Funding Solutions
Market research is a key piece of any successful business. It allows you to gain insight into the needs and wants of your target market, as well as understand trends in the industry. But for veterans starting their own businesses, it can be difficult to acquire the necessary funding to do this type of research. In this article, we’ll look at some potential funding solutions for veterans who want to conduct market research.
TYPES OF GRANTS FOR VETERANS
SBA Veterans Advantage 7(a) Loan
The 7(a) loan is the Small Business Association’s primary and most popular program. With longer terms and potentially lower down payments than other financing options, it’s a great option when you’re looking for capital for your small business.
Service-Disabled, Veteran-Owned Small Business Program
Similar to the VA’s OSDBU program, the Service-Disabled Veteran-Owned Small Business Program aims to provide businesses owned by veteran entrepreneurs with contracting dollars. The federal government sets aside at least 3 percent of contracting dollars for set-aside contracts for small businesses owned by disabled veterans.
VetFran Franchising Opportunities
While this is not a small business grant for veterans, it is still worth exploring. There are so many franchise opportunities for veterans out there that provide generous financial incentives for veterans and their spouses entering a franchise system. That incentive often involves the franchisor discounting the veteran franchisee’s initial franchise fee, or even waiving it entirely.
Military Reservist Economic Injury Disaster Loan Program (MREIDL)
In the situation that an essential employee has been called to active duty, the business may qualify for MREIDL. The loan amount can be up to $2 million based on the SBA’s assessment, and any loans over $50,000 collateral, in the form of real estate when possible.
VA Office of Small & Disadvantaged Business Utilization (OSDBU)
The Department of Veterans Affairs offers potential assistance to businesses owned by economically disadvantaged individuals through their Office of Small and Disadvantaged Business Program. Their goal as a department is to provide these businesses with as many government contracts as possible. While these are not government grants or loans, these contracts could mean money in the bank if your business qualifies. Be sure to register with their office. Once your business has been verified, it will be added to their directory of small businesses and could be called upon for a government contract.
VA Small Business Grants
Meant for non-profit organizations, the Department of Veterans Affairs Small Business Grants are aimed at helping military veterans get their operations up and running. Like any other grant money, this does not have to be repaid but will require strict compliance on the part of your business. Be sure to review the guidelines before applying to be sure your business is in compliance.
VA VR&E Business Ownership Track
If you suffer from a service-connected disability and have the desire and plan to run your own business, you could qualify for assistance from the Vocational Rehab & Employment Ownership Track. Along with the requirements listed above, you must have an employment barrier or handicap, be enrolled in the VR&E, and your disability must make it difficult for you to obtain suitable employment. Be sure to check the requirements and application to see if you could get help getting your business off the ground.
GrantWatch
To stay up to date on the latest veteran grant opportunities, check out GrantWatch, a free website that aggregates all federal, regional, and local grants for small businesses, veterans, and nonprofits. GrantWatch updates every day with the latest grants, making it an invaluable resource for veteran and non-veteran business owners alike.
WHY DO GRANTS FOR VETERANS MAKE SENSE?
The men and women of our military have put their lives on the line for us for years and it only makes sense that we should be doing more to ensure their well-being. Grants for veterans are one of many great ways to pay them back and support them during times of need. The grants can provide assistance in financing education, helping with home ownership, and providing healthcare to name a few. This assistance can mean a world of difference to veterans who often face unique challenges when transitioning out of active duty, such as homelessness and mental health issues. Not only do grants benefit those courageous people who served our country, but they also serve as investments in the long-term health of our economy. Investing in veteran services often leads to better job opportunities for those underprivileged service members; further helping to ensure economic stability for the future.