Where Veteran Owned Business Owners Can Seek Financial Assistance
According to research conducted by Bunker Labs, approximately 25% of all transitioning veterans are interested in opening and running their own business. If you are one of these entrepreneurial-minded individuals, you may wonder where you can turn for financial help with your venture. If you want to join the ranks and enjoy the perks of a veteran-owned business, the information here will probably be useful.
SBA (Small Business Administration) Loans
Anyone who wants to run a small business in the U.S. can acquire an SBA loan. It is possible to get between $500 and $5.5 million in funding. All this depends on what you can qualify for. You can apply for loans using the SBA Lender Match too, which requires some basic information about the business.
SBA Veterans Advantage
For veteran-owned business options, another popular program is Veterans Advantage, which is offered by the SBA and specifically for veterans. If you are eligible for this loan, you will find the fees are much lower. Some considerations made for this loan product include if the person is a participant in the TAP – Transition Assistance Program, service-disabled veterans, veterans, reservists, and more.
MREIDL – Military Reservist Economic Injury Disaster Loan Program
This is yet another loan product offered by the SBA. You can apply for this loan if you have lost an essential employee because they were called to engage in active duty.
The StreetShares Foundation
This program offers both loans and grants for any veteran-owned business or for businesses that are run by a veteran’s spouse. Each month there are grants provided for businesses base don the strength of their business idea along with their total social impact. It also offers several short-term loans designed for small businesses and veteran-owned businesses.
Hivers and Strivers
This is an angel investment group that searches for veteran-owned startups. Specifically, it provides funding for businesses that are created by people who have graduated from a U.S. Military Academy. The investors will give financial support to businesses in an array of industries, providing investments along with business advice.
For veteran-owned businesses, there are a lot of factors to consider. Take some time to consider the financing options here, to help you get your business off the ground and to help ensure you get the financing options needed. Being informed is the best way to get the desired results for any veteran-owned business that is being started.