Veteran-owned businesses are an essential part of the U.S. economy, with over 2.5 million businesses contributing billions annually. The leadership, discipline, and resilience developed through military service make veterans uniquely equipped to succeed as entrepreneurs. However, starting and growing a business requires more than determination—it often requires capital, resources, and support. Fortunately, there are numerous programs specifically designed to empower veteran entrepreneurs.

Here’s a guide to the top resources and grants available to help veteran-owned businesses thrive.

Financial Support: Grants and Loans

Access to funding is often the first hurdle for new businesses. For veterans, specialized grants and loan programs can provide much-needed financial support.

1. Grants for Veterans

Grants can be an excellent funding source since they don’t need to be repaid. While competition can be fierce, these programs offer a strong start:

StreetShares Foundation Veteran Small Business Award: This program offers grants ranging from $4,000 to $15,000 to veteran entrepreneurs who demonstrate a strong business idea and commitment to community impact.

FedEx Small Business Grant Contest: Though not exclusively for veterans, this program provides substantial funding to small business owners, with extra points often awarded for veteran-owned companies.

Hivers and Strivers Angel Fund: This organization invests in early-stage companies founded by military veterans, providing seed capital to kickstart growth.

2. SBA Loans for Veterans

The U.S. Small Business Administration (SBA) offers tailored loan programs for veterans, including:

SBA Veterans Advantage: This program reduces or waives fees for SBA-guaranteed loans to veteran-owned small businesses.

Military Reservist Economic Injury Disaster Loan (MREIDL): Designed for businesses affected by the deployment of key employees, this loan helps businesses recover and stay afloat.

Training and Mentorship Programs

Beyond funding, veterans can access various programs that offer invaluable training, mentorship, and networking opportunities.

1. Boots to Business (B2B)

Offered by the SBA, Boots to Business is a free training program that provides veterans with the knowledge to start and grow a business. Covering topics like market research, business planning, and funding options, it’s a comprehensive resource for aspiring entrepreneurs.

2. Veteran Entrepreneur Portal (VEP)

The VEP, offered by the Department of Veterans Affairs, serves as a one-stop shop for veterans. It connects entrepreneurs with financing, training, and government contracting opportunities tailored to their needs.

3. SCORE Veteran Fast Launch Initiative

SCORE provides free mentoring and training for veteran entrepreneurs, including business plan reviews, financial projections, and marketing strategies.

Government Contracting Opportunities

Veterans can leverage their status to secure lucrative government contracts through programs like:

Service-Disabled Veteran-Owned Small Business (SDVOSB) Program: This initiative provides exclusive access to certain federal contracts for veteran entrepreneurs with service-connected disabilities.

Veteran-Owned Small Business (VOSB) Certification: While not a grant, certification increases visibility and competitiveness for contracts with government agencies and large corporations.

Local and Community Support

Veteran entrepreneurs can also tap into state and local resources. Many states offer grants, tax incentives, and business development programs tailored to veterans. Connecting with local chambers of commerce or veteran business organizations can open doors to additional opportunities.

Navigating the world of grants, loans, and resources can feel overwhelming, but you don’t have to go it alone. At Transworld Business Advisors of Atlanta North, we specialize in helping veteran entrepreneurs achieve their goals, whether it’s starting a new venture, expanding an existing business, or preparing for a successful exit.

Take the first step toward building your business legacy. Contact us today to explore how we can support your entrepreneurial journey!