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 James Pruitt, Senior Staff Writer

• Be Comfortable with Failure. It will Happen:

Forget the aphorism “failure is not an option.” Failure is an inevitability. Most social media campaigns fail. Social media campaigners should understand this inevitability and plan accordingly.

Knowledgeable professionals generally run many social media/marketing campaigns simultaneously, and plan for mostly dead ends. However, when success comes, the payoff should more than compensate for the effort.

Resilience counts. For example, in 2012, a clothing company did a promotion offering 20% clothes in the wake of Hurricane Sandy. Were customers in relevant areas amused? No. Did this spell the end for this clothing brand? Absolutely not. They even survived a bankruptcy in the meantime.

This clothing apparel company continues as a viable brand. In other words, if at first you do not succeed, try, try again. In learning from mistakes, business owners should ensure their social media content is memorable, understand their target, and use relevant data. Finally, appreciate the power of social media to reach a large, targeted audience more efficiently than ever before in the past.

• Stay Within your Budget- But Have One:

Back in the day, a social media campaign could start from scratch. Now, the competition can outclass even the most talented independent business proprietor on the advertising front. These days, going alone rarely works. Successful online advertisement requires some sort of a budget.

One good use of funds is social media expertise. Maybe someone you know has succeeded in their small business through social media. Social media consultants abound. Best practice is to find the right match.

Other worthwhile expenditures may include social media campaigns. Social media sites such as Facebook allow users to boost small business posts, sending advertisements for goods and services far and wide. Many sites even provide tools for targeting certain demographic and interest groups. While these resources are within your means, their wise use may determine the fate of your enterprise.

• Know your Goals:

A money-making business must consider its bottom-line. Companies may have various goals for growth and product development. These goals should remain aligned with the capacities of the business owners.

Different platforms have various ways to quantify short-term goals. Perhaps in the short term, clicks may take precedence. On Facebook and Twitter, you can even track posts that lead to sales.

Just remember your strategy and bottom line. These measures, such as tracking “clicks” and “likes,” are mere stepping-stones. Your company needs to succeed.

• Know your Platform:

Effective use of social media requires intimate knowledge of the relevant platform. Professional users should consider which platform can best reach their target audience. Detailed, specific knowledge of one resource unlocks a full range of social media capacities. This expertise allows the most detailed and specific advertising campaigns and outreach efforts. Each social media platform has its ins and outs. Owners who understand their platforms the best develop the most precise marketing skills.

The more time you have spent on a given platform, the more you are likely to know about its capacities. Once you start a small business, your social media “habit” could become a porthole to make your dreams a reality.

• Reaching your Bottom Line:

Social media remains a means to an end. However, as various platforms have developed, different marketing strategies have emerged to best exploit each of these platforms. Small business owners should carefully research methods to get their word out, correctly, through the right channels. The earliest days of “going viral” are behind us. What remains are marketing strategies that provide careful, well-considered paths to deliver your goods and services to just the right interested customers.

VAMBOA, the Veterans and Military Business Owners Association hopes that this article has been helpful.   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 James Pruitt, Senior Staff Writer

• The Pandemic is the Time to Snag Deals for your Business:

Sadly, many businesses will fail during the pandemic. Inventory from these businesses may spread far and wide across the market. Bargain hunters can rejoice. Like a phoenix arising from its ashes, new businesses can feed on the detritus from this economic event.

The pandemic has slowed or even shut down sectors of the economy. This downtime can provide opportunities to adapt to changes to come. Failing businesses from this past cycle may provide starter kits for new endeavors going forward. A veteran business owner may have discovered a recipe they can sell online. Perhaps a restaurant has failed and must unload cooking equipment. A budding home entrepreneur can make a deal to each party’s mutual benefit.

Looking for a cheap forklift for your new warehouse? Google it, or check MachineryTrader.com.

Paradoxically, dire economic circumstances provide opportunities to adapt and flourish in a new environment. As the marketplace changes, feel free to take advantage. The pandemic has spilled cheap equipment and inventory widely across the economy. Efficient use of these resources helps everyone.

• Opportunities to Adapt to New Paradigms:

On a related note, consider the nature of new businesses post-pandemic. The “downtime” from this economic shutdown may provide opportunities to consider new directions moving forward. Especially notable, experimentation with “at-home work” has called the traditional workplace into question. Furthermore, the pandemic has accelerated the digitalization of economic life.

Shares of companies such as Zoom and Netflix ballooned after March of 2020. Consider the topography of the economy in years to come. What about the next time consumers must “shelter in place?” What companies will support these new demands as further crises occur? What companies will support these companies?

