Hannah And Tristan Ambrozewski Anytime Fitness
Hannah and Tristan Ambrozewski, who met at basic training, were stationed together for four years at Fort Lewis and deployed together for one year in Iraq. After being discharged, the couple became aware of Anytime Fitness Operation HeartFirst Charitable Foundation, which provides grants to Tee It Up for the Troops. They applied, won and were granted $125,000. They were also loaned an additional $125,000 to open their own Anytime Fitness location, where they continue sharing their passion for fitness.
The Hcc Veteran Entrepreneurship Training Program
The HCC Veteran Entrepreneurship Training Program gives access to funding partners and angel investors. Without this program, veterans wont be able to connect with important people in the industry. Veterans in the VET program also receive expert training and entrepreneurial guidance on how to start and run a business.
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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Warrior Rising Small Business Grants
Warrior Rising is a nonprofit organization dedicated to supporting aspiring veteran business owners by providing workshops, training, and grants to cover startup business expenses.
To become a member of Warrior Rising, you will need to partake in a phone interview and speak to staff members about your background. You will then need to complete a virtual course. Once completed, Warrior Rising will then offer mentorship and assistance with grant funding opportunities.
A Vocational Rehabilitation And Employment Program
The U.S. Department of Veteran Affairs may not grant generous programs but they do offer resources for disabled veteran business grants. One of these is the Vocational Rehabilitation and Employment Program. The downside of this disabled veteran small business grants is that its not easy to qualify. But once the business is approved, youll be able to receive va business grants for disabled veterans and personal support, like:
- Management training
- Personalized counseling
- Grant funding in order to buy inventory, specialized equipment, licenses, and bonds
Keep in mind that you dont have to be veteran to use these grants. However, there is a catch: your business must offer products or services to military veterans in order to qualify.
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Work With The Government
One area that may seem like a natural fit for many veterans is to work directly with the federal government as an independent contractor. If youre a veteran you already have experience working for the government. Therefore, why not convert them into a business partner or customer?
To be able to do business with the government, you need to be registered as a government contractor. This is a necessity if you plan on having the government as a customer. Youll also need to become familiar with the General Services Administration that is the agency which manages any contracts with the government.
If youre looking for help, here are a couple of resources:
- Veterans Institute for Procurement : Many veteran-owned businesses got their start with a single government contract. VIP is a certification program that helps veterans get approved to apply for a wide variety of often lucrative government procurement contracts.
- The System for Award Management: Provides a portal for existing contractors, but its main purpose is to help companies register to do business with the U.S. government in the first place. Its site lets you register, renew, or check the status of an existing application.
Guide To Small Business Loans For Veterans
Learn about the business funding options for Veterans.
Leaving the battlefield and heading back to civilian life is a difficult transition for even the most composed veterans. After risking their lives to protect our freedoms, many veterans have a difficult time adjusting to ordinary jobs. Instead of taking orders from someone else, many of these individuals pursue entrepreneurial endeavors, hoping to build and grow businesses of their own.
According to the Small Business Administration , more than 2.52 million small businesses are owned by veterans of the U.S. armed forces. This figure represents 9.1% of all U.S. firms. Collectively, veteran-owned businesses haul in $1.22 trillion in revenue each year and employ nearly 5.8 million people.
Veterans own businesses in all industries, including:
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Finance and insurance
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Mining, quarrying, oil, and gas
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Construction
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Professional, scientific, and technical services
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Manufacturing
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Utilities
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Real estate
Like all other small business owners, veterans who decide to open their own companies need to figure out how to finance their operations. For the most part, veterans opt to finance their businesses out of their own pockets. According to the SBA, 59.4% of veteran business owners start their companies with personal or family savings, compared to 57.3% of all business owners who do the same.
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The Streetshares Foundation And Loans
A 501 nonprofit organization, the StreetShares Foundation was launched by a group of military entrepreneurs and their supporters with the mission âto inspire, educate and support the military entrepreneurial community.â
One crucial way they advocate for military-owned businesses is through their grant program, which awards up to $15,000 to veteran entrepreneurs this year, they sponsored a Female Founders Veteran Small Business Award Grant Program. Applications are evaluated based on factors like the businessâs social impact on the military community, the business ownerâs personal history, and how the applicant plans to use grant funds. The deadline for this yearâs StreetShares grant program has passed, but itâs well worth considering applying in 2021.
