Non-profit business accelerator offers grants to former small business owners

0

Time and again, year after year, if there’s one problem seasoned entrepreneurs face in getting their business started, it’s access to capital. The Institute of Veterans and Military Families at Syracuse University studied barriers to veterans entering the market since 2017and capital is always the main problem.

The founders firsta non-profit organization whose mission is to empower diverse groups of business owners and entrepreneurs, is offering grants to 25 seasoned small business owners to help alleviate some of their capital shortages.

Named for Stephen L. Tadlock, Navy veteran and brother of Founders First CEO Kim Folsom, the Tadlock Grant will provide micro-investments of $1,000 to qualified business owners. To qualify, a company founder must be a U.S. military veteran, have an active business in the United States, and employ between two and 50 employees.

Applications are open now through October 18, 2022. Grant recipients will be announced on Veterans Day, November 11, 2022.

“America’s veterans give back to our country every day, and after their service, it’s essential that they have the support of family, friends and local communities to thrive in their post-service careers,” said Folsom, founder and CEO of Founders First, said in a statement.

The Census Bureau Annual Business Survey 2021 showed that veteran-owned businesses make up 5.9% of all businesses in the United States, employ 3.9 million workers, and contribute about $177 billion in annual payroll. Other investigations find that veteran business ownership could reach 9.1%, employ six million Americans and generate approximately $1 trillion in annual revenue.

Veterans are also 45% more likely to be self-employed than non-veterans, according to the US Small Business Administration. Access to capital has always been a difficult issue for this group, as it is for many entrepreneurs, but the global COVID-19 pandemic has only exacerbated the problem.

Founders First specifically targets entrepreneurs in underserved communities for grants and assistance like the Stephen L. Tadlock Grant for U.S. Military Veterans. Even if a seasoned entrepreneur doesn’t get the final cut for that particular grant, they may qualify for one of Founders First’s other job creation aid.

The nonprofit organization offers other business leadership and entrepreneurship training programs with rolling application deadlines. Their duration ranges from 60 days to three months, allowing graduates to compete for other cash grants while learning how to start or grow their business.

In addition to meeting the application criteria, veterans interested in the Stephen L Tadlock Grant will be asked to make a one to three minute presentation video as part of the process. Qualified veteran business owners can apply for the Veterans Grant on the Founders First website.

— Blake Stilwell can be reached at [email protected] It can also be found on Twitter @blakestilwell Where on Facebook.

Want to know more about veteran jobs?

Be sure to get the latest news on post-military careers as well as essential information on veteran jobs and all the benefits of service. Subscribe to Military.com and receive personalized updates straight to your inbox.

Show full article

© Copyright 2022 Military.com. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Share.

Comments are closed.