Small Business Loan and Grant Resources for Veterans

Veterans are 45% more likely than those with no active-duty military experience to be self-employed, and support for veteran-owned businesses is strong among U.S. consumers, according to Jeff Burton, director of Military Relations at Zions Bank.“

According to SBA, the general public would prefer to do business with a vet-owned business by a margin of 70 percent over a non-veteran-owned business,” Burton explains.

But veterans typically have a more difficult time obtaining financing than their nonveteran counterparts – and lack of education about available resources may be partly to blame.

With that in mind, here are five sources of small business loans and grants with benefits developed specifically for veterans.

Veteran Funding Source #1: Zions Bank Small Business Diversity Banking Program

Veterans can apply for funding through Zions Bank’s Small Business Diversity Banking Program¹ for a variety of operating purposes, including working capital, real estate and equipment.

The program was designed to give more businesses the chance to grow and prosper with wider access to loans and lines of credit through Special Purpose Credit Program eligibility standards, which can assist business owners who might otherwise be denied. The offering streamlines the application process and removes the complexities of a multi-part submission process.

Your business may qualify for one or more of these available small business loan options:

Veteran Funding Source #2: SBA-backed bank loans

The U.S. Small Business Administration (SBA) makes special consideration for veterans through several programs, including SBA Veterans Advantage. This loan program offers the same terms as the popular SBA 7(a) and Express loans, but with reduced or waived guarantee fees. Seek out an SBA Preferred or Approved Lender to apply for funding through these loan programs.

In addition, SBA offers the Military Reservist Economic Injury Disaster Loan Program which provides loans of up to $2 million to cover operating costs due to the loss of an essential employee called to active duty.

As a preferred SBA lender, Zions Bank’s team of experienced business bankers can help you find the right SBA loan for your veteran-owned business. Apply for a Zions Bank SBA loan² online or at a local Zions Bank branch.

Veteran Funding Source #3: StreetShares

The StreetShares Foundation exists to inspire, educate and support the military entrepreneurial community. The foundation’s grant program, the Veteran Small Business Award, offers support to veterans who lack the financial resources to start or grow their small businesses.

Veteran Funding Source #4: Warrior Rising

Warrior Rising is a nonprofit organization dedicated to helping veterans achieve success in business through partnerships, mentoring and economic assistance.

Veteran Funding Source #5: Hivers and Strivers Angel Investment Group

Hivers and Strivers Angel Investment Group focuses on early-stage investments to support startups founded by military veterans.

Looking for more grant opportunities for veterans? Check out https://www.grants.gov/ to search for federal and local government grants that could benefit your veteran-owned business.

If you’re interested in learning more about resources for veteran entrepreneurs, contact your local Veterans Business Outreach Center, Veterans Business Resource Center, VetToCEO, or SCORE for business training and mentoring.

From specialized military banking services to internships and employment, Zions Bank is proud of its track record of supporting the military community.

Email Military@zionsbank.com to learn more about the several small business and grant resources available to veterans.

1. Loans subject to credit approval. Terms and conditions apply. See a banker for details.
2. SBA loans subject to credit approval and SBA approval. Terms and conditions apply. See a banker for details.