Minority Business Development Agency
The Minority Business Development Agency helps grow minority business enterprises through its programs, services, and funding.
- Award amount: Up to $350,000 initial grant
- How to apply: Visit the website for more information.
The MBDA offers business centers across the nation that offer high quality, technical assistance to minority business enterprises,” according to its site. Entrepreneurs can receive mentoring, counseling, and assistance with funding and growth.
Best Veteran Small Business Grants In 2022
Veteran-owned businesses are often underserved in terms of funding and grant opportunities. Small business grants offer entrepreneurs the opportunity to obtain the funding they need to start or maintain their business. Not to mention, there are many free resources developed to help veteran-owned small businesses thrive.
If youre looking for free money for your business but arent sure where to start, were here to help with the top small business grants for veterans.
Allowable Uses For Grant Funds
Up to $20,000 in cash grant funds are available per business. Grants will be made in a one-time lump sum payment.
- Grant amounts will be determined based on the business’s demonstrated financial impacts and/or annual operating revenue.
- Grant funds may be used for:
- Payroll and benefits, costs to retain employees, and mortgage, rent, utility, and other operating costs
- Technical assistance, counseling, or other services to support business planning
- Businesses in qualifying census tracts in Norristown and Pottstown may also use funds for rehabilitation of commercial properties, storefront improvements, and façade improvements
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Focus On Minority Women And Veteran
Businesses owned by socially and economically disadvantaged groups are especially encouraged to apply due to the disproportionate impacts on these businesses, where pre-existing disparities like lack of access to capital compounded the pandemics effects.
- Socially and economically disadvantaged groups may include:
- Persons with limited English proficiency
- Persons with disabilities
How Do Va Business Loans Work
Lets clarify this right now: VA business loans dont exist. There is no such thing as a VA business loan. You cannot get an VA business loan of any size.
Thats because the VA, or the U.S. Department of Veteran Affairs, simply does not extend or back business loans. Sorry to put a damper on things.
That being said, people often use the phrase VA small-business loans to talk about all types of veteran business loansusually ones that offer veterans special incentives, such as looser loan requirements. For example, the U.S. Small Business Administration has backed loans with discounted fees for vets in the past. Likewise, some private lenders emphasize extending small-business loans to veterans.
You also wont find any VA business grants. Grants specifically for veterans do exist, but not through the VA. Again, sorry.
But dont leave just yet. You might not be able to get a VA business loan, but that doesn’t mean you cant get working capital. And now that you know the truth about VA business loans, well spend the rest of this article talking about all the forms of funding available to you as a veteran business owner, including loans, grants, and angel investors.
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Women Veteran Entrepreneurship Training Program
The nonprofit community development organization LiftFund sponsors the Women Veteran Entrepreneurship Training Program. WVET offers in-person and online small business training and consulting for women veterans starting or operating small businesses in the State of Texas.
LiftFund also provides small business loans ranging from $500 to $500,000 for small business owners in Alabama, Arkansas, Florida, Georgia, Kentucky, Louisiana, Mississippi, Missouri, New Mexico, Oklahoma, South Carolina, Tennessee, and Texas. The lender offers discounted interest rates for veterans and their spouses.
The loan program is intended to provide funding for:
- Commercial real estate purchases
- Working capital
To apply for a loan, you need to complete an online application. Be prepared to share your business goals and needs, monthly household and business budget, credit history, and two references as part of the application process. The organizationâs website has several tools and resources to help you prepare your business financials or projections, create a business plan, estimate startup expenses, and more.
Best For Young Veteran Entrepreneurs: Hivers And Strivers
Funding amount: $250,000-$1,000,000
Hivers and Strivers provides funding for US Military Academy graduates to launch startups through a network of investors. The mission of this organization is to support young veterans in creating successful businesses that will provide at least 10x a return on their investment.
Young veteran entrepreneurs with a business idea that has promise for high growth potential may secure funding through this network of angel investors to launch their startup idea.
To apply for Hivers and Strivers funding, you need to meet the following criteria/eligibility requirements:
- Applicants must have graduated from a US Military Academy.
- Applicants must provide a business idea with exceptional growth potential.
- Applicants cannot be dishonorably discharged.
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National Minority Supplier Development Council
The National Minority Supplier Development Council is a top corporate membership organization that offers business services and networking opportunities to connect you with investors and build your practice.
- Award amount: Varies
- How to apply: Visit the website for more information on offerings and one-off funding and grant opportunities.
Although grant opportunities run the gambit, access to the NMSDC’s roster of mentors and community small business advisors is top-notch.
