Excellent Guide on Veteran Small Business Loans and Grants 2024

Are you a veteran interested in veteran small business loans and grants? This comprehensive guide will help you gain access to financial aid and opportunities tailored for veterans seeking to launch or grow their businesses. Discover funding options, eligibility criteria, and essential insights to empower veteran entrepreneurs.

The terrain of entrepreneurship can be challenging, especially for veterans aiming to establish or expand their small businesses. Fortunately, various loans and grants tailored specifically for veterans offer essential financial support. These specialized funding avenues not only provide capital but also acknowledge the unique experiences and skills veterans bring to the entrepreneurial landscape.

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Veterans Small Business Loans and Grants

1. The Second Service Foundation

The Second Service Foundation, formerly known as the StreetShares Foundation, hosts the Military Entrepreneur Challenge, offering veterans and their spouses a platform to vie for business grants through a pitch competition. To enter the pitch challenge, start by registering online and participating in a speed coaching session. Following this, complete an application detailing your business, including a concise one-page overview.

Successful applicants move forward to the competition phase, preparing a 2-minute live pitch about their business at a Second Service Foundation conference. Among the finalists, three individuals deliver their pitches, and the audience selects the winner through a voting process. Grant prizes vary depending on the specific event and location.

2. Warrior Rising

Warrior Rising, a nonprofit dedicated to aiding veterans in transitioning to entrepreneurship, offers a comprehensive six-step business development program. This program entails essential components like training, coaching, mentoring, and networking. Participants in this process have the chance to pitch their business ideas and vie for startup business grants.

Eligibility requires being a veteran or an immediate family member of one and completing the application process. Warrior Rising accepts applications from both startups and established businesses, supporting veterans at various stages of their entrepreneurial journey.

3. Feed the Soul Foundation’s Restaurant Business Development Program

Entrepreneurs operating food-based businesses might qualify for the Restaurant Business Development Program administered by the Feed the Soul Foundation. Accepted businesses stand to gain six months of dedicated consultation, training services, and a financial stipend. This initiative prioritizes businesses falling under specific categories: Black, Indigenous, or Latinx owners; senior citizens; LGBTQ+ entrepreneurs; individuals with disabilities; and those previously incarcerated. Eligible businesses must be U.S.-based and operational for at least two years. The current cohort’s application window remains open until January 31, 2024.

4. Chicagoland Job Creators Quest Grant

Illinois-based businesses stand a chance to secure a grant totaling $100,000 through this opportunity. To qualify, your business should be situated in a low-to-moderate income area or founded by individuals falling under specific categories: military veterans, LGBTQ+ individuals, or those identifying as Black, Asian, or Latinx.

Further eligibility criteria include the business being for-profit, employing a minimum of two individuals, operating as a business-to-business company, and generating an annual revenue ranging between $100,000 and $5 million. Applications are presently open and will be considered until February 6, 2024.

5. FedEx Small Business Grant Contest

Every year, this competition grants $30,000 to 10 business owners, with an added $20,000 grant dedicated to a veteran entrepreneur chosen from these winners. To qualify, your business should be for-profit, employing fewer than 99 individuals, and possess a valid FedEx business shipping account number. The upcoming cycle is scheduled to commence in 2024.

6. Farmer Veteran Fellowship Fund

This grant caters to veterans in the initial phases of establishing farming or ranching businesses, extending financial aid. To be eligible for this initiative, established in 2011, individuals must hold the Farmer Veteran Coalition membership. The upcoming application window is slated to open from January 3 to February 14, 2024.

7. Michigan Veteran Entrepreneur-Lab

Grand Valley State University administers the Michigan Veteran Entrepreneur-Lab, designed specifically for veteran small-business owners in Michigan. This comprehensive three-month program delivers startup training and invaluable networking chances tailored to veteran entrepreneurs and their spouses.

Throughout the program, participants gear up for their business launch by pinpointing potential customers, accessing essential tools, and engaging with industry experts. The MVE-Lab culminates in a competitive pitch event where successful entrepreneurs receive small-business grants.

8. Texas Woman’s University Veteran Woman Entrepreneur Grant

The Center for Women Entrepreneurs at Texas Woman’s University extends a small-business grant program tailored for female veterans initiating or managing businesses. Annually, this program disburses $5,000 grants to a maximum of 25 business owners across Texas. The 2023 awardees were publicly announced in May.

These grants offer flexibility, aiding various business needs such as equipment, technology, marketing endeavors, and property enhancements. Eligibility entails providing documentation proving your business is at least 51% women-owned or -controlled and showcasing your veteran status.

