5 Best Small Business Grants for Veterans in 2022
Around 7% of the U.S. population, or roughly 18 million, is composed of veterans. That’s a lot of people who have put their lives on the line for our country and are now looking for a way to transition into the civilian workforce. And while there are many programs and resources available to help them, business grants for veterans can be especially helpful in getting their business ventures off the ground.
In this article, we’ll look at five of the best small business grants for veterans in 2022. We’ll also provide tips on applying for these grants and what you’ll need to include in your application.
Top Small Business Grants For Veterans
The U.S. government and private organizations alike offer various business grants for veterans, including grants for disabled veterans. These can help veterans start or expand their businesses, and they can also be used to cover the costs of business-related expenses.
1. SBA Veterans Advantage Program
The Veterans Advantage program from the Small Business Administration (SBA) offers a variety of benefits to qualifying veterans, including interest rate reductions on business loans, expedited loan processing, and free counseling and advice from SBA-approved mentors.
To be eligible for the Veterans Advantage program, you must be a veteran with an honorable discharge, a reservist or National Guard member, or the spouse or surviving spouse of a veteran.
2. SDVOSB Set-Aside Contracting Program
The Service-Disabled Veterans’ Owned Small Business (SDVOSB) Set-Aside Contracting program is designed to help service-disabled veterans start and grow their businesses. The program provides contracting opportunities with the federal government, and businesses that participate in the program can also receive help with business planning, marketing, and financing.
To be eligible for the SDVOSB Set-Aside Contracting program, your business must be at least 51% owned by a service-disabled veteran, and you must have a valid Certificate of Veteran Status.
3. Hivers & Strivers Veterans Business Grant
The Hivers & Strivers Veterans Business Grant is a grant that is awarded to one veteran-owned small business each month. The grant can be used for any business-related purpose, and recipients also receive access to a network of mentors and advisors.
To be eligible for the Hivers & Strivers Veterans Business Grant, your business must be at least 51% owned by a veteran, and you must have a minimum of two years’ worth of business operating experience.
4. GrantWatch Military and Veterans Grants
GrantWatch is a grant-tracking website that maintains a database of grants for military and veterans. The site includes grants from the federal government, foundations, and other organizations, and it is updated daily.
5. Warrior Rising Small Business Grants
Warrior Rising is an organization that provides small business grants to veterans. The organization also offers business coaching and mentoring services to help veterans start and grow their businesses.
To be eligible for a Warrior Rising small business grant, you should prepare a business plan, and your business must be at least 51% owned by a veteran.
Tips For Applying For Veterans Grants
When you’re applying for veterans grants, there are a few things you’ll need to keep in mind. Here are five tips to help you improve your chances of securing funding for your small business:
- Make sure you meet the eligibility requirements. Each grant has its own eligibility guidelines, so it’s important that you make sure you check all the boxes before you apply.
- Read the application instructions carefully. Once you’ve found a grant that you’re eligible to apply for, read the application instructions carefully. This will ensure that you complete the application correctly and include all of the required information.
- Put together a strong application package. When you’re applying for a veterans’ business grant, remember that you’re competing against other businesses for funding. So, it’s important that you put together a strong application package that includes all of the required information and demonstrates why your venture is a good candidate for funding.
- Follow up with the grantmaker. Once you’ve submitted your application, follow up with the grantmaker to ensure they received your application and answer any questions they may have.
- Stay organized and keep track of deadlines. Applying for grants can be a time-consuming process, so it’s important to stay organized and keep track of important submission and follow-up dates.
Other Funding Sources For Veterans In Business
In addition to grants, other funding sources are available to veterans who are starting or growing their businesses. Here are a few other funding options to consider:
1. Small Business Administration (SBA) Loans
The Small Business Administration (SBA) offers a variety of loan programs that can be used for business purposes, including startup funding, working capital, and equipment financing. Veterans may be eligible for SBA-backed loans with favorable interest rates and terms.
2. Microloans
Microloans are small loans that can be used for a variety of business purposes, including startup funding, inventory, and equipment. Microloans typically have faster processing times and less stringent requirements than traditional loans.
3. Crowdfunding
Crowdfunding is a way to raise money by soliciting small contributions from a large number of people. Veterans can use crowdfunding platforms, such as Kickstarter and Indiegogo to finance their businesses.
Funding For Veteran Business Owners
Veterans have a variety of funding options available to them when starting or growing their businesses. Grants are one option, but there are also loans, business certifications, and crowdfunding platforms that can provide the funding you need.
When applying for any type of funding, it’s important to read the eligibility requirements carefully and put together a strong application package. Following these tips can help you increase your chances of securing the funding you need to start or grow your business.
If you are a veteran needing financing assistance for your business, LendThrive can help. We offer fixed rate business loans of up to $150,000 to provide the funding you need to grow your venture. We can help you navigate the funding process and identify the best financing options available.
Apply now to get started.
