Funding and Training Options for Veteran-Owned Businesses
Veteran small-business owners form a vital part of the U.S. economy. Veteran-owned businesses account for about 7.2% of the nation's total businesses, about 5.5 million enterprises owned by veterans with employees, according to the U.S. Census Bureau. These businesses still require assistance, and this is provided through loans, small-business grants and other critical financial resources.
Loans. Small Business Administration loans are generally available for anyone interested in starting a business in the United States; applicants can obtain an amount within the range of $500 to $5.5 million, depending on the qualifications of the business. It is relatively easy to apply using the SBA Lender Match tool. SBA Veterans Advantage is a loan option made for veterans, including service-disabled veterans, participants in the Transition Assistance Program, reservists, National Guard members and spouses of any of these. The Military Reservist Economic Injury Disaster Loan Program is available for small businesses that lose an employee on active duty. The StreetShares Foundation provides loans and grants to veterans or their spouses for small businesses, including monthly grants based on the social impact and viability of the business idea. Hivers and Strivers is an angel investment organization that meets veterans' business needs, funding established companies by graduates of the United States military academies, with an investment range between $250,000 and $1,000,000.
Entrepreneurship training. Boots to Business is entrepreneurship training at no cost for veterans, offered as part of the Transition Assistance Program, starting with a two-day program followed by online courses. The Veterans Business Outreach Center provides training, counseling, mentoring and other resources. The Entrepreneurship Bootcamp for Veterans provides a thorough business training camp for veterans and their family members, and empowers disabled veterans; about 72% of its graduates end up starting their businesses. The National Veterans Entrepreneurship Program is a three-phase program spanning about eight months in Oklahoma. Veteran Women Igniting the Spirit of Entrepreneurship is for female military veterans. And the Veteran Institute for Procurement focuses on federal procurement for veterans who already have a business.