Financial Support for a Veteran Owned Business
If you are a veteran and want to open a business or currently own one, you may have special resources available to you. The government and many other organizations strive to support our nation’s veterans as they build new lives for themselves after leaving the military. The following are a few financial support options you should be aware of.
Government Grants and Loans
Several government agencies offer special grants and loans to veterans. These may include some narrowly targeted state or local grants or may be federal government grants. Additionally, organizations such as the SBA may be more willing to extend a loan to a veteran-owned business.
The Veteran Entrepreneur Portal and BusinessUSA.gov both help veterans find the grants and loans available to them. Don’t be afraid to use your status to help your business. These organizations want to help you succeed.
Not all grants on either portal are exclusively for veterans. Some may be based on your location and industry. Nonetheless, they are worth taking advantage of. Of course, you are more likely to get veteran-targeted assistance due to the smaller pool of competition.
The SBA offers a program for service-disabled veterans. The Service-Disabled Veteran-Owned Small Business Concern Project helps veterans get access to federal funding that has been specially set aside for them.
Many private lenders and banks also offer special programs and discounts for veterans. Again, they want to help people like you succeed in the business world. While they are in the market to make a profit, these lenders are still happy to work with veterans and will offer incentives to do so.
It never hurts to ask if a potential lender offers anything special for veterans. Some will and some won’t but there is nothing to lose by asking.
This isn’t strictly financial support but is a form of assistance for veterans. The government has some contracts that are reserved for veteran-owned businesses. BusinessUSA.gov makes it easy to find many of these contracts. The government contracting process can be confusing at first. However, if you spend a little time to explore and get to know it, there are some great opportunities for many businesses.
These options for veterans will help you make your new business a huge success. Don’t be afraid to use your status to your benefit. Organizations like working with veterans and the government have a strong incentive to support businesses like yours. Get started exploring some of your options today.