9. National Association for Self-Employed (NASE) Growth Grants

Entering its 17th year, the NASE Growth Grants initiative welcomes applications quarterly, offering opportunities to secure $4,000 grants. To apply, businesses need NASE membership, but veterans enjoy a 15% discount on the annual fee and can promptly access the grant program upon joining the organization.

10. Small Business Innovation Research and Small Business Technology Transfer programs

The SBIR and SBTT programs extend grants to veteran-owned businesses, among others, aiming to contribute to federal research and development initiatives. These programs, coordinated by the U.S. Small Business Administration (SBA), showcase various grant opportunities listed by 11 federal agencies on the SBIR website. Funding amounts fluctuate depending on each specific grant.

Eligibility mandates a for-profit business concentrated on technological innovation and research with the objective of commercialization. Additionally, the business should be U.S.-based and employ no more than 500 individuals.

11. Southern California Job Creators Grant

Businesses situated in Southern California have the opportunity to qualify for a grant that offers funding of up to $100,000. Eligibility requires the business to be established by individuals falling within specific categories: military veterans, women, Black, Asian, Latinx, or LBGTQ+. Additionally, these businesses must operate within designated regions including Los Angeles, Orange County, Riverside, San Bernardino, Imperial, or San Diego. The recent application deadline was on November 13, 2023, and pre-registration for the 2024 cycle is anticipated to commence shortly.

12. Beyond Open Small Business Grant Program

Available to entrepreneurs based in Charlotte, North Carolina, the Beyond Open Grant program focuses on underrepresented backgrounds, encompassing veterans, minorities, women, LGBTQ+ individuals, and those with disabilities. This initiative presents grants that commence at $10,000. Round 3 of the program is anticipated to commence in 2024.

13. Stephen L. Tadlock Veteran Grant

This program offers $1,000 micro-grants to twenty-five veterans. Eligibility extends to U.S. veterans owning businesses with a staff count ranging from two to 50 individuals and an annual revenue not surpassing $5 million. Applications for the 2023 round concluded on October 16.

14. Antares REACH Grant Program

The Antares REACH Grant Program extends $20,000 grants to historically underrepresented business owners, including those with military affiliation. To qualify, your business should have generated a minimum of $25,000 in revenue in 2022.

15. Incfile Fresh Start Business Grantn August

Locating startup grants can prove more challenging compared to grants for established businesses. However, the Incfile Fresh Start Business Grant might serve as an excellent opportunity for ex-military individuals venturing into business startups. The grant offers one winner $2,500 to kickstart their business, along with complimentary formation services from Incfile. Deadlines for all 2023 applications have lapsed, and details for the 2024 deadlines are anticipated to be revealed in the forthcoming months.

16. Venmo Small Business Grant

Accessible to all Venmo business users, not exclusively limited to veterans, the Venmo Small Business Grant program grants $10,000 to a maximum of 20 entrepreneurs. To qualify, businesses should employ fewer than 10 individuals and generate an annual revenue of less than $50,000. Applications for the 2023 round were closed in August. So anticipate the 2024 application.

17. U.S. Chamber of Commerce America’s Top Small Business Awards

The U.S. Chamber of Commerce America’s Top Small Business Awards celebrates various small businesses and their impact on the American economy. Eligibility necessitates a for-profit business operational for a minimum of one year. Additionally, the business should have fewer than 250 employees or gross revenues under $20 million for each of the past two years. The grand prize winner secures a $25,000 grant.

18. EBay Up & Running Grants

Annually, the eBay Up & Running Grants program bestows $10,000 upon 50 small businesses. Eligibility entails being an active eBay seller. The winners for the 2023 cycle were announced in the fall. So look out for the 2024 applications.

19. Grants.gov

The Grants.gov database hosts over 1,000 federal grant programs, including small-business grants provided by multiple government agencies like the Department of Labor, Department of Veterans Affairs, and Department of Commerce.

To pursue these grants, ensure your business aligns with eligibility requirements and register for a Grants.gov account. While these business grants cater to various entrepreneurs and not exclusively veterans, this database serves as a valuable resource for those seeking accessible funding opportunities

Conclusion on Veteran Small Business Loans and Grants

Veteran Small Business Loans and Grants are pivotal resources supporting veterans in their entrepreneurial endeavors. These programs not only offer financial assistance but also provide guidance, mentorship, and networking opportunities, empowering veterans to thrive in the competitive business landscape. As these initiatives continue to evolve and expand, they remain a crucial avenue for veterans to translate their skills and experiences into successful businesses, contributing to their personal growth and the broader economic landscape.