Military spouses are not immune to the general challenges faced by businesses in present-day America, hence the need for grants for military spouses to start a business. In March of this year, Capital one conducted a poll on 1,200 American small businesses to determine the effect of the economy on their growth and sustainability.
They found that 71% of small business owners said that inflation has hurt their industry, and 77% are concerned about long-term effects which could become evident in lower sales and higher costs of operating elements. These issues are felt by military spouses, just as they are felt by everyone else. And the solution is simple – a number of calculated aid programs that can help these businesses stay afloat. This is where grants for military spouses to start a business come in!
Have you ever heard about grants for military spouses to start a business? If you have not, then you are just about to. Military spouses face many unique challenges, especially in business? And that’s That’s why there are a number of grants available to help them get their businesses off the ground or keep the business in good shape.
In this article, we’ll introduce you to a few of these grants and tell you how to apply for them.
Who is a military spouse?
A military spouse is the husband or wife of a servicemember. Military spouses often face unique challenges, including frequent moves and deployments. IIs such persons decide to start a business, it could prove to be a great way to build stability and financial independence for such families. This is why there are a number of programs and grants available to help military spouses.
Would the military pay me as a military spouse?
The United states military will not pay you just because you are married to one of our miltary men. However, the military does offer a few different programs that can help spouses of service members start their own business. The program is administered by the Small Business Administration.
Does the VA give business loans?
The answer is no, the Department of Veterans Affairs does not give out business loans. However, there are other government agencies and private organizations that offer financing for military spouses who want to start their own business. The best place to start your search is the Small Business Administration (SBA). The SBA offers a variety of loans and grants for small businesses, including those owned by military spouses.
Where to find business grants for military spouses
If you’re a military spouse looking to start your own business, there are a number of grants and other financial assistance programs available to help you get started. Here are just a few places to look for funding:
1. Office of Veterans Business Development (OVBD)
The OVBD, which is dedicated solely to encouraging veteran entrepreneurship, makes it easier for veterans, service-disabled veterans, reservists, active-duty service members, transitioning service members, and their families or survivors to use all SBA programs.
Access to cash and training for opportunities in small business are provided by SBA programs. Additionally, they help link veteran small business entrepreneurs with commercial supplier chains and federal procurement processes.
Veterans Business Outreach Centers (VBOC) are managed nationally by the OVBD initiative known as the Veterans Business Outreach Center Program. For qualified veterans, this small business program provides business plan workshops, concept evaluations, mentorship, and training. It also includes a number of success stories.
2. Veteran Women Igniting the Spirit of Entrepreneurship (V-WISE)
The V-WISE is a premier training program in entrepreneurship and small business management. V-WISE helps women veterans and female military spouses/partners find their passion and learn the business savvy skills necessary to turn an idea or start-up into a growing venture.
V-WISE is funded in part through a Cooperative Agreement with the U.S. Small Business Administration and the generous philanthropic support of corporate and foundation partners nationwide.
3. Warrior Rising
Warrior Rising gives American military veterans and members of their immediate families the tools they need to build successful businesses, keep hiring other veterans, and secure their future.
4. Hivers and strivers venture capital for veterans
Hivers & Strivers Capital exclusively invests in early-stage businesses run by veterans. They reduced risks in the early phases, when metrics are still developing, by investing in exceptional leaders across a range of asset classes. Hivers & Strivers Capital consistently observes that those who have served in the American Armed Forces on active duty will use grit, integrity, and exceptional leadership skills to do whatever it takes to advance their company.
To achieve this, Hivers & Strivers’ first funds, Hivers & Strivers Fund I and IB, made investments in the top 1% of this prestigious group, generating astronomical returns and reaping significant multiples on the difference between entry point valuation and exit price. Hivers & Strivers Fund II will now carry on the tradition.
5. The StreetShares Foundation Military Entrepreneur Challenge
In collaboration with the Samuel Adams Brewing the American Dream initiative, the StreetShares Foundation offers the Military Entrepreneur Challenge.
The StreetShares Foundation is dedicated to establishing possibilities for service veteran and military spouse entrepreneurs who want to launch or expand a business venture to access finance. This honor is intended to encourage proprietors of small businesses that are improving society in their local area.
