Women veterans comprise the fastest growing segment of the veteran population, according to a 2017 National Women’s Business Council report on veteran women and business.
The report states: “As of 2012, veteran women-owned businesses accounted for 383,302, or 3.9%, of the 10 million women-owned firms in this country. Veteran women-owned firms increased 294.7% in number from 2007 to 2012. During the same period, the number of non-veteran women-owned firms increased by 23.4%. The data are clear: Veteran women are outpacing their non-veteran counterparts in terms of launching new businesses.”
The report adds: “Veteran women-owned businesses have had a growing influence on the U.S. economy through increased sales and employment. In 2012, veteran women-owned firms brought in $17.9 billion in receipts, approximately 2.1 billion more than in 2007. However, veteran women-owned firms continue to bring in lower receipts than non-veteran women-owned firms.”
In an effort to support veteran women, the Center for Women Entrepreneurs at Texas Woman’s University has created a grant program to help them get the financial resources to start or expand their small business. The purpose of this program is to foster greater economic development activity in Texas by encouraging and enabling veteran woman-owned small businesses to undertake new and innovative projects.
A total of $250,000 in funding has been made available and the grant program will offer awards ranging from $1,000 to $10,000. This is the first grant program by the center to offer different grant amounts. A startup may not need much funding while an established business may need more money to invest in materials for production or expansion.
Grant applications are open and can be submitted through 5 p.m. on May 14, 2021. Eligible veteran woman-owned (at least 51%) businesses are required to submit a company background and project information to receive funding.
The funding can be used for:
- Purchase of machinery, equipment or technology
- Addition or acquisition of new inventory or raw materials
- Purchase and installation of fixtures or display units
- Property improvements that will result in additional business
- Marketing or advertising campaigns
- Any other business-related activity that CWE deems is aligned with the stated purpose of this program
Awardees will receive two funding installments, the first of which will coincide with being selected for the grant. The second installment will be awarded after the grantee completes a small business training series offered by the Center for Women Entrepreneurs and veteran-focused organizations, and submits a business plan and itemized receipts or proof of purchase for the first half of funding. Small business advising and mentorship will also be a part of the program.
Complete eligibility requirements, grant guidelines, frequently asked questions and the application can all be found at: twu.edu/center-women-entrepreneurs/veteran-woman-grant.