With the Pandemic, we are seeing shifts in company operations. COVID-19 forced

experimentation into new workplace paradigms. Few could have expected such a rapid shift to a work-from-home model.

The spark of inspiration can strike like a bolt of lightening upon consideration of the new economic landscape that faces us.

• Opportunities to Acquire Businesses:

Great opportunities abound for the purchase of smaller businesses.  With these sales come all the attendant intellectual property, networks, logos, and attendant goodwill.

An entrepreneur with a new idea may find diverse reasons to purchase a company in this market. The brilliant idea of the next new business owner may have a near-doppelganger elsewhere. A similar business may have filled a similar niche that became obsolete.

One classic example may be a brick-and-mortar music store that lost its market share with the rise of online streaming. It would be a shame to waste the resources of that business as they become less successful in a shifting economy. Sometimes, in everyone’s interest is the optimal use of that company’s resources. Mergers and sales may preserve the dynamism of these venues. Many such businesses are ready for changes in management in the wake of the pandemic.

The Bottom Line:

The pandemic has affected some profound developments in the economy, and accelerated others. Such is the nature of economic change. In everyone’s interest is a dynamic, conscientious engagement with these changes. Whether exploring new ideas or re-purposing older resources, veteran entrepreneurs can look forward to endless opportunities in the years to come.

VAMBOA, the Veterans and Military Business Owners Association hopes that this article has been helpful.   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 James Pruitt, Senior Staff Writer

Various local resources supplement private and public nationwide programs. Like their counterparts, these programs may come from the government, nonprofits, and private corporations. Many states have go-to websites that collect available information about resources available to small businesses during the pandemic. Additionally, the SBA offers special programs designated states where gaps in service continue.

We hope this article will provide a valuable guide for you.

Alabama

Altogether: https://altogetheralabama.org/

Alaska

Alaska Small Business Development Center COVID-19 Resource Center:  https:// aksbdc.org

Arizona

Arizona Together: arizonatogether.org

Arkansas

Resources for Arkansas include the Arkansas Small Business and Technology Development Center (asbtdc.org) and the Arkansas Quick Action Loan Program (arkansasedc.com).

California

California provides various websites to guide business owners through the pandemic. These sites tend to be city-based. Among them are the San Francisco Office of Economic and Workplace Development (owed.org), Sacramento COVID Relief (sacramentocovidrelief.org), and Los Angeles offers ewddlacity.com. This site provides information on microloans.

Colorado

Colorado offers one useful resource for the entire state: choosecolorado.com. The other is specific to the Denver area: denvergov.org. Both include useful information about coronavirus.

Connecticut

Connecticut provides one site that provides COVID-19 information for the entire state (portal.ct.gov). COVID-19 information figures prominently on this general government site.  Inquiries about further resources can be sent to DECD.COVID19@ct.gov.

Delaware

Delaware has a government site that can help (Delaware.gov). In addition, the Hospitality Emergency Loan Program (HELP) has been set up to help businesses within that industry. Useful websites are www.delbiz.com and de.gov/coronavirus.

Florida

The Florida Small Business Emergency Bridge Loan Program sometimes lends between $50,000 to $100,000. Loans are interest free for one year. Afterward, interest rates rise to 12%. See deorsera.force.com for more information.

Georgia

Invest Atlanta has created the Business Continuity Loan Fund (BCLF). Their website is investatlanta.com.

Hawaii and Idaho

Business owners in Hawaii are referred to the Small Business Administration (sba.gov). The SBA offers businesses in designated states and programs special loans to those affected by the virus.

Illinois

A local resource for Chicago is the Chicago Small Business Resiliency Fund. See Chicago.gov for more information.

Indiana

The Indiana Small Business Development Center should provide COVID-19 guidance. (isbdc.org.)

Iowa

The Iowa Small Business Development Center (iowasbdc.org) is a good resource.

Kansas

Gotopeka.com is a great local resource for the Topeka area of Kansas. Go Topeka recently announced up to $2 million for business workers in Topeka and Shawnee County.

Kentucky

The Kentucky Small Business Development Center is a great resource. Ksbdc.org provides extensive referrals for COVID-19 relief as well as other small business concerns.

Louisiana

The go-to website for Louisiana small business owners is LED (Louisiana Economic Development) at opporetunitylouisiana.com.

Maine

Maine.gov provides extensive information on both federal and state resources for small businesses during the pandemic.

Maryland

The Maryland Department of Commerce (commerce.maryland.gov) has been emphasizing COVID resources on its website.

Massachusetts

Massachusetts businesses can find useful information at mass.gov, another state government site emphasizes coronavirus relief.

Michigan

The state government has provided its own grants and loans to small businesses affected by COVID-19. See michiganbusiness.org for more information.

