The Department of Veterans Affairs in the United States defines a service-connected condition as an illness or injury caused in the line of duty. That is, one got injured or became ill or had an underlying illness that worsened due to active military service. Leaving the military with a disability poses a challenge to your future outside military service. For example, there would be difficulty in accessing clients or even sourcing funds to get by or start a business.
Thankfully, there are programs aimed at ensuring veterans with service-connected disabilities are not stranded, especially those starting a business. Therefore, if you are a veteran with a service-connected illness or disability, here are some programs that offer great entrepreneurial opportunities.
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Programs Aimed At Bridging Educational Barriers
“A very significant barrier veterans with service-connected disabilities face is an educational barrier,” says lawyer Jan Dils of Fight4Vets. When there is an educational barrier, the great aspiration and dedication of a disabled veteran are insufficient to get them going. More so, without a good knowledge of how to turn their business ideas into reality, those desires simply remain desires.
As such, the United States VA has established several programs to bridge educational gaps for veterans, including:
Programs That Provide Funding
Apart from education, there are also programs designed to help you secure funding. Better still, these programs equip you with everything you need to secure a new business with significant potential for growth.
If your goal is to become an entrepreneur, the Department of Defense collaborates with veteran entrepreneurs to help them achieve their objectives. Moreover, there are outreach programs that aim to identify small businesses owned by veterans, including those operated by individuals with disabilities.
SBA’s Service: Owned Small Business Program
This program, run by the Department of Defense, gets at least five percent of all federal contracting dollars from the federal government. However, what makes it more beneficial is the fact that competition for this program is limited. This benefit is significant because it means you don’t have to compete with a sea of potential entrepreneurs to get into the program. Nevertheless, as always, there are requirements to meet, but the two main ones include:
If you are permanently disabled and unable to manage your business, all hope is not lost; you may still qualify. To qualify, you simply need to have your spouse or appointed permanent caregiver, whichever applies, assist you in management.
Programs That Provide SBA Loans
You can also get loans through SBA loan programs to get the funding you need for your business. You may be skeptical about obtaining loans, but it’s worth noting that the SBA guarantees a portion of the loan. As such, you enjoy a lowered lender’s risk and can get your business up and running in no time.
To obtain the loan, however, you must have an operating business located in the US, and the business must be a for-profit entity. Also, the business must meet the SBA’s definition of ‘small size.’
Furthermore, you must be creditworthy and demonstrate a reasonable ability to repay the loan.
Conclusion: State-Level Programs to Try
Another set of programs you should watch out for are the state-level SBA and VA programs. You can find valuable resources that will help you stand out in the business world and gain loyal customers. If you are unsure about the programs and resources available in your state, consult with your local SBA office.