Another option is to apply for a loan through StreetShares, the veteran-owned online lending platform that oversees the StreetShares Foundation. The platform itself isnât intended solely for veteran-owned businesses, but among their offerings, they provide three types of loans designed for vets: term loans up to $250,000 lines of credit up to $250,000 and contract financing.
Michigan Veteran Entrepreneur Lab
Michigan Veteran Entrepreneur Lab is a Grand Valley State University program. It connects veterans and military spouses with free entrepreneurship training, mentoring and networking opportunities.
Participants meet in a cohort weekly over the span of 3 months, during which they work on a business launch and get feedback on their business strategy. The program concludes with a pitch showcase, which awards at least $25,000 in prize money.
Since MVE-Lab launched in 2018, 92 participants have completed the program.
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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?
Does The Gi Bill Offer Business Funds
Your GI Bill benefits do not include business loans or grants.
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When the GI Bill was first introduced, it was known as the Servicemens Readjustment Act of 1944 and nicknamed the GI Bill of Rights.
This version of the GI Bill included a provision for small business or home loans, and a 1955 revision added farm loans for veterans, according to the National Archives. But, the small business and farm loan benefits no longer exist.
If passed, the Post-9/11 Veteran Business Acceleration Act, introduced in 2019, could establish a pilot project that would provide financial assistance rather than educational benefits to veterans wanting to open their own businesses.
While the GI Bill does not provide business capital right now, you can use your GI Bill benefits to learn how to run a small business.
Veterans can also access several other small business grants and entrepreneurship programs.
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Veteran Grants For Personal Financial Hardship
For individual financial needs, there are many resourcesthe first place to check is with state and local agencies to get the usual types of assistance with food and shelter, but there are also avenues of relief for specific expensesfor example, the Department of Veterans Affairs provides need-based debt relief for VA copays and related expenses.
That may not be a grant per se but the financial relief can help in addition to grant programs. You may be able to request grant applications from the military aid societies listed above including Air Force Aid Society, Army Emergency Relief, etc.
Financial relief grants may also include options from VSOs such as the VFW and its Unmet Needs Program, defined as a financial aid grant for military families who have run into unexpected financial difficulties as a result of deployment or other military-related activity or injury.
The VFW grants under Unmet Needs are intended for basic life expenses and are paid to the familys creditors directly. Programs like these often have specific rules about who qualifies and why.
The VFW criteria for Unmet Needs may be similar to some, but not all veteran grant assistance for financial crisesnever assume you do not qualify unless you have been told otherwise. Qualifying criteria for Umnet Needs include meeting one or more of the following:
Department Of Veteran Affairs
Veterans can compete for set-aside contracts through the U.S. Department of Veterans Affairs Office of Small & Disadvantaged Business Utilizations Vets First Verification program. To qualify for participation, businesses must first undergo a verification process, which includes an intake, assessment, a federal review and decision.
The Office of Small & Disadvantaged Business Utilization also offers a Veteran Entrepreneur Portal, where users access tools for starting or growing a business, finding financing and learning more about how to do business with the federal government.
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Choose A Business Name
This part might seem easy, or it may be difficult. Either way, once youve come up with a good brand name, youll need to register that name with your local state authorities as a doing business as . This will enable you to cash any checks issued to that business into a bank account you create for your company.
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 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 any loans 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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Veteran Readiness And Employment
Through the Veteran Readiness and Employment program, service-disabled veterans unable to work in a traditional employment environment are eligible to receive training and grant funding to start their businesses or help with job training.
Interested veterans will need to fill out an application. Once their applications are submitted, they will be reviewed to determine if they meet the programs eligibility requirements. If they meet the requirements, they will be able to participate in an orientation session and learn more about the program.