Minnesota

The Minnesota Chamber of Commerce provides updates about COVID-19 resources. See MNchamber.com.

Mississippi and Missouri

Refer to sba.gov for relevant programs. The SBA offers businesses in designated states and programs special loans to those affected by the virus.

Montana

The state government programs for are on dli.mt.gov.

Nebraska

The Nebraska Chamber of Commerce and Industry has a “Coronavirus Toolkit for Businesses & Industry): nechamber.com.

Nevada

Nevada is another state where the SBA is the best resource. The SBA offers businesses in designated states and programs special loans to those affected by the virus.

New Hampshire

Small business owners can find help at the NH Department of Business and Economic Affairs, nheconomy.com, The Small Business Development Center of New Hampshire (nhsbdc.org) also provides resources tailored to New Hampshire.

New Jersey

New Jersey offers a special waiver to stay open in case of any lockdown situations. A waiver can be submitted to the business.nj.gov team.

New Mexico

New Mexico is another state where small business owners are referred to the Small Business Administration (sba.gov). The SBA offers businesses in designated states and programs special loans to those affected by the virus.

New York

The New York City Small Business Continuity Fund provides loans for businesses with fewer than 100 employees.

New York offers various programs. The New York City Employee Retention Grant Program offers grants that cover 40% of payroll expenses for up to two months for select businesses. Their website is www1.nyc.gov.

The New York Small Business Development Centers offer counseling, training, and research. (nysbdc.org).

Entrepreneurship Assistance Centers are a great resource for smaller New York communities. (esd.ny.gov).

Community Development Financial Institutions throughout New York can provide various resources. (esd.ny.gov).

North Carolina

The go-to resource in North Carolina is the North Carolina Business Relief Resource Guild at dpnc.com.

North Dakota

The Greater North Dakota Chamber of Commerce has created this page as a go-to page for small businesses: ndchamber.com. The North Dakota Development Fund also provides loans as needed. (ndresponse.gov).

Ohio

Refer to sba.gov for relevant programs. The SBA offers businesses in designated states and programs special loans to those affected by the virus.

Oklahoma

The Oklahoma Department of commerce has a go-to page for small business owners affected by the pandemic. This page is okcommerce.gov.

Oregon

Various local resources in Oregon address coronavirus concerns. These include the Beaverton Emergency Business Assistance Program (beavertonoregaon.gov), the website for Hillsboro, Oregon (hillsboro-oregon.gov), and the Asian Pacific American Network of Oregon, which provides information to Portland-area residence at apano.org.

Pennsylvania

Several government and private resources in Pennsylvania offer coronavirus relief. The Wolf Administration has announced another round of state funding. See dced.pa.gov for details.

The Pennsylvania Industrial Development Authority’s Small Business First Fund offers a list of resources for Pennsylvania resources during the pandemic, according to governor.pa.gov.

Comcast seeks to offer to make Xfinity Wifi free to needy customers. See corporate.comcast.com for details.

PECO, a power company, has provided resources for customers during the crisis. See peco.com for details.

Other resources include the Pennsylvania Department of Community and Economic Development, at dced.pa.gov, and the Philadelphia COVID-19 Small Business Relief Fund at phila.gov.

Rhode Island

Business owners in Rhode Island are referred to the Small Business Administration (sba.gov). The SBA offers businesses in designated states and programs special loans to those affected by the virus.

South Carolina

The South Carolina Department of Commerce provides relevant information. See sccommerce.com.

South Dakota

The government site for coronavirus relief in South Dakota is dlr.sd.gov.

Tennessee

The Tennessee Department of Economic & Community Development is the go-to resource for coronavirus relief. See tn.gov for details.

Texas

The Texas Economic Development Department provides information on coronavirus relief for small government. See gov.texas.gov.

Utah

the Salt Lake City Emergency Loan Program offers zero interest loans to small businesses. See slc.gov for details.

Vermont

The Virginia government resource for coronavirus relief for small business is the Agency of Commerce and Community Development COVID-19 Resource Center. See accd.vermont.gov.

Virginia

The Virginia Chamber of Commerce provides diverse coronavirus resources. See vachamber.com for details.

A nonprofit group, the Virginia 30 Day Fund, is another resource for companies in Virginia. The goal of this organization is to save as many Virginia jobs as possible pending federal relief. Their website is va30dayfund.com.

Washington

The Seattle Office of Economic Development Grants Program offers grants to businesses affected by the pandemic who make 80% or less of the area’s median, five or fewer employees, and have a physical location. The same office will provide help with utilities as well. Their address is durkan.seattle.gov.

