Transitioning from military service to civilian life can be a daunting task, but many Veterans are turning this challenge into an opportunity by starting their own businesses. Veterans bring a wealth of experience, discipline, and leadership skills honed during their time in service, all of which are critical to entrepreneurial success. However, starting and running a business requires more than just soft skills—it also demands access to funding, mentorship, and other critical resources. Fortunately, numerous programs and organizations have been created specifically to support Veteran entrepreneurs. This article will explore some of the top business resources available to Veterans to help them succeed on their entrepreneurial journey.
Small Business Administration (SBA) Resources for Veterans
The U.S. Small Business Administration (SBA) offers various programs tailored to Veterans who want to start or grow their businesses. These initiatives are designed to help Veterans navigate the challenges of entrepreneurship by providing access to funding, training, and mentorship.
- Veteran Advantage Loan Program: The SBA’s Veteran Advantage Loan Program provides Veterans with more favorable loan terms than those available to the general public. The program guarantees loans made by lenders to Veteran-owned small businesses, helping Veterans access capital that might otherwise be difficult to obtain. This program offers fee reductions on certain SBA loans for eligible Veterans, making it a more affordable option for financing a business.
- Boots to Business (B2B): Boots to Business is an entrepreneurial education and training program offered by the SBA as part of the Department of Defense’s Transition Assistance Program (TAP). B2B provides service members and Veterans with the knowledge and tools they need to explore business ownership, including guidance on business planning, marketing, and managing finances. The program also includes access to follow-up support through the SBA’s extensive network of business advisors and mentors.
- Veteran Business Outreach Centers (VBOCs): VBOCs provide a wide range of assistance to Veterans, including mentorship, workshops, and resource referrals. These centers offer personalized counseling and training to Veterans who want to start or expand their businesses. VBOCs are often the first stop for Veterans seeking guidance on entrepreneurship, as they offer localized support in communities across the United States.
Non-Profit Organizations Supporting Veteran Entrepreneurs
Several non-profit organizations have been established with the sole purpose of helping Veterans succeed in the business world. These organizations provide everything from mentorship and networking opportunities to funding and business development resources.
- Bunker Labs: Bunker Labs is a national non-profit organization that supports Veteran entrepreneurs through mentorship, networking events, and access to capital. With chapters in numerous cities across the U.S., Bunker Labs helps Veterans connect with fellow entrepreneurs, investors, and business leaders who can offer guidance and support. The organization’s programs, such as the Veterans in Residence accelerator, provide a structured environment for Veterans to work on their business ideas and receive feedback from experienced mentors.
- Veteran Entrepreneur Portal (VEP): Managed by the U.S. Department of Veterans Affairs, the Veteran Entrepreneur Portal (VEP) is a comprehensive online resource that consolidates information on starting and growing a business. The portal provides easy access to a wide range of resources, including how-to guides on business planning, funding, and government contracting. It also offers Veterans information on specific benefits available to them, such as loans and grants.
- Patriot Boot Camp (PBC): Founded by Techstars, Patriot Boot Camp is an accelerator program specifically designed for Veterans and military spouses who want to launch or scale tech startups. PBC provides access to a network of mentors, investors, and experienced entrepreneurs, all of whom are committed to helping Veteran-owned startups thrive. The program includes intensive boot camps that cover topics such as product development, business strategy, and fundraising.
Corporate Initiatives and Programs for Veterans
In addition to government and non-profit resources, several large corporations offer specialized programs and initiatives aimed at helping Veterans succeed in business. These programs typically provide mentorship, financial support, or access to resources that are not available to the general public.
- Veterans in Residence (WeWork and Bunker Labs Collaboration): Veterans in Residence is a national initiative created through a partnership between Bunker Labs and WeWork (now part of the flexible workspace company, WeWork). This program provides Veterans with six months of free office space, mentorship, and access to a supportive entrepreneurial community. Veterans in Residence is designed to help Veteran entrepreneurs develop their business ideas and connect with other Veterans who are on similar journeys. The program offers a unique blend of resources that cater to both early-stage and established entrepreneurs.
- JPMorgan Chase’s Veteran Business Initiatives: JPMorgan Chase has a longstanding commitment to supporting Veteran entrepreneurs through its Office of Military and Veterans Affairs. The bank offers several initiatives aimed at helping Veterans access capital, such as the Mission Main Street Grants program, which provides funding to small businesses, including those owned by Veterans. In addition to financial support, JPMorgan Chase offers networking opportunities and mentorship programs specifically for Veterans.
Educational Resources and Training Programs
Veterans looking to acquire new skills to enhance their entrepreneurial ventures can take advantage of various educational resources tailored specifically to them.
- Institute for Veterans and Military Families (IVMF): The Institute for Veterans and Military Families at Syracuse University is one of the leading organizations focused on supporting Veteran entrepreneurs. Through its entrepreneurship programs, such as the Entrepreneurship Bootcamp for Veterans (EBV), IVMF offers Veterans intensive training on business ownership, including workshops on everything from developing a business plan to securing funding. The organization also provides ongoing support through its alumni network, which helps connect graduates with potential investors and mentors.
- SCORE Mentoring for Veterans: SCORE is a non-profit association that offers free business mentorship and educational resources to small business owners. SCORE has a dedicated program for Veterans that pairs them with experienced business mentors who provide guidance on various aspects of running a business. This mentorship can be invaluable for Veterans, especially those who are navigating the complexities of entrepreneurship for the first time.
Tapping into Resources
Veterans possess a unique skill set that makes them well-suited for entrepreneurship, but they also face challenges in transitioning from military service to civilian business ownership. Fortunately, a wealth of resources is available to help Veterans succeed as entrepreneurs, from government-backed loans and educational programs to non-profit support networks and corporate initiatives. By tapping into these resources, Veterans can access the funding, training, and mentorship they need to build and grow successful businesses, ensuring that their entrepreneurial journeys are as impactful as their military service.
