Resources, Funding, and Support for Veteran-Owned Businesses
Photo: RDNE Stock Project
Supporting small businesses is an important way to advocate for a just and sustainable economy. By patronizing local businesses, or small companies with an online store, Green Americans can challenge the stranglehold of big box businesses and show demand for more ethical business practices, as well as supporting companies that face higher barriers to success, like veteran-owned businesses.
Small businesses represent over 40% of the U.S. GDP, but 9 in 10 say they are facing steep challenges right now, namely finding and retaining customers. With increasing rent costs, tariffs, and more, keeping a business’ lights on is costly, especially for small businesses owned by marginalized groups. Many of these business owners face systemic barriers like discriminatory access to capital and loans or less favorable insurance terms.
A Steep Road to Victory: Veterans, Therapy, & Agriculture
Like many other minority-owned businesses, veterans who own and operate their own businesses are crucial to the economy and creating a more just and equitable financial landscape for everyone. In 2021 alone, veteran business owners contributed nearly $1 trillion to the GDP from 1.6 million firms. They also employed over three million people and created a payroll of $180 billion.
The following resources and funding opportunities for veteran-owned businesses can help keep these businesses open, attract new customers, and inspire more diverse entrepreneurs to pursue their small business dreams.
Unique Funding for Veteran-Owned Businesses
Grant and investment opportunities tailored to specific communities are critical, ensuring marginalized entrepreneurs can receive aid. The following list gathers several of these opportunities for ease of access:
Second Service Foundation: This foundation runs the Military Entrepreneur Challenge, in which veterans and spouses can pitch their small business to win grants. It is a three-step process: coaching sessions, private pitch, and then a public pitch to an audience.
Hiring Our Heroes: A program offering a one-time $10,000 or $25,000 grant to small businesses owned by a veteran or military spouse with 3-20 employees. The business cannot make more than $5 million in annual revenue and be in an economically vulnerable community or must prove financial hardship.
Farmer Veteran Fellowship Fund: A small grant program for veterans who are in their beginning years of farming or ranching.
Texas Woman’s University: The Veteran Woman Entrepreneur Grant awards five grants of $5,000 to women veterans in Texas who have started their own business.
Veteran Shark Tank: Five veteran finalists pitch their business ideas to a panel for the chance to win $50k in funding.
Stephen L. Tadlock Veteran Business Grant: A microgrant of $1k for 20 veteran entrepreneurs, plus access to an accelerator program and resources.
NASE: At the National Association for the Self-Employed, members can apply for grants up to $4,000. Veterans get a 15% discount on membership and can apply for grants immediately, rather than waiting 90 days like other members.
Hivers & Strivers: This investment firm exclusively funds businesses led by veterans and since 2009, has invested in over 20 veteran-owned companies.
Navy Federal Credit Union: Offers several resources and training for veteran entrepreneurs, as well as unique capital opportunities.
Veteran Ventures Capital: Like Hivers & Strivers, this firm invests capital in veteran-owned entrepreneurial projects.
TFX Capital: A small venture firm focused exclusively on businesses founded by former military or national security members.
Support and Community Resources
There are many challenges for businesses with marginalized owners, including publicity and funding. The below communities and networks offer space and resources for Indigenous-owned businesses:
U.S. Small Business Administration: The SBA offers various trainings for small business owners and several for veterans, including specific trainings for women veterans, service-disabled veterans, military families, and more.
Warrior Rising: This nonprofit works to transition veterans to “vetrepreneurs.” It offers a six-step business development program, including coaching, mentoring, and networking. There is also an opportunity to compete for a start-up grant.
Michigan Veteran Entrepreneur Lab: This is an accelerator program tailored for military-connected entrepreneurs in Michigan. It focuses on providing the skills and resources necessary to start and grow their own businesses.
Veterans Business Outreach Center: This SBA program provides “entrepreneurial development services to service members, veterans, National Guard and Reserve members, military spouses, and family members interested in starting or growing a small business.”
Entrepreneurship Bootcamp for Veterans: This program, run by the University of Connecticut, offers entrepreneurial training to all post-9/11 veterans, National Guard or Reserve members, and active-duty members within 180 days of separation. They have so far graduated nearly 300 veterans and military spouses.
VetFran: This unique organization is specifically to help train veterans in becoming franchisees, which they see as a gateway to becoming a successful small business owner.
Veteran Readiness & Employment: Run by the Department of Veteran Affairs, this program helps veterans with numerous job skills, including resume building, job training, and starting a business.
Together, we can create a more equitable and creative world. Share these resources amongst your professional and personal circles and prioritize your own shopping at small and local businesses.
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