Many veterans channel the skills and leadership ability they develop in the military into starting a business. There are a wealth of resources available to veteran entrepreneurs. In this article, we provide you with 23 resources related to startup financing, training, and other opportunities for veterans starting a business
If you are looking for startup financing there are many loan programs designed to better serve veterans and their families. To qualify for a loan you’ll need to meet some minimum requirements, such as a credit score above 650, a down payment of 10%, and a demonstrable ability to repay the loan.
As an alternative to borrowing to fund a startup, those entrepreneurs who have $50k or more in a retirement account can use that money (without paying early withdrawal penalties and taxes) to fund their business by doing a rollover for business startups.
In honor of those who have served our country, we’ve put together a list of the top resources for veterans who want to start a business.
1. Get Registered as a Veteran Owned Business at the VA’s OSDBU (also known as VetBiz)
If you are not currently registered as a veteran-owned business then you should do this first. The OSDBU’s (Office of Small & Disadvantaged Business Utilization) verification process allows veteran business owners to be listed in the VetBiz directory. Once listed they can qualify for certain government contract processes that are reserved only for veteran owned businesses. This certification can also be important for qualifying for certain types of veteran financing programs.
The OSDBU also has an entrepreneurial portal with information on doing business with the VA and other government agencies. This portal provides step-by-step guides for all the OSDBU’s verification processes.
If you are not currently registered as a veteran-owned business then you should do this first. The OSDBU’s (Office of Small & Disadvantaged Business Utilization) verification process allows veteran business owners to be listed in the VetBiz directory. Once listed they can qualify for certain government contract processes that are reserved only for veteran-owned businesses. This certification can also be important for qualifying for certain types of veteran financing programs.
The OSDBU also has an entrepreneurial portal with information on doing business with the VA and other government agencies. This portal provides step-by-step guides for all the OSDBU’s verification processes.
2. BusinessUSA Resources for Veterans
BusinessUSA is a government website that has a large number of tools, training, and listed resources that can help veterans start and improve their businesses. They pool information and resources from a number of different agencies but make it easy to navigate with a short quiz that will identify specific government resources most applicable to you and your business.
3. SBA Veterans Advantage Loan Program
The Small Business Administration’s Veteran Advantage Loan Program, housed under the Express Loan program, expedites applications for government-backed loans of up to $350,000. You are guaranteed a response to your application within 36 hours. Typically you’ll need a credit score above 680 to qualify for an SBA loan.
4. Women Veterans Igniting the Spirit of Entrepreneurship (V-WISE)
V-Wise is an SBA-sponsored training program for women veterans. The 3-day conference provides advice on starting a business as well as growing an existing business. It’s a great networking opportunity as it attracts other business owners or business owners-to-be from around the country. Hotel accommodation, all meals except one, and books/program materials are entirely covered. You are responsible for travel to and from the conference.
5. Entrepreneurship Bootcamp for Veterans with Disabilities (EBV)
The Institute for Veterans and Military Families at Syracuse University started the EBV program with the goal of creating entrepreneurs by the end of the 3 phase program. Phase 1 is a 30-day instructor-led online course covering the basics of owning and running a business. Phase 2 is a 9-day residency at a host university where students tackle business issues hands-on. Finally, Phase 3 involves 12 months of ongoing support from EBV mentors, a great resource if you have questions (and you’re likely to!) after setting up your business. Travel expenses, lodging, meals, program materials, textbooks, and all other costs are covered by the program.
6. SCORE Veteran Fast Launch Initiative – Free Software and Templates
The SCORE Foundation has a network of over 13,000 mentors, trainers, and partners. Through this network, as part of their Veteran Fast Launch Initiative, SCORE provides numerous resources. This includes free business workshops; one-on-one mentoring; free business calculators, templates, and spreadsheets; and 5 free hours of financial advice from a Certified Public Accountant. There are 320 chapters, so you can go into a local SCORE office today for more info.
7. Vocational Rehabilitation & Employment Program for Disabled Vets
The U.S. Department of Veterans Affairs runs a Vocational Rehabilitation & Employment (V&RE) Program for veterans that have become disabled as a result of their service. The seriousness of the service-connected disability determines the amount of funding you can receive. Veterans can receive grants for the purchase of inventory, supplies, licensing fees, and essential equipment. Applicants must submit a complete business plan before they can be considered for funding.
8. SBA Operation Boots to Business Training Program
The SBA-run Operation Boots to Business is a training program that is part of the U.S. Department of Defense’s Transition Assistance Program. Boots to Business provides entrepreneurship training to veterans, beginning with a 2-day course introduction to entrepreneurship and continuing with a rigorous 8-week instructor-led course at a local university. The curriculum includes business concepts (e.g. accounting), the knowledge required to develop a business plan, and information on other SBA resources available for veterans.
9. System For Award Management – Vendor Registration For Government Contracts
The system for award management (SAM) is a government-run online portal where all businesses must register if they want to do business with the federal government. All registered vendors show up on the data list through SAM, where government employees do searches to determine vendor eligibility for new contracts. If your veteran-owned business plans to bid for government contracts, make sure you’ve registered on SAM.
10. SBA Veterans Business Outreach Centers
The SBA offers a program that provides counseling, mentoring, and training for veterans starting a business. They offer these services through 15 participating organizations in outreach centers across the United States. Check out their locations today to see where the nearest outreach center is to you.
More Startup Resources
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- Accounting: Learn how to setup and use Xero
- Website: WordPress for Beginners – Master WordPress Quickly
- Legal: Get help deciding which business legal structure is right for you.
- Sales: Learn about CRM systems for your business.
- Banking: Learn necessary information about opening a small business bank account.
Bottom Line
From helping build the skills successful entrepreneurs need to offering programs that make sure veterans have access to capital, there are a lot of resources out there for veterans starting a business. Keep in mind that when it comes to financing a startup you’ll still need to demonstrate an ability to repay any money you borrow.