Veterans and small business are a natural match and it’s not hard to see why. Running a small business takes personal discipline and an uncommonly strong determination. These are also two very prominent traits of the men and women who serve in the American military. Those veterans who successfully adjust from servicing our nation in the military to servicing our towns and cities as small business owners are in a way continuing their mission to protect and serve.

There are several groups who recognize the value and strength of veteran small business owners and offer grants to give back to this strong community. Learn more about what opportunities are out there for veteran small business owners seeking grant funding by studying this list.

Top Grants for Veterans

Military Entrepreneur Challenge by Second Service Foundation

The Second Service Foundation (formerly the StreetShare Foundation) is a collective that provides support and a strong community for veteran small business owners through education and grants. This year Second Service is running the Military Entrepreneurship Challenge, their newest grant opportunity for veteran small business owners with a strong business idea.

Deadline: Second Service offers multiple challenges based on your local area. Subscribe to the Second Service Foundation email listing here for regular updates.

Amount: Expected to be $15,000, $6,000, and $4,000.

Where to Apply: Application page opening date TBA

Key Requirements: Applicants must be veteran, reserve, or transitioning active-duty members of the United States Armed Services of at least 21 years of age. The veteran entrant must own at least 51% of the business they are applying on behalf of and must be “low-income and otherwise lack the financial means” to grow their business. After a video application, selected entrants must pitch their business at an in-person event where winners are selected by attendees and judges.

Application Difficulty Level: Medium to Hard

Warrior Rising Vetrepreneur Program

Warrior Rising is one of the strongest and most well-known veteran business communities in America. Over the years, their funding capacity and capacity to take in new vetrepreneurs has jumped impressively and the 2024 Warrior Academy business workshop is shaping up to be the biggest yet.

Deadline: Warrior Rising accepts Vetrepreneur applications year-round

Amount: Based on individual need.

Where to Apply: Apply to join the Warrior Rising Community here.

Key Requirements: Applicants must be a member of the US Armed Services, current or veteran, or a spouse or close family member of a veteran. After applying, Warrior Rising meets vetrepreneurs where they are, in any stage of their business. Once you are a member of the community, expect invitations to regular events and funding opportunities selected for the vetrepreneur community.

Application Difficulty Level: Easy

U.S. Chamber of Commerce CO-100 Awards

The Chamber of Commerce Co-100 awards is a national grant competition with a specific category for veteran-owned small businesses. This annual contest celebrates business owners with strong business plans and well-thought-out plans for growth.

Deadline: July 8, 2024

Amount: $25,000

Where to Apply: When applications open later this year, vets can apply for the veteran grant through the main CO-100 portal.

Key Requirements: You must create an account with The Chamber of Commerce on their specific Co-100 Awards portal. The 2024 portal is not live yet, but check this page regularly for updates. Applicants for the veteran category of the Co-100 Awards must be a veteran or transitioning active-duty member of the Armed Services. The applicant must be the majority owner of a for-profit business with less than 250 employees and a gross revenue under $20 million.

Application Difficulty Level: Medium

Grants for Veterans vs Government Grants

Grants from the government operate very differently than the grants on this list. Many of the groups on this list benefit from funding that comes from the government, and this is usually how the federal or state governments get involved with grant funding. There are, however, opportunities for small business owners to get grant funding directly from the government; learn about the best ways to be involved here.
MORE >> Government Grants for Small Businesses

Choosing the Right Grant for Your Business

As a veteran small business owner, each grant on this list is both uniquely familiar with the problems you most likely face as well as the anxieties of running your business. Each grant on this list which is run by vet groups pride themselves on short applications and long relationships meaning that it is more than possible for a vet small business owner to apply to each grant on this list with no problems.

Tips for Making the Best Grant Bid

Business grants for veterans are highly competitive, so taking every step to help your grant bid stand out could help. Here are tips to focus on to help make your bid the best it can be.

Research and Review Before Applying

Before beginning any applications, conduct a thorough review of each grant to make sure it aligns with you and your business. Aside from double checking that you meet all requirements, consider looking at past winners and see how they compare to your business. Are they community-driven small businesses? Or do most past winners come form a specific business area? Putting your time and energy into the right grants could be a key to your success.

Highlight Your Story

So many grant competitions ask their applicants to demonstrate their determination and ethics but for veteran grants, the judges and review panels likely already know applying veterans are of good character. It then makes much more sense to double down on firm, specific, and dollar direct plans for what you would do with grant money. Organization is another trait inherent to our vets.

