Small Business Funding Opportunities For Veterans
Starting a business requires hard work, dedication, and attention to detail. These are all traits that military veterans displayed in their service. It’s only natural that many former military members want to start their own company. The problem that many veterans run into is finding funding. Most people aren’t aware of the many sources of small business funding for veterans.
Are you a former military member?
Read here to learn about the resources available to you for start up business loans for veterans!
Classes And Mentorships
Boots To Business
The U.S. Small Business Association offers this free training and education program. The BTB is open to military service members that want to become entrepreneurs. Additionally, there is an 8 week online course that covers topics ranging from finances to business plans.
Patriot Boot Camp
Active duty members, veterans, and spouses can take advantage of this nonprofit’s program. The veteran entrepreneur boot camp gives veterans access to resources for starting a business. Furthermore, mentors are also available, providing expertise where it’s needed.
Veteran Women Igniting The Spirit Of Entrepreneurship
V-Wise is a three step program that helps female veterans become entrepreneurs. First, there is a 15 day online training course that goes over the basics of starting a business. Then students attend a three day in person event of planned lessons.
Finally, members of the program receive ongoing guidance for their business.
The program costs $75, but the lessons learned and mentor-ship is invaluable. V-Wise is open to female veterans, current female service members, and their spouses.
Financial Small Business Funding For Veterans
StreetShares Loans For Veterans
If you have an existing business for more than a year, you could qualify for a loan of $5k to $100k.
Repayment terms are friendly, with options to pay back the money from 3 to 36 months. For instance, the APR starts 8%, meaning you’ll be able to save more of the money you earn.
You only need to make $25,000 in revenue to qualify for this source of small business funding for veterans. These loans are available for both veterans and their family members.
You can apply online in mere minutes and get your money within a few weeks.
StreetShare also gives cash awards to businesses owned by veterans monthly. Fill out an application with a business plan, how you’ll use funds, and how it will help other veterans.
The public votes on the top finalist, with the top 3 receiving $5k, $3k, and $2k depending on ranking. In fact, the proceeds represent a grant, which means you don’t have to pay it back.
SBA Veterans Advantage Loan Program
The SBA expedites applications for small business funding for veterans. The awarded payouts are up to 350,000k through SBA veterans advantage. The federal government backs the loans, making them easier to get.
Once you fill out your application, they guarantee a response within 3 days. It’s important to remember that most SBA loans need a credit score of 680 or higher for approval.
Franchising is a great way to start a business and grow your wealth.
VetFran’s goal is to help veterans and spouses connect with franchising opportunities. The organization helps veterans determine what franchises are a good fit for them.
If you become a member, you’ll have access to over 650 brands. The network provides financial discounts, mentoring, and training for veterans. Whether you already own a franchise or are looking to start one, you’ll benefit.
The Veterans Opportunity Fund
TCP Venture Capital operates this fund, providing up to 3 million dollars in small business funding for veterans.
Their focus is on east coast tech, healthcare, and business companies. So, to get an investment from them, there are a few things you need to show. For example, they look for businesses already generating revenue or a product or service they can test.
This opportunity is great for veterans that want to grow their business but lack the funds to do so.
Hivers And Strivers
H&S is a military veteran angel investors group. They focus on early-stage investing in veteran startup business loans founded by graduates of US military colleges.
Their normal investment ranges from 250k to 1 million dollars in a single round. Thus, if a company needs a larger investment, Hivers And Strivers lists other groups in their network.
It’s important to note that large investments requires careful planning by companies. Growing the business should be the goal, not survival. Make sure your company has a plan for growth before taking a large investment, or paying it back might become an issue.
The federal government provides small business funding through grants for veterans to start a business. They award these grants through an application process online at grants.gov.
The first thing to do on their website is go through their education on the veteran entrepreneur portal. This part of the site explains how veterans business grants work and the criteria for receiving them.
You’ll then need to check your eligibility. Make sure you pay close attention to their definition of “small business”. Once you’ve done these two things, fill out an application and track it on their page.
Government grants are easier to access for veterans than other funding sources. There are very few limitations on who isn’t eligible, but you will need to keep track of how you spend the funds.
Now You Know Small Business Funding for Veterans
After you’re finished with the service, you may want to support your country in other ways. Starting a business is satisfying and also helps the economy. But you need proper funding to pay for the myriad of business expenses.
Fortunately, veterans have a wide variety of funding opportunities.
If you’re a veteran who needs business funding advice, continue reading our blog.
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Info is either hard to find or hard to understand. The internet, however, is revolutionizing the access to financial information. As a result, anyone can get the tools they need to start a business right from their mobile device.
Our goal at Credit Squared is to give you information that’s easy to read and understand. Whether you need more information on starting a business or understanding home loans, we have you covered.
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