Starting A Business Faqs
1. My partner says he will fund my start-up costs. Is this OK?
If your partner is a Veteran, this does not present a concern. If the partner is not a Veteran, we suggest that you seek legal advice. VAs regulation provides examples of negative control, where non-Veterans may or may not have authority over the Veteran owner. The details are explained in 38 CFR Part 74.4. During the examination review process, the Center for Verification and Evaluation will carefully evaluate the relationship of all owners.
2. I need assistance with starting or expanding a business.
- If you are already open for business and want to sell to the Federal government, contact your closest Procurement Technical Assistance Center for assistance with all of the required documentation and registration to bid on Government contracts. Please refer to the PTAC Website for the listing of an office near you.
- If you need assistance in starting a business, please visit the Small Business Development Center Website and contact your closest Procurement Technical Assistance Center for assistance.
- If you are Service-Disabled Veteran who wants to start a business, please view the Veterans Business Outreach Program website and the SBDC website for assistance.
3. Does VA provide loan or grant money to Veterans to start their own business?
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Sba Loans For Veterans
There are many different types of Small Business Administration loans, all of which are available to veterans. The SBA partners with intermediaries to provide low-cost, government-backed loans to small businesses. By providing a guarantee the SBA reduces risk for lenders and makes borrowing capital more accessible and manageable for entrepreneurs. Preparation is key when it comes to SBA loans if youre a veteran entrepreneur, as it can take as long as six months to get funds in your bank account.
The Small Business Administration offers two programs that are specifically designed for veterans: The SBA Veterans Advantage and the MREIDL VA loan.
The MREIDL program
The Military Reservist Economic Injury Disaster Loan program is a VA loan program that provides working capital to cover ordinary and necessary operating expenses when an essential employee is called to active duty. The interest rate is capped at 4% and offers terms of up to 30 years . Keep in mind: collateral is required for all MREIDLs over $50,000.
Am I eligible for SBA VA business loans?
According to the SBA, businesses must be at least 51% owned and controlled by an individual in one or more of the following groups to qualify:
In addition, businesses must be for-profit, have fewer than 500 employees, and have less than $7.5 million in annual sales.
What can a VA loan be used for?
- Equipment purchases
- Buying commercial real estate
- Funding startup costs
The Second Service Foundation
The Second Service Foundation, formerly the StreetShares Foundation, runs the Military Entrepreneur Challenge, which gives military veterans and their spouses the opportunity to win grants for their businesses. To compete in the challenge, you must submit an application that includes a two-minute pitch video explaining why your business should be chosen.
After the application deadline closes, eight to 15 finalists will be posted on the Second Service Foundation website, and the three entrepreneurs with the highest votes will pitch their businesses at a live event. The winning business owner will receive $15,000. The second-place owner will receive $6,000, and the third-place owner will receive $4,000.
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State And Federal Government Grants For Veterans
State governments across the U.S. have set aside funds specifically for military veterans seeking capital to start or run a small business. To apply, interested veterans should contact their states financial aid agency.
Additionally, through the federal grant database, you can find a complete list of all government awards that could get your business the funding it needs. This could include disabled veteran business grants and other specific types of financing for veterans.
Each grant will have its own set of guidelines and restrictions, so youll have to do your research to find the perfect match. In general, government grants require a clear and well-written proposal. Youll want to make sure you have the time and resources to put forth your best application when seeking federal funding.
Best Business Grant Support: Office Of Veterans Business Development Resources
While the Office of Veterans Business Development Resources doesnt offer a grant, they provide the support small business owners need by prioritizing the availability, applicability, and usability of small business programs for veterans or their families.
In addition to helping veteran entrepreneurs identify and apply for funding or grant opportunities, this offshoot of the Small Business Administration provides services to mentor, train, and otherwise support members.
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Small Business Loans For Veterans From Funding Circle
If you are a veteran with an existing business of two years or more, Funding Circle is another option for financing. Were committed to offering:
- Best-in-class service with a dedicated account manager
- Fixed annual interest rates with a consistent, once-monthly payment over the life of your loan
- Transparent, competitive interest rates and a simple, one-time origination fee
Below are some FAQs on our peer-to-peer marketplace and eligibility requirements.
Office Of Small & Disadvantaged Business Utilization
Part of the Department of Veterans Affairs, the Office of Small and Disadvantaged Business Utilization, or OSDBU, houses a variety of resources for veteran entrepreneurs. Through OSDBU, you can get your business verified to participate in the Veterans First Contracting Program, find upcoming webinars and training sessions, as well as reach out to small-business liaisons to get more information about working with the VA.
