Veterans have a strong track record of entrepreneurship and leadership, with thousands choosing to launch small businesses after their military service.
However, securing funding for a startup or expanding an existing business can be challenging. Fortunately, veteran-specific grants and financial resources offer vital support.
Let’s outline the top grant opportunities for veteran-owned small businesses in 2024, including application tips, current market trends, and essential statistics.
The Rise of Veteran-Owned Small Businesses
Veterans bring unique skills and perspectives to the business world, making them highly capable entrepreneurs. According to recent statistics, 9% of all U.S. businesses are veteran-owned, contributing more than $1 trillion to the economy annually. With the economy’s recent shifts and a competitive housing market, financial stability through business ownership is increasingly attractive.
Veteran-Owned Business Statistics
| Metric | Statistic |
|---|---|
| Percentage of U.S. businesses | 9% |
| Annual economic contribution | Over $1 trillion |
| Veteran business owners (2023) | Approximately 2.5 million |
| Veterans seeking entrepreneurship (2024) | Estimated 15% increase |
Starting or expanding a business often requires substantial capital, which is why grants can play a critical role. Grants provide funding without repayment obligations, allowing veterans to invest directly in growth.
Key Grants for Veteran-Owned Small Businesses in 2024
A variety of public and private organizations provide grants specifically for veterans. Below are some of the most beneficial programs available in 2024.
1. StreetShares Foundation Veteran Small Business Award
The StreetShares Foundation awards grants to veteran-owned businesses demonstrating a positive impact on their communities. The award is highly competitive but offers substantial financial support.
- Grant Amount: Up to $15,000
- Eligibility: Must be a U.S. veteran and own at least 51% of the business
- Focus: Businesses making a difference in their communities
“The StreetShares Foundation Award gave my business the boost it needed to serve the community better,”
2. Hivers and Strivers Fund
Focused on supporting early-stage businesses, the Hivers and Strivers Fund invests in startups led by veterans. This program also offers mentorship, networking, and investment opportunities, making it ideal for businesses with strong growth potential.
- Grant Amount: Varies based on investment and business potential
- Eligibility: Veteran-owned businesses in the early stages
- Focus: High-growth industries, including technology and defense
“Hivers and Strivers offers more than funding; it opens doors to new partnerships.”
3. Warrior Rising Small Business Grants
Warrior Rising provides grants and other resources to veterans interested in entrepreneurship. In addition to grants, Warrior Rising offers educational and networking opportunities for veteran business owners.
- Grant Amount: Up to $20,000
- Eligibility: Must be a veteran and complete Warrior Rising’s entrepreneurship program
- Focus: Empowering veterans through education and support
Warrior Rising’s programs provide veterans with practical skills and funding, facilitating business success.
4. FedEx Small Business Grant for Veterans
The FedEx Small Business Grant is a competitive program open to veteran-owned businesses, offering funds to help scale operations, improve customer service, or expand into new markets. FedEx awards top businesses and provides additional resources for veterans looking to grow their business.
- Grant Amount: Up to $25,000
- Eligibility: Veteran-owned businesses; must demonstrate business growth potential
- Focus: Business expansion, innovation, and operational improvements
“The FedEx Small Business Grant helped us improve logistics and enhance our reach.”
5. Bob Woodruff Foundation Veterans in Business Grant
The Bob Woodruff Foundation provides grants to veteran entrepreneurs through partnerships with organizations focused on veteran support. The program aims to fund veterans pursuing social impact and economic empowerment, particularly those creating jobs or serving other veterans.
- Grant Amount: Typically between $10,000 – $30,000
- Eligibility: Veteran-owned businesses focused on social impact and job creation
- Focus: Social entrepreneurship, veteran community support, and job creation
“The Bob Woodruff Foundation empowered us to create meaningful change in the veteran community.”
6. National Association for the Self-Employed (NASE) Growth Grant
The NASE offers growth grants to help veteran-owned small businesses cover a range of business needs, from marketing and hiring to purchasing new equipment. The grant is accessible to NASE members, providing funds to support business development and operational improvements.
- Grant Amount: Up to $4,000
- Eligibility: Veteran-owned businesses; must be a member of NASE
- Focus: Business growth and operational needs, such as marketing and equipment
“The NASE Growth Grant gave us the resources to upgrade our equipment and expand.’
These grants provide veterans with diverse funding options, addressing different aspects of business growth from expansion to community impact, allowing veteran-owned businesses to thrive and make a lasting contribution.
Tips for Applying for Veteran Small Business Grants
Applying for grants can be competitive, but following these tips can increase your chances of success:
- Prepare a Business Plan: Most grant providers require a clear, detailed business plan outlining your goals, strategies, and financial projections.
- Highlight Community Impact: Emphasize how your business benefits the local community, as many grants prioritize social impact.
- Gather Necessary Documentation: Be prepared to provide proof of veteran status, tax documents, and business licenses as required.
- Network and Seek Mentorship: Connecting with veteran entrepreneur networks can provide guidance and insight into the grant process.
“A compelling application showcases your business’s potential impact and financial stability.”
Additional Resources for Veteran Entrepreneurs
Apart from grants, other resources can provide valuable assistance to veteran-owned businesses.
- Small Business Administration (SBA) Veteran’s Advantage Program: Offers reduced fees on loans specifically for veterans.
- Veteran Business Outreach Centers (VBOCs): Provide training, counseling, and technical assistance to veteran entrepreneurs.
- Bunker Labs: A nonprofit helping veterans and military spouses start and grow businesses through networking and mentorship.
These resources support veterans through every stage of business development, from startup to growth.
Frequently Asked Questions (FAQs)
1. What is a veteran-owned small business grant?
These are funds specifically allocated for veterans, allowing them to start or expand their businesses without the need for repayment.
2. How do I qualify for a veteran-owned business grant?
Requirements vary, but most grants require proof of veteran status and majority ownership of the business by a veteran.
3. Which grants are available specifically for veteran-owned businesses in 2024?
Notable grants include the StreetShares Foundation Award, Hivers and Strivers Fund, and Warrior Rising Small Business Grants.
4. Are there grants for veterans in specific industries?
Yes, some grants target specific sectors such as technology, real estate, and construction, often with a focus on community impact.
5. Can I apply for more than one veteran-owned business grant?
Yes, applying to multiple grants is allowed, but make sure each application is tailored to the specific grant’s criteria.
6. How does the housing market affect veteran-owned businesses?
A strong housing market offers opportunities, especially for businesses in home services, construction, and real estate, but also brings financial challenges.
7. How important is a business plan in the grant application process?
A detailed business plan is crucial as it demonstrates your strategy, goals, and financial management, which are key factors for grant providers.
8. Where can I find additional support for my veteran-owned business?
The SBA, Veteran Business Outreach Centers, and Bunker Labs provide resources, training, and mentorship for veteran entrepreneurs.