- By creating a brief pitch video and completing the online application form, qualified candidates will submit an application for the Military Entrepreneur Challenge.
- 8–15 finalists will be chosen by the StreetShares Foundation.
- The public can vote for the finalists on the Foundation website.
- Additionally to or in conjunction with the business or nonprofit functions, the non-profit or business entity will be assessed for its favorable social, community, educational, military-transition, employment, health & wellness, or veterans’ mental health/spiritual impact on the American military and veteran community.
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6. The SBA’s Veterans Business Outreach Center (VBOC) program
The Veterans Business Outreach Center (VBOC) program is created to offer entrepreneurial development services to transitioning service members, veterans, National Guard & Reserve members, and military spouses interested in starting or expanding a small business. These services include business training, counseling, and resource partner referrals. 22 organizations, including SBA, are a member of the joint agreement and act as Veterans Business Outreach Centers (VBOC).
The SBA’s VBOCs provide training, mentoring, counseling, and workshop opportunities close to you. VBOCs can also direct you to a community partner, lender, or SBA program and assist you in navigating the wide resource partner network of the SBA.
It is important to note that the Small Business Administration (SBA) has a variety of programs and resources available for small businesses, including financing and training programs. Military spouses may be eligible for some of these programs.
You can also check with your local Chamber of Commerce or Small Business Development Center (SBDC) for more information on business grants and other assistance programs available in your area.
Other funding opportunities
1. What is a Patriot Express loan?
The SBA has expanded its financial, procurement, and technical assistance initiatives for the military community by announcing the Patriot Express Pilot Loan. The SBA Express Program is the foundation for Patriot Express, a simplified loan product with improved guarantee and interest rate features.
The Patriot Express loan is a great option for military spouses who are looking to start their own business. This loan provides up to $500,000 in financing, with no collateral required. This makes the Patriot Express loan an attractive option for military spouses who are looking to get their business up and running quickly and efficiently.
2. The VetFran program
The Veterans Franchise Initiative (VetFran) was created based on the premise that the franchise business concept has always attracted veterans, and franchisors have long acknowledged that these individuals are among the most qualified, driven, and successful potential franchisees available. Veterans make up around 7% of the population, while they make up 14% of franchise owners.
For this reason, the initiative considers that veterans are more likely to be hired as workers by veteran franchisees, just as 65 percent of franchisors report an increase in the rate of recruiting veterans in recent years. What makes this even better is the fact that veterans are considered to leave the military with a solid foundation in teamwork and leadership and this could help them become successful in managing their own franchise.
3. Military Reservist Economic Injury Disaster Loans
The Military Reservist Economic Injury Disaster Loan (MREIDL) provides money to assist a qualified small business in meeting expenses that it could have paid but is unable to do so because a key employee was called up to active duty in his or her capacity as a military reservist.
$2 million is the maximum MREIDL loan amount. Each loan is only eligible for the actual economic harm determined by the SBA. The sum is further constrained by business interruption insurance and the availability of operating capital for the company and/or its owners. The SBA may waive the $2 million statutory cap if a company is a significant employer.
MREIDL loans are not intended to replace lost revenue or lost earnings. MREIDL funds cannot be used to refinance long-term debt, develop the business, or replace conventional commercial financing.
If you are interested in applying for an EIL, you can contact your local SBA office or visit their website to learn more about the program and how to apply.
How big of a VA business loan can I get?
We hate to break it to you, but the true answer to this question is that the VA does not offer business loans. However, you could get the funding you need from the Patriot Express program. The Patriot Express is a unique financing program for veterans offered by the Small Business Administration (SBA).
As a business owner engaged with the Small Business Development Center, you are advised to make sure that you have all the required paperwork before submitting an application. Visit www.sba.gov/patriotexpress for further information on this initiative.
Conclusion
The military spouse entrepreneurship grants program is a great way for military spouses to get the funding they need to start their own business. With these grants, as well as the alternative sources of funding highlighted in this post, military spouses can cover the costs of starting their business.
So, if you are a military spouse, grants for military spouses to start a business will go a long way to help make your dreams a reality. Just be sure to check out some of the the grant programs in this post and you could well be on your way.
