Top 5 Veteran Small Business Grants You Need to Apply For
If you’re a veteran and own a small business, you might be struggling to access the capital you need to keep your business running smoothly. Thankfully, many organizations recognize the sacrifices that veterans make for their country and want to support them in their post-military endeavors. There are numerous small business grants available to help veterans grow their businesses, but you may not know where to start looking. In this article, we will discuss the top five veteran small business grants you need to apply for to propel your business to greater heights.
1. The StreetShares Foundation Veteran Small Business Award
The StreetShares Foundation Veteran Small Business Award is a grant that awards up to $15,000 to veteran-owned small businesses. The grant is awarded twice a year, and it’s given to the best business idea presented by a veteran entrepreneur. In addition to the monetary reward, the grant recipients also receive mentorship from StreetShares’ experienced team of business leaders.
2. National Association for the Self-Employed (NASE) Growth Grants
The National Association for the Self-Employed (NASE) Growth Grants is a grant program that awards up to $4,000 to their members. The grant is available to both veteran and non-veteran small business owners and can be used for various expenses such as hiring new employees, marketing, or purchasing new equipment. The application process is straightforward, and the grants are awarded on a quarterly basis.
3. Department of Defense (DoD) Small Business Innovation Research/Small Business Technology Transfer (SBIR/STTR)
The Department of Defense (DoD) Small Business Innovation Research/Small Business Technology Transfer (SBIR/STTR) is a grant that provides funding to small businesses that are developing innovative technologies that can be used by the military. The grant has three phases, and as you move from phase one to three, the funding amount increases up to $1 million. The grant is available to all small businesses, and veteran-owned small businesses have a higher chance of being accepted due to their experience and leadership skills.
4. VetFran Business Grant Fund
The VetFran Business Grant Fund is a grant program provided by the International Franchise Association. The grant is available to veterans who are interested in starting a franchise or expanding an existing franchise. The grant awards up to $10,000, and it’s available to veteran franchisees of any system. The funds can be used for franchise-related expenses such as purchasing equipment, hiring employees, or paying for training courses.
5. The Amber Grant
The Amber Grant is a grant that awards $1,000 to female entrepreneurs, including female veterans. The grant aims to help women grow their businesses, and it’s awarded monthly to the applicant that presents the most innovative business idea. The grant organization doesn’t require that the idea be wholly unique, but they do emphasize the importance of creativity and innovation in the application process.
In conclusion, there are various grants available to veteran-owned small businesses, and it’s essential to apply for as many as you qualify for to increase your chances of success. Keep in mind that grant applications require thoroughness, strong executive summaries, and innovative business ideas to increase your probability of success. Don’t hesitate to seek assistance from small business resource centers or consultant firms to help you with the application process. As a veteran, owning a small business is one step further in achieving your entrepreneurial dreams.
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