Let’s start with the pros:

Free money. You don’t have to repay a grant.
Mentorship opportunities. Many grants come with extra support or mentorship.

Now for the cons:

Extended timeline. You could receive a loan tomorrow. But it often takes months for a grant to come through.
Competitive. It can be tough to obtain a grant with the extensive competition.

3 Tips On Applying For Veteran Small Business Grants

As a veteran, there is a whole system and a plethora of resources available to you to get you up and running. The system wants you to succeed. Use the system and the resources. 

Understand the requirements. Read and if necessary get help in understanding the eligibility rules before applying. Otherwise, you will be wasting your precious time. 

Set aside ample time to complete the application. If you commit to submitting a great application it will pay off and if you don’t it won’t. 

Work with a professional. Don’t be afraid to ask for help from a free advisor when filling out a grant application.

Don’t Miss Out On Grant Opportunities.

A grant could be a game-changer for your veteran-owned business. Explore the options to see which grants you may qualify for. If you find a good fit, don’t hesitate to apply. If you can’t wait for the funds, applying for a loan is more efficient.

Frequently Asked Questions(FAQ)

How much money can you get with a veteran small business grant?
A small business grant is often less than $50,000. But there are exceptions to this rule.
Can you apply to multiple grant programs at the same time?

Yes, there is no rule against applying for multiple grant programs.

Can you get a grant to start a business while still in the military?
Are there any business grants for military spouses available?
Should I apply for a grant or take out a small business loan?

The answer depends on your goals. A small business loan is more efficient if you want to get the funds quickly. But if you want to avoid debt, then a grant is a better solution.

About the Authors

Sarah Sharkey

Written by: Sarah Sharkey

Personal Finance Writer

Sarah Sharkey is a personal finance writer who enjoys helping people make better financial decisions.

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Kal Salem

Reviewed by: Kal Salem

CPA, PMP and Finance Consultant

A CPA and finance professional working with small businesses to educate owners and grow alongside their businesses. He holds a Masters in Accounting and a BS in Supply Chain Management. Owner at Salem CPA Services LLC.

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Somer G. Anderson, Ph.D.

Fact checked by: Somer G. Anderson Ph.D., CPA

Accounting and Finance Professor

Somer G. Anderson has been working in the Accounting and Finance industries for over 20 years as a financial statement auditor, a finance manager in a large healthcare organization, and a Finance and Accounting professor at Maryville University.

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