about applying.
SBA 7(a) Loan: Veterans-owned businesses are eligible for fee reductions and loans of up to $350,000 from the Small Business Administration (or businesses owned by spouses or widows). You can get the ball rolling on the loan application process with the assistance of the Lender Match service offered by the agency. Although you may hear people refer to these as “VA loans” or “VA business loans,” the funding originates from the SBA, not the VA.
Hivers & Strivers: The veteran community benefits from the presence of this Silicon Valley-based angel investment firm. It is possible that you could receive up to one million dollars in investment money if you are a graduate of a military academy.