Tell the judges how service in the military relates to service in the community as a small business. The best veteran grant bids will be the ones that authentically show your acumen for business as well as your great personality. Be yourself!

Have Someone Look Over Your Application Before Submitting

Instead of reviewing your grant application yourself, consider letting a fellow business owner, mentor, or grant professional review your application. They may be able to provide valuable feedback that strengthens your application.

Alternatives to Grants

Investors: As seen on the resources section of this list, investors and venture capitalists are attracted to veterans for their discipline and loyalty. There are several great ways to seek investor funding as a veteran. But don’t feel restricted to veteran-only investor circles; being a veteran is an incredibly visible boon to any bid for investors. You sell your character as well as your business when seeking investors.

Crowdfunding: A successful crowdfunding campaign needs a compelling story and a tangible goal. Veterans have half of those criteria just by being themselves. A veteran small business owner with a story to tell would likely do quite well on a crowdfunding campaign with the right videos and digital assets. One of the other major benefits of crowdfunding is that your business is seen and recognized by all of the people who click on your campaign.

Financing: If you have a very specific plan for how you plan on using your funding and if that plan leads to you making more capital over time, financing is a great way to expedite those plans. Taking out a loan, of course, will have repayment terms unlike a grant. So only seek out financing if you are confident your business plan can lead to easy repayment.

Additional Resources for Veteran Small Business Owners

There are a number of resources set aside specifically for veteran small business owners. While not all these resources may lead to funding, the veteran business owner community is known for a focus on education.

SBA Boots to Business

The SBA Boots to Business program is an education and mentorship program for veterans with a focus on aiding vets at every level of small business ownership. From idea to brick-and-mortar, Boots to Business is a program that works on bringing the strengths of military ethics into the business world.

Military Reservist Economic Injury Disaster Loan

The Military Reservist Economic Injury Disaster Loan is a SBA-backed loan with a 4% interest rate that any business with an essential employee who is military reserve called up to active duty can apply for to cover operating expenses. The maximum amount for the loan is $2 million.

VetFran Franchising

Vetfran is a group that works to connect veteran business owners with a large group of franchise owners looking for new franchisees. Vetfran has a great collection of big-name sponsors and opportunities specifically for their veteran members.

Service-Disabled Veteran-Owned Small Business Certification

Businesses owned by veterans who are service disabled can self-certify with the SBA as a Service-Disabled Veteran-Owned Small Business. Once certified, these businesses have access to a specific

3% of annual federal contract dollars which are set aside for certified members.

Hivers & Strivers

Hivers & Strivers Capital is a venture capital firm with the mission of getting early-stage financing to veterans. With many vet board members and a great peer to peer network, Hivers & Strivers is one of the best ways for a veteran striving to kick off their small business to get started. Further, Hivers and Strivers has extensive staffing connections and mentorship programs.

Veteran Women Igniting the Spirit of Entrepreneurship

Veteran Women Igniting the Spirit of Entrepreneurship (V-WISE) is a program hosted by the Syracuse University D’Aniello Institute for Veterans & Military Families to teach business skills to female veterans and the spouses of vets. Funded in part by the SBA, this program is renowned for its networking sphere. With regular lectures and speeches from business experts and Fortune 500 CEOs, this program is a great way to continue your business education in a friendly environment. V-WISE events are generally in person in the Syracuse area but watch the V-WISE homepage for video and teleconference events in the future.
MORE >> 9 Best Small Business Grants for Women

Business Grants for Veterans FAQs

What Can a Business Grant Be Used For?

Specifics may vary by the grant issuer, but a business grant for veterans can typically be used for development projects, growing operations, purchasing equipment or inventory, and hiring and training employees. Check the terms and conditions of the grant to verify the specific uses of the grant funds allowed.

Will My Grant Be Taxed?

In almost every case, yes. Unless otherwise stated, grant money is subject to taxation.

Is There a Downside to Applying for As Many Grants as Possible?

Especially as a veteran, there are several grant opportunities that, even if you don’t win, could lead to lasting partnerships. Veteran grant competitions are both a way to highlight great businesses and the honor of service. Apply to as many veteran grants as you have time to; you may walk out of them with a new community of veteran business owners ready to help you in a way even more valuable than capital.

Do I Have to Pay to Apply for a Grant?

No veteran grant on this list has an application fee.