Also, the Washington Small Business Development Center provides a “Business Resiliency Toolkit” that provides resources for Washington area small businesses during the pandemic. See wsbc.org.

Amazon is one private business that will provide aid to small businesses. They are creating a $5 million Small Business Relief Fund to provide cash grants as needed to Seattle small businesses. See aboutamazon.com.

Washington D. C.

The Greater Washington Community Foundation provides a COVID-19 Emergency Response Fund. See thecommunityfoundation.org.

Also see wdcep.com for resources courtesy of the Washington DC Economic Partnership.

West Virginia

The go-to website for small business resources in West Virginia is nfib.com. This website is run by the local branch of the National Federation of Independent Businesses (NFIB).

Wisconsin

In Wisconsin, the Small Business 20/20 program provides grants to community development financial institutions, which in tern will award grants up to $20,000 to existing loan clients. Their web site is wedc.org.

See their website for this and other programs related to COVID-19.

Wyoming

The go-to resource in Wyoming is the Wyoming SBDC. Their website is wyomingsbdc.org. “Check for COVID-19 Resources and Strategic Advising.”

 

VAMBOA, the Veterans and Military Business Owners Association hopes that this article has been helpful.   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 James Pruitt, Senior Staff Writer

 

• Learn the Practice of Mindfulness:

Mindfulness is a state of awareness. Through mindfulness, we focus on the task at hand. Regardless of  how simple the task, practitioners absorb themselves into every detail. Whether cleaning, preparing food, listening to music, or simply being, a mindful person lets go and concentrates on the moment

Running a small business may keep an owner in a constant state of distraction. Small business owners are inevitably busy multitaskers. However, in our routine we may carve out moments to melt into our surroundings and concentrate on the now. Hence, our down-time can become our time to relax and de-stress, rather than ruminate on what we cannot control.

• Meditate:

Related to mindfulness is meditation. Time and place are the main distinctions. Business owners can set aside time each day for simple meditation. Mindfulness can be practiced anywhere.

Meditation can involve a methodology unique to the practitioner. Some write their feelings and thoughts on paper before the session. Afterward, many practitioners feel secure and tranquil to concentrate on emptying their thoughts. After the act of writing, the task of mentally working through burdensome responsibilities has already been done.    We strongly recommend checking out The David Lynch Foundation Meditation programs for Veterans.   There are also other excellent programs.

• Practice Gratitude:

Always stay mindful of the positives in life. Whether great people, a fulfilling career path, or whatever blessings may grace you, the practice of gratitude adorns every setback with a silver lining. Gratitude helps maintain perspective, reminding the practitioner that better times loom ahead. Also, recognizing the positive is known to reduce stress and anxiety.

Many people keep gratitude journals and write down a certain number of things they are thankful for every night. Others write down their blessings and post them in a place where they will see them each day. We should refresh our sense of gratitude regularly. Gratitude gives us hope and perspective for the challenges facing us.

• Use your Support System:

The pandemic has disrupted everyone’s personal interactions. Fortunately, nothing can take away our strongest supports.

Networking with peers helps many business owners. Other small business owners and associates may provide a source of meaningful interaction. Shared experiences can provide bonding.  Furthermore, peer groups can provide opportunities to exchange information. The resulting sense of meaning can help anyone who must plow through adversity.

Also, never forget friends and family. Despite the isolation of the pandemic, this generation has online resources to help remain connected. Finally, always practice gratitude for those who support you every day.

• Relinquish Control when Necessary:

Stress tends to burden the most responsible people. Often, we feel that only we can do everything right, and achieve perfection according to our standards. Unfortunately, no one can attain perfection. Circumstances can foil the most well-laid plans, and we cannot always do a thing about it.   The Pandemic has certainly made this clear and that so much is out of our control.

Stay aware of priorities. Successful business owners recognize what they can and must control. Sometimes, the winds of change shift, and carry some of your goals with them. Proprietors should have the flexibility to adapt when necessary.

• Delegate:

The need for control can overwhelm the most well-adjusted business proprietor. There is one good strategy to reduce the pressure of responsibility: delegate.

Business owners can exercise self-awareness by recognizing those tasks they may not enjoy or do well. Making a list may provide insight into those processes we can best assign to someone else. Consider who on your team may have a different skill base. Also consider routes for contracting out the most dread-inducing tasks. Thusly are built the most efficient organizations.

• Remember You are Not Alone:

Innumerable strategies may alleviate stress during these difficult times. The pandemic is nothing if not unifying. We must all bear some of the same burdens for slogging through these difficult times. While in the end each of us bears different types of burdens, in the end self-care and kindness to ourselves will help us survive.

VAMBOA, the Veterans and Military Business Owners Association hopes that this article has been helpful.   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