8 Business Grants And Funding Opportunities For Veteran Entrepreneurs

Starting and growing a business is a journey that demands dedication, resourcefulness and financial support. There are various types of funding opportunities for veterans who have served our country and are now on the path to entrepreneurship.

If you need capital to start or grow your business, a grant is a great option. Unlike loans, grants generally do not need to be paid back. Unless noted in the information or application for the veteran business grants, you’re not restricted from applying to or receiving more than one grant—applying to several is a good idea. That way, you’ll increase your chance of getting one or more grants.

Applications are open at least 30 days before the deadline. Check grant websites as early as possible to review and prepare any requirements, such as a business plan, proof of veteran business ownership or other qualifications. To find veteran business grants, you can research all types of opportunities on the Grants.gov site and start with these top business grants for veterans:

1. Farmer Veteran Coalition
   The Farmer Veteran Coalition’s mission is to support a new generation of veteran farmers and food leaders. Their Farmer Veteran Fellowship Fund is a program that offers financial assistance for veterans in the early stages of their farming or ranching business. Awards range from $1,000 to $5,000 and are not given to the veteran but to third-party vendors for items the veteran has identified will help their business. Applications are due in February.
   Learn more about the Farmer Veteran Fellowship Fund.
2. Second Service Foundation
   The Second Service Foundation is a nonprofit organization that offers grants throughout the year via its pitch competition, the Military Entrepreneur Challenge (MEC). In 2023, events were held in March, May and October. The competition is open to veterans, military spouses and Gold Star Family members. Military entrepreneurs must register and attend one of the speed coaching programs to be eligible for MEC. Past prize awards have ranged from $1,000-$15,000 in startup capital and $5,000-$50,000 in in-kind business services, such as legal or marketing services.
   Learn more about the MEC.
3. Texas Woman’s University
   The Texas Woman’s University (TWU) has degree programs in business, education, health sciences and liberal arts and sciences. Through the Center for Women Entrepreneurs, TWU offers a Veteran Woman Grant of $5,000 to 25 women veterans in Texas. Proof of woman ownership and veteran ownership is required. Winners must submit a business plan. Applications are due in May.
   Learn more about the Veteran Woman Grant.
4. U.S. Chamber of Commerce
   Although not exclusively focused on veterans, the U.S. Chamber of Commerce is a national business organization that advocates for policies to help businesses grow and provides resources to business owners. They host America’s Top Small Business Awards contest (formerly Dream Big Awards) to recognize small businesses driving economic growth. Applicants must be in business for at least one year, have fewer than 250 employees and have less than $20 million in revenue. One winner will receive $25,000; the top 10 semi-finalists from seven U.S. regions will receive a one-year U.S. Chamber of Commerce membership (valued at $250). Applications are due in July.
   Learn more about the America’s Top Small Business Awards.
5. Founders First
   This platform offers educational programs and grant resources to businesses led by diverse founders. Their mission is to help entrepreneurs reach $10 million in business revenue. In addition to regional grants, Founders First created the Stephen L. Tadlock Veteran Grant, which offers $1,000 to 25 veterans operating an employer-based small business. The business must have between two to 100 employees and an annual revenue of at most $5 million. Applications are due in October.
   Learn more about the Stephen L. Tadlock Veteran Grant.
   Venture Capital Funding for Veteran Businesses
   
   There are venture capitalists (VCs) who focus on investing in veteran-led businesses. Funding is generally offered in exchange for a percentage of ownership (equity) in the veteran’s business. VCs are looking for companies that solve big problems for big markets and have high-growth potential. VCs may have additional requirements, such as achieving specific business milestones and revenue.
   
   Don’t immediately rule out this option. Giving up a small piece of ownership in your business may be well worth it. Venture capitalist funding is significantly higher than veteran grants. Plus, VCs often provide veterans with business guidance from industry leaders because they have a vested interest in helping their veteran investments succeed quickly.
   
   Here are three VC firms that focus on veteran businesses:
   
6. Hivers & Strivers Capital
   Founded by a graduate of West Point, Hivers & Strivers invests solely in early-stage businesses led by U.S. veterans. The firm invests $10K to $1M in companies with significant and rapid growth potential (no lifestyle businesses or franchises, not generally cannabis or government contracting companies).
   Apply for funding at Hivers & Strivers.
7. Veteran Ventures Capital
   As a veteran-owned equity fund, Veteran Ventures Capital invests in veteran-affiliated businesses with high growth. Generally, they invest in companies already generating $1 million or more in annual recurring revenue and are focused on national security and commercial technology. Their average investment size is $1 million for the first round of funding.
   Apply for funding at Veteran Ventures Capital.
8. TFX Capital
   This veteran-led venture capital firm focuses on business-to-business (B2B) technology startups led by former military and national security leaders. TFX Capital prefers healthcare, cybersecurity and defense tech businesses (no B2C, franchises, consulting firms or companies exclusively serving the government or veteran market).
   Contact TXF Capital.

In addition to grants and VC funding, veterans can finance their businesses through loans. The U.S. Small Business Administration (SBA) helps small businesses by setting guidelines and backing loans provided through local lenders. There are also government, educational programs and networking organizations that provide access to loans or funding sources—see SCORE’s article on Essential Resources for Veteran Entrepreneurs.

Pitch contests are a new funding source for veteran entrepreneurs. These are events where entrepreneurs present their business concept to a panel of judges—awards for the winners range from $1,000 to $100,000. Many veteran grants or VC funding opportunities are offered through a pitch competition setting.

To explore types of funding that could be right for you, contact a SCORE mentor today. A SCORE business mentor can guide you through your options and the application process for veteran business grants, loans or other financing opportunities. The faster you can get the funding you need, the faster you can start or grow your business.