The OSDBU website also houses the Veteran Entrepreneur Portal, which collects resources to help veteran business owners find funding and franchising opportunities, acquire government contracts, and access networking connections.
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Tory Burch Foundation Fellowship Grant
Designer Tory Burch has a fund with the goal of mentoring and uplifting women entrepreneurs across all walks of life.
- Award amount: $5,000
- How to apply: Visit the website for details on the fellowship program and the foundation itself.
In addition to a monetary grant, the Fellowship program offers a year-long education model with mentorship tailored to your needs. The foundation also offers a peer network of other recipients and a trip to Burch’s New York office.
Pandemic Recovery Fund Applicants
The Recovery Office will be outreaching directly to businesses who submitted an application to the Pandemic Recovery Fund that might be eligible for this program to confirm that they would like to be considered for funding. Recovery Office staff will help streamline the application process as much as possible for these applicants.
If a business submitted an application to the Pandemic Recovery Fund and wants to check on their eligibility, they can email RecoveryOffice@montcopa.org.
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Natural Resource Sales Assistance Program
In addition to the billions of dollars spent purchasing goods and services, the federal government also sells large amounts of natural resources and surplus property. The SBA Natural Resource Sales Assistance Program sets aside a percentage of these goods for bidding by small businesses only. In addition, federal agencies sometimes divide surplus materials into smaller parcels, making it easier for small businesses to purchase. The five categories are:
- Timber and related forest products.
- Strategic materials.
- Leases involving rights to minerals, coil, oil and gas.
- Surplus real and personal property.
The program also provides training for small businesses on government sales and leasing.
Small Business Grants For Veterans In 2022
For a relatively small population, veteran entrepreneurs have a significant footprint on the small business landscape. And like many business owners, they sometimes need business loans or other funding forms to help launch or grow their endeavor.
As of 2019, 2.5 million of the countryâs small businesses were owned by veterans, which accounts for 9.15% of all American businesses. As a gesture of faith, gratitude, and support for these business owners, several federal agencies, nonprofits, and other organizations assist military entrepreneurs in accessing small business grants for veterans.
In this article, weâll walk you through 12 of the most reputable grants and resources to help veterans and military families get their businesses off the ground.
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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, its 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.
Small Business Grants: 21 Options To Apply For Free Funds For Your Business
No matter what kind of small business you own, there are grants available to help your business grow. Read on for details on 21 grant options and databases.
Small business grants offer funds to grow your business in a variety of ways. In many cases, you can use grants for things like operations, marketing, or expanding your team. Finding out which ones you may be eligible for is crucial so that you can start applying.
In this article, we’ll cover the basics of grants and give you tips about how to score more of them.
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National Association For The Self
- Submission dates: Applications are reviewed quarterly.
- Entry requirements: You must be a member of NASE
- Website: nase.org/become-a-member/member-benefits/business-resources/growth-grants
For businesses with smaller capital needs, the National Association for the Self-Employed Growth Grant provides small grants up to $4,000. Like other grants, the funds must be used for a specific purpose, such as purchasing equipment or hiring new employees. Applications are reviewed quarterly and awards up to $4,000 are distributed monthly. To qualify, you must submit an application outlining your business need and providing details of how you will use the grant to fund this need.
Usda Rural Business Enterprise Grant Program
- Submission dates: Ongoing
- Website: rd.usda.gov/page/state-offices
Through the United States Department of Agriculture, eligible small businesses can receive grants from $10,000 to $500,000. To qualify, you dont have to be in the agriculture industry, but your business must be located in an eligible rural area. All applicants can apply for the grant through their USDA Rural Development state office.
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State And Local Government Programs
Some states have government programs that assist veteran business owners. Check with your local chamber of commerce to see what grant opportunities are available.
For example, the Maryland Department of Commerce has the Military Personnel and Veteran-Owned Small Business Loan Program , which gives no-interest loans to vets that have one-year to eight-year terms.
The no-interest loans range between $1k and $50k. To be eligible, you must be a veteran, national guard, or military reservist small-business owner with fewer than 50 employees.
Another option is to check with your citys or states Economic Development Administration to find grants and other funding sources. Additionally, there are universities that offer funding to small- business owners.
For example, Texas Womans University has the Veteran Women Entrepreneur Grant that gives $5k awards to female vet entrepreneurs. The annual grant funds 10 business owners in the state. The money can be used for business expenses like technology, marketing, and equipment.
To qualify, the company must be at least 51% owned or controlled by women, operate in Texas, and meet other criteria.
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.
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