Veteran-owned small businesses play a vital role in the U.S. economy, demonstrating the entrepreneurial spirit and resilience of those who have served our country. However, these businesses often face unique challenges when it comes to accessing the necessary financing to start, grow, and sustain their ventures. A 2023 report revealed that approximately 32% of veteran-owned firms cited credit availability as a cause of financial challenges, compared to just 25% of firms with no veteran ownership. This disparity highlights the need for targeted support and resources, such as veteran small business grants, to help level the playing field and empower veteran entrepreneurs to succeed.
While there aren’t many grant programs specifically targeted to veteran-owned small businesses, there are a few programs to look at.
Also See: Small business grants for everyone
Second Service Foundation Program
The Military Entrepreneur Challenge (MEC) is a three-part event led by the Second Service Foundation with support from various partners. The event offers veterans, military members, and their families the opportunity to pitch their business ideas for a chance to win a small business grant.
Grant amounts vary, and the funding can be used to start or grow an early-stage business or nonprofit. Applicants must be at least 21 years old, own at least 51% of the business entity, and be socially and economically disadvantaged, low-income, and otherwise lack the financial means to start or grow their venture.
Warrior Rising Program
Warrior Rising, a nonprofit organization, assists veterans in transitioning to becoming “vetrepreneurs” through their comprehensive six-step business development program. The program offers training, coaching, mentoring, and networking opportunities to help veterans launch and grow their businesses.
Throughout the process, veterans may have the chance to present their business ideas and compete for a startup business grant. To be eligible, applicants must be veterans or immediate family members of veterans and complete an application. Warrior Rising considers applications from both startups and established businesses, providing grants and access to clients and investors.
Stephen Tadlock Veteran Business Grant
The Stephen L. Tadlock Veteran Business Grant, provided by Founders First CDC, is a $25,000 fund that supports veteran-run, employer-based small businesses across the United States. The grant is inspired by U.S. Navy veteran Stephen L. Tadlock, brother of Founders First CEO Kim Folsom.
Each year, the fund provides 25 veterans with investments of $1,000 each who are running active U.S.-based businesses with annual revenues not exceeding $5 million. To be eligible, applicants must be U.S. military veterans, CEOs, Presidents, or Business Owners, with businesses that have been operating for a minimum of one year and employ between 2 and 100 employees.
Michigan Veteran Entrepreneur-Lab Grant
The Michigan Veteran Entrepreneur-Lab (MVE-Lab), a program of Grand Valley State University’s Richard M. and Helen DeVos Center for Entrepreneurship & Innovation, is a free 3-month entrepreneurship accelerator designed for veterans and military spouses. The program aims to provide hands-on startup education to help participants increase their household income by $20,000 or more annually through small business activities.
MVE-Lab offers education in the startup process and connections to Michigan’s entrepreneur ecosystem and concludes with a Pitch Showcase awarding at least $20,000 in prize money. The program is open to veterans and military spouses who are seeking to launch a profitable and successful business venture.
The Farmer Veteran Fellowship Fund
The Michigan Veteran Entrepreneur-Lab (MVE-Lab), a program of Grand Valley State University’s Richard M. and Helen DeVos Center for Entrepreneurship & Innovation, is a free 3-month entrepreneurship accelerator designed for veterans and military spouses. The program aims to provide hands-on startup education to help participants increase their household income by $20,000 or more annually through small business activities.
MVE-Lab offers education in the startup process and connections to Michigan’s entrepreneur ecosystem and concludes with a Pitch Showcase awarding at least $20,000 in prize money. The program is open to veterans and military spouses who are seeking to launch a profitable and successful agricultural business.
Center for Women Entrepreneurs Veteran Woman Grant
The Veteran Woman Entrepreneur Grant program, offered by the CWE, supports female veterans in Texas who are starting or currently own an existing business. The program aims to encourage and enable veteran woman-owned small businesses to undertake new and innovative projects, fostering greater economic development activity in the state.
The program offers five $5,000 grants, totaling $25,000, for eligible businesses that are at least 51% directly owned and controlled by one or more honorably discharged, active duty, reservist, or National Guard veteran women who are U.S. citizens or permanent residents. The business must be a for-profit entity located and operated within Texas.
Other Grant Programs
In addition to the veteran small business grants listed above, there are grant programs for other groups too. Check out: