The Ultimate Guide to Veteran Small Business Grants: Eligibility and Application Process

The Ultimate Guide to Veteran Small Business Grants: Eligibility and Application Process

Veteran small business owners face a unique set of challenges when it comes to running and growing their businesses. Luckily, several grant programs have been established to help these entrepreneurs overcome these difficulties and achieve their goals. However, many veterans are unaware of the resources available to them, or don’t know how to apply for these grants. In this article, we’ll provide you with the ultimate guide to veteran small business grants, including eligibility requirements and the application process.

Eligibility Requirements

The first step in applying for veteran small business grants is to determine if you’re eligible. Each grant program has its own set of requirements, but most programs have similar prerequisites. Generally, you must be a veteran or service-disabled veteran, and you must own at least 51% of the business. Additionally, the business must be located in the United States, and it must be considered a small business according to the Small Business Administration (SBA) size standards.

Some grant programs require additional qualifications, such as a certain level of revenue or number of employees. For example, the StreetShares Foundation Veteran Small Business Award requires businesses to make at least $25,000 in annual revenue and have fewer than 500 employees. Be sure to carefully review the eligibility requirements for each grant program you’re interested in to ensure you meet the criteria.

Grant Programs

There are several grant programs available specifically for veteran small business owners. Here are some of the most popular options:

1. Small Business Administration (SBA) Veterans Business Outreach Centers (VBOCs)

The SBA operates a network of VBOCs throughout the country that provide training, counseling, and other resources to veterans who own or are starting small businesses. VBOCs can also assist veterans in applying for SBA loans and other financing options.

2. Veterans Entrepreneurship Program (VEP)

The VEP is a two-phase program designed to help veterans start and grow businesses. In the first phase, veterans attend a 30-day boot camp where they receive intensive training and mentorship from successful entrepreneurs. In the second phase, veterans work with mentors and business advisors to develop a strong business plan and secure funding.

3. Wells Fargo Veteran Scholarship and Grant Program

Wells Fargo offers scholarship and grant programs to veterans and their spouses through its Wells Fargo Works for Small Business program. The program gives out up to $10,000 in grant money to veterans who are starting or growing a small business.

Application Process

Once you’ve determined the grant program(s) you’re eligible for, it’s time to begin the application process. Each program will have its own application requirements and procedures. Here are some general steps to follow when applying for veteran small business grants:

1. Review the eligibility requirements for the grant program(s) you’re interested in.

2. Gather all necessary documents, such as your business plan, financial statements, and tax returns.

3. Follow the instructions for submitting your application. You may need to fill out an online application form, submit a physical application, or send documents via email.

4. Be prepared to answer follow-up questions or provide additional information as needed.

Conclusion

Veteran small business grants are a valuable resource for entrepreneurs who are trying to launch or grow their businesses. By following the eligibility requirements and application process outlined in this guide, you can increase your chances of securing the financial assistance you need to succeed. Remember, each grant program is different, so be sure to thoroughly research each one and carefully follow application instructions. With persistence and dedication, you can turn your small business dreams into a reality.