By Debbie Gregory.
In Part 1 of this article, we provided six outstanding resources for veterans looking for grants or small business loans. Below are six more excellent resources as well as a few things to think on or plan for prior to submitting any application.
7.) Veteran Readiness and Employment
The Veteran Readiness and Employment program was designed for Service-Disabled Veterans who are unable to work at a traditional job. They offer assistance for those who would like to start their own business or receive new employment training.
8.) GrantWatch
GrantWatch is a free site that brings together all federal, regional, and local grants for small businesses, veterans, and nonprofits in one place. They update the site every few days. It is a great place to keep an eye on for the newest veteran grant opportunities out there.
9.) Military Reservist Economic Injury Disaster Loan
The SBA offers what they call a Military Reservist Economic Injury Disaster Loan. This loan is for small businesses that are unable to meet their operating expenses due to the owner or key employee being called to active military duty. The loan program can provide up to $2 million dollars to cover working capital in order for the business to maintain operations until the service member returns from duty.
10.) Office of Small and Disadvantaged Business Utilization
The Office of Small and Disadvantaged Business Utilization (OSDBU) is managed by the U.S. Department of Veterans Affairs and is dedicated to helping veterans seek federal contracting opportunities. They also offer a wide variety of business resources for veteran entrepreneurs who need help starting, running, and financing their businesses. Additionally, they have a portal to help you find and apply for government contracts, locate franchising opportunities, and access other training and employment programs.
11.) VetFran
VetFran is a portal to help veterans find franchising opportunities and they can connect you to well over 600 different franchises. A lot of these franchise opportunities provide generous financial incentives for veterans and their spouses who are interested in entering a franchise system; incentives such as discounting the initial franchise fee.
12.) Boots to Business
Boots to Business is another program offered by the SBA as part of the Department of Defense Transition Assistance Program. It is a series of free courses on entrepreneurship and how to successfully start and run a business.
A few thoughts before you apply for any veteran business grants
Applying for a grant is a process that takes a bit of time and a lot of paperwork. It is a good idea to be well prepared before you begin the process. Below are some things that you really need to keep in mind before you apply for a grant.
- Know and Understand Eligibility
Every single grant has its own set of eligibility requirements. You need to take the time to carefully look over the requirements of the grant you desire, prior to applying for to be sure that you qualify. For example, some programs are only open to veterans with honorable discharges, others are open to the veteran’s family members, some are only for service-disabled, while some for new entrepreneurs, etc. Read over the eligibility carefully as you narrow down your list for potential grants.
- Create a Schedule
Grant application and processing takes quite a bit of time and most are very competitive. It is a good idea to setup a reasonable schedule so you can plan ahead and get your application in well within the timeframe for applying.
Good luck! VAMBOA wishes you great success in your endeavor.
VAMBOA, the Veterans and Military Business Owners Association hopes that this article has been valuable. We work hard to bring you important, positive, helpful and timely information and are the “go to” online venue for Veteran and Military Business Owners. VAMBOA is a non-profit trade association. We do not charge members any dues or fees and members can also use our seal on their collateral and website. If you are not yet a member, you can register here:
https://vamboa.org/member-registration/
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