Resources Through the Government
The federal government has a handful of resources and programs that are helpful for veterans:
Small Business Association (SBA) Veterans Advantage 7(a) Loan
The Small Business Administration (SBA) is a federal agency that provides help to entrepreneurs. The Veterans Advantage 7(a) loan is created specifically to help veterans get the funds they need to start a small business. These loans offer longer terms and smaller down payments than traditional business loans and have less stringent credit requirements. Certain loan fees are also reduced for qualified veterans who apply for the loan program.
Veterans Affairs Veteran Readiness and Employment Program
The Veterans Affairs Veteran Readiness and Employment (VR&E) program provides vets with service-related disabilities the help they need to reach their professional goals. It has a self-employment track for entrepreneurs who can't find employment because of their disability. To receive assistance starting your own business through this program, you must first enroll in VR&E and confirm that your disability prevents you from finding traditional employment. If you qualify, you will get the training necessary to handle small-business operations, finances, and marketing.
Veterans Affairs Office of Small & Disadvantaged Business Utilization (OSDBU)
The OSDBU is part of the U.S. Department of Veterans Affairs and assists vet-owned businesses that are facing economic hardship. The OSDBU does not provide funding directly, but it will connect these businesses with government agencies that need their services. It is easy to get help through the OSDBU. Simply register and verify your business and your business' information will be added to the directory. Your business can then be matched with suitable government projects.
Veterans Affairs Vocational Rehabilitation and Employment (VR&E) Self-Employment Track
The VA's VR&E self-employment program helps vets with a service-related disability further their business goals. To qualify, you must be enrolled in the VR&E and have a service-related handicap that prevents you from finding suitable employment. Take a look at the full list of requirements to see if this program can help you get your business up and running.
Military Reservist Economic Injury Disaster Loan Program (MREIDL)
MREIDL gives businesses access to loans if they have a vital employee who gets called to active duty. Many veteran-owned businesses are prone to hiring military professionals, and they can be hurt when those employees are called away. MREIDL loan money allows the business to hold the position for the soldier until he or she can return home. Though this program isn't directed at veterans specifically, it is one many veterans can utilize.
Private Organizations Helping Veteran Entrepreneurs
In addition to these government organizations, you can get help for your business through these non-government groups:
Veteran and Military Business Owners Association (VAMBOA)
VAMBOA is an organization that provides business coaching, financial information, mentorship, and contracts to veteran-owned businesses and their owners. It is a great place to connect with other veteran entrepreneurs or to get your business seen by those who wish to support it.
Veterans Launching Ventures
Veterans Launching Ventures is a program from Farleigh Dickenson University that provides a certificate course on how to launch and grow a successful business for veterans and their families. Vets are partnered with other vets who serve as mentors for ten months.StreetShares
Owned and operated by veterans, StreetShares specializes in helping fellow veteran business owners find loans that best fit their business goals. Flexible financing options include a lump sum loan, line of credit, and contract financing. A veteran team member walks you through the application process and will answer any questions you may have.
Hivers and Strivers
If you're a U.S. military academy graduate looking to start your own business, Hivers and Strivers may be a good resource for you. This angel fund is operated by fellow academy graduates from West Point, Annapolis, the Air Force, and the Coast Guard. They offer funding from $250,000 to $1 million for each round of submissions and may partner with other lenders for large investments. While there's no guarantee that your startup plan will receive funding, it wouldn't hurt to submit it for consideration.
VetsinTech
Known for helping vets find education and employment in the tech industry, VetsinTech also offers financial workshops for vets looking to start their own businesses. The nonprofit organization offers a variety of programs to help you learn about funding strategies and choose the right type of funding for your startup. You can connect with industry leaders, ask questions, and pitch your ideas to a panel of business experts who can provide you with valuable feedback. While VetsinTech doesn't provide direct funding, you may find its educational programs to be just as valuable.
To all the veterans and their families who serve: Thank you, from the Rocket Lawyer team. We're proud to help small businesses with their business goals, whether that is starting a business, making business contracts, or getting help with the many compliance related tasks required to run a business. If you have questions, Rocket Lawyer can also help you ask a Legal Pro to get answers you need to thrive.
Please note: This page offers general legal information, not but not legal advice tailored for your specific legal situation. Rocket Lawyer Incorporated isn't a law firm or a substitute for one. For further information on this topic, you can Ask a Legal Pro.