Service Disabled Veteran Owned Small Business Grants
Service Disabled Veteran Owned Small Business Grants United States government is focused on providing the best service for the service-disabled veteran. As you know, getting a job or starting a new business can be a bit hard for these people. Therefore, the United States government through the Small Business Administration provides some aid to help these people to start and grow their own small business.
The Service Disabled Veteran Owned Small Business Grant program is a grant program which was creates consistently to the Public Law 109-461. The Veterans Administration and the Small Business Administration work together managing the grants. This post will be focusing on that, providing information about the grant process, requirements, etc.
Service-disabled veteran-owned small businesses are the top priorities of the Small Business Programs provided by the VA and SBA. People in this category are highly encouraged to participate in the grant award process.
Small Business Loans And Grants For Veterans
Navy Federal Credit Union
The Navy Federal Credit Union is a highly specialized credit union. Only veterans and those related to a veteran can join. As a credit union, NFCU has far fewer regulations and lower audit expenses than a traditional bank and can use that advantage to lower interest rates. And, it isnt run for profit, so its goal is to provide the best rates it can.
If you need a business loan, visit the Navy Federal page and contact one of their experienced loan officers who may be a veteran with similar experiences.
Veteran Business Outreach Center
The Veterans Business Outreach Center program is another SBA initiative, with more than 20 participating locations. Veterans and military spouses are eligible for business training and counseling services through workshops and mentorship opportunities. Participants can also benefit from referrals to community partners and small business lenders.
Small Business Grants For Veterans
Nearly 6% of American businesses are veteran owned, according to the 2020 Annual Business Survey, released in Oct. 2021.
Some service members leave military service knowing they want to start a business but need some kind of funding, such as business loans or Small Business Administration grants. Others may not realize they want to start a business until much later.
Either way, there are grants and programs available for those who wish to become small business owners after their military careers.
While grants are essentially free money, the grant programs may have strict requirements and regulations for how the funds may be used. Always read the full description of a grant, its intended awardees and other fine print before you apply.
Current Funding Options For Veterans
Despite the demise of the Patriot Express and Veterans Advantage programs, you can still find loans geared toward veterans. Plus, you can always apply for the best business loans, even if they arent vet-specific. Your veteran status also gives you access to special grants, angel investors, and discounted franchising opportunities just for vets, like these.
Achieving Missions Vs Following The Rules
He explains that the military no longer teaches young servicemen and women to follow rules, instead they are taught to be successful in achieving missions. And, those missions can only be achieved by creating a strategy. So, what better starting point is there for an entrepreneur than someone who already knows the importance of strategy to achieve the end goal?
For General Hillier, he applied what he learned in the military to create a profitable career in public speaking, creating his own speaking agency called the Inspiration Series. Over the last four years, he has worked with ExxonMobil, TELUS, Rogers Communications, TD Bank, American Express, Gowlings, KPMG and many more organizations to speak about the importance of leadership through tough times.
He describes how entrepreneurship is often thought of as a solo sport the image of the lone person working for long hours at their desk to make things happen. But it doesnt have to be that way, he says. You can accomplish much more by working as a team. Just look at the great Steve Jobs and Steve Wozniak, together they founded one of the most profitable companies in the world. For him this is a glowing example of the importance of teamwork.
Advice Mentorship And Support
As a forces veteran and small business owner, there are certain networks and programs you can access that could help to give your business a competitive edge.
- The Canadian Veteran Business Directory, run by Operation Entrepreneur, is Canadas most comprehensive list of veteran-owned businesses. The directory is searchable by province and industry, making it an easy way for patriotic Canadians to support veterans and their families in their new lives.
Each year the Princes Operation Entrepreneur runs its #BuyVeteranCA campaign, which draws the attention of 1.1 million Canadians and encourages people to buy from businesses listed in the directory. Listing with the directory is free and open to all current and former members of the Canadian military and their families.
- The Soldiers to Leaders program connects veterans and those who are looking to start a career outside of the military with mentors in the field, vocation or industry they want to enter. The mentors are experts in their industries and have insight into the training youll need and how you can get started, whether its as an employee or running your own business. Even if they dont currently have a suitable mentor on their books, Soldiers to Leaders will find one for you.