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/

We also invite you to check us out on social media too.

Facebook:  https://www.facebook.com/vamboa

Twitter:  https://twitter.com/VAMBOA

By Debbie Gregory.

According to a survey in 2019, there were over 2.5 million veteran-owned small businesses in the United States. This accounts for almost ten percent (10%) of all American businesses!

Veteran-owned businesses, like any other businesses, sometimes require grants or other sources of funds in order to get started or to grow and prosper. Below are the top resources for veterans looking for business financing in 2021.

1.) Service-Disabled Veteran-Owned Small Business

The federal government sets aside 3% of its contracting budget every year specifically for service-disabled veteran-owned small businesses.

In order to qualify you must:

• Be a small business according to the SBA’s definition of a small business
• Be at least 51% owned/controlled by a service-disabled veteran
• Have at least one service-disabled veteran managing the day-to-day operations and long-term decisions at the business
• You must have a service-connected disability

If your business meets the above requirements, you can represent and bid federal contract jobs for your service-disabled veteran-owned business on SAM.gov.   Corporations that sell goods or services to the government are required to have a diverse network of suppliers.   Veterans hit all the boxes and they want to do business with Service-Disabled Veteran-Owned Small Businesses.

2.) Innovation Research Grants

This money stream is not exclusive to Veteran-Owned Small Businesses, however, the Small Business Innovation Research (SBIR) program provides grants to small businesses that create technological innovations.

They offer two categories of grants: Phase I and Phase II.

• Phase I grants are awarded up to $150,000 (non-dilutive) and are awarded for businesses who are in need of funds to figure out their business’s overall commercial viability. If you qualify for this grant and prove your proposal is viable, you are then eligible for Phase II.
• Phase II grants are awarded up to $1 million over a two year period and are based upon Phase I performance.

To apply your business must be:

• A for-profit business
• Majority owned by a US citizens or permanent resident of the USA
• Employ less than 500 employees

3.) Veterans Business Outreach Centers

Veterans Business Outreach Centers (VBOC) are overseen by the Small Business Administration’s (SBA) Office of Veterans Business Development and they provide a wide range of tools and training programs to help veterans and their spouses start businesses.

Such as:

• Business plan writing workshops
• Mentorship programs
• Management training
• and more

There are 22 VBOC centers across the country and some even offer remote services. These centers can also assist with applying for SBA loans, provide loan referrals, and help you package loan applications.

4.) Hivers and Strivers

Hivers and Strivers is an investment group that provides startup funding to small businesses that are founded by graduates of US Military Academies. They will invest between $250,000 and $1 million dollars.

5.) Warrior Rising Small Business Grants

Warrior Rising is a nonprofit organization dedicated to supporting Veteran Business Owners.

They provide:

• Workshops
• Training
• Mentorship
• Grants
• and more

In order to take advantage of their services and apply for their grants you must become a member. To do so, you will need to complete a telephone interview and complete a virtual training course.

6.)StreetShares Foundation

StreetShares is a 501(c)(3) nonprofit organization, launched by a group of military entrepreneurs. Their mission is “to inspire, educate and support the military entrepreneurial community.”

They offer:

• Grants up to $15,000 to veteran entrepreneurs
• Female Founders Veteran Small Business Award Grant Program
• Three types of loans specifically for veterans: term loans up to $250,000; lines of credit up to $250,000; and contract financing
• And more

Please stay tuned for Part 2 of this series which has more resources and a few tips you should read before you apply for any business grants.

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/

We also invite you to check us out on social media too.

Facebook:  https://www.facebook.com/vamboa

Twitter:  https://twitter.com/VAMBOA

By Debbie Gregory.

In addition to Federal small business grants, each state offers some good grant as well.   Please be mindful that state grants are a somewhat more specific and tend to provide less funding. The state grants generally require your company to match the dollar amount of the grant too. One of the major upsides to state grants is that less people apply for them, so there is a lot less competition to be awarded the grant.

Below are a few easy to find grants in your state as well as resources for loans in the event that grants will not work for you:

1.) Google Your State – The easiest way to find state grants is to simply open your browser and type in “[your state] small business grants” and see what comes up.

2.) Economic Development Administration (EDA) – You can also check your local Economic Development Administration (EDA) to learn about the small business services they offer. Most Economic Development Administrations offer help with grants, technical assistance and other resources to help small businesses grow.

3.) Small Business Development Centers (SBDC) – Your local Small Business Development Centers (SBDC) usually offer free business consulting and a variety of low-cost services such including:

• 8(a) program support
• Business plan development
• Disaster recovery assistance
• Exporting and importing support
• Financial packaging and lending assistance
• Healthcare guidance
• Manufacturing assistance
• Market research help
• Procurement and contracting aid

4.) Government Business Loans – If you find that grants aren’t are not a viable option for your business or situation, you can always look at obtaining a loan for your financing needs. The Small Business Association (SBA) is well known for Veteran business loans. The two most popular are:

• The SBA’s Veteran’s Advantage Loan programoffers to loans up to $350,000 and is open to both Veterans and Non-Veterans. This loan also includes special perks and offers exclusively for Veteran Entrepreneurs.
• Military Reservist Economic Injury Disaster (MREIDL) loansare for small businesses and startups whose owner has been called up for active military service. The goal of this loan is to provide working capital to the business in order to help it stay afloat while the service member is gone.

5.) Private Business Loans – Sometimes private loans, or peer-to-peer loans, are easier to obtain than Government loans. Below are two popular options specifically tailored for Veterans:

• StreetShares– which is an online, peer-to-peer lending service that was started by veterans, for veterans. They offer small to medium sized loans with a range of interest rates and other options.
• Hivers and Strivers– is an investment group that specifically invests in the early stage startups that are founded and run by graduates of U.S. Military Academies.

6.) Other sources to consider for funding:

• Angel Investors
• Borrow from Friends and Family
• Crowdfunding
• Private Investors
• Venture Capital & Series Seed Funding

As you can see, there are several excellent options for Veteran Owned Small Businesses to find and obtain funding both in the form of grants you do not need to repay as well as loans that you do.

What if you need more assistance than simply funding? Our next article in this three part series will provide you some outstanding resources that you can utilize to nurture and grow your small business.  Stay tuned!