When starting a small business it can be hard to get the capital to start. This is especially true if you plan on offering any products for sale, or if you need money to rent out an office, buy equipment and employ staff; or if you have just left a long career in the military for example. With the economy the way it is, it can also be hard to persuade banks and other big lenders to loan you the money especially if you do not have any collateral for the loan, but there is one other option available to you – small business grants.
What are Small Business Grants for Veterans?
Unlike a business loan which will need to be repaid, a small business grant is a gift that comes with no strings or future conditions attached with it. They are normally offered by non profit organisations or government agencies with the aim of helping out either the individual due to the situation they are in or the community as a whole. For example, if you are awarded a small business grant to start a business that offers a service to the community, the hope is that people in your community will spend money on your service, which in turn will help the economy in the area.
Who is Entitled to Small Business Grants?
Almost anyone is entitled to apply for a small business grant however there are three main groups of people who are targeted. These include:
- The disabled
- Native Americans
The reason why small business grants are awarded primarily to the three groups above is because the government is currently trying to increase the number of businesses owned by people in these areas. It is also much easier to obtain a small business grant if you are living in an economically deprived area, than in somewhere like New York for example.
Small Business Grants for Veterans
After retiring from the military, many veterans find it very hard to slot back into a normal day to day routine. The tension that accompanies struggling to find a new job (that is often quite different to their role in the military) is the main reason for non profit organisations and government agencies to want to help these people specifically. Small business grants for veterans aim to help veterans to set up their own small business that not only helps the community that they are in but also helps them to readjust to normal life.
Many veterans may also leave their military life with emotional, physical or mental disabilities. These people are likely to find it even harder to readjust to life without some extra help.
When are Small Business Grants for Veterans Awarded?
The number of grants available from the government are announced each year and distributed to government agencies annually. A sizable amount is usually awarded enabling the readjustment period to be made much easier for numerous veterans throughout the country. Private organisations will determine who they award their grants to on a case by case basis.