Resources for Starting a Business
Nashville is home to a thriving ecosystem for entrepreneurs, providing ample support to help veterans transition from military service to business ownership. Here’s a quick guide to the local and national resources that can help veterans and their spouses kickstart or grow their businesses.
Local Resources
Nashville Entrepreneur Center (EC)
Although it’s not veteran-specific, the Nashville Entrepreneur Center is a cornerstone for local entrepreneurs, offering several accelerator programs tailored to various needs. An accelerator program is designed to help early-stage businesses grow faster by focusing on specific stages of business development, such as market readiness or scaling. Here are the available accelerators:
- PreFlight: For aspiring entrepreneurs, this program helps early-stage founders refine their business ideas. Participants receive guidance on developing a business model, validating their ideas, and preparing to launch.
- TakeOff: Aimed at businesses that are ready to go to market, providing mentorship and resources necessary to scale. It’s perfect for founders who have a prototype or product and are seeking to attract customers and partners.
- InFlight: Focused on scaling businesses, it connects founders with a network of industry experts and capital sources and supports businesses that are looking to expand, focusing on customer acquisition and revenue generation.
- Twendé: A statewide program with a focus on entrepreneurs from Historically Black Colleges and Universities (HBCUs), Twendé offers education, mentorship, and resources to help diverse founders develop their ventures and increase economic self-determination.
SCORE Nashville
SCORE Nashville, part of the national SCORE network, offers free, one-on-one mentorship tailored to the specific needs of small business owners, including veterans. Veteran entrepreneurs in Nashville can work closely with experienced business mentors to refine their business plans, explore funding opportunities, and develop growth strategies. SCORE Nashville also offers workshops, webinars, and a library of resources that includes specific guidance for veteran entrepreneurs, addressing their unique needs and challenges in the business world.
Bunker Labs
Bunker Labs Nashville is a nonprofit dedicated to empowering veterans and military spouses to launch and scale businesses. Their Veterans in Residence program is an educational initiative targeted at entrepreneurs who aim to launch a business within the next 6-12 months and offers a comprehensive curriculum with practical activities. Participants attend weekly live webinars that cover key business topics and can access office hours to focus on specific challenges. Three cohorts are held each year, with opportunities to engage with subject matter experts.
In a recent partnership, Bunker Labs joined forces with Syracuse University’s D’Aniello Institute for Veterans and Military Families (IVMF), amplifying its impact through expanded resources and opportunities. This collaboration ensures veteran entrepreneurs have access to innovative programs and a national network of support.
Pathway Lending Veterans Business Outreach Center (VBOC)
Pathway Lending’s Veterans Business Outreach Center (VBOC) is a program funded by the Small Business Administration (SBA) that provides support to veterans, active-duty military members, and their families who are looking to start or grow a small business. The Nashville VBOC offers free entrepreneurial development services, including business training, counseling, and mentoring. It helps veteran entrepreneurs navigate the common pitfalls of business ownership by providing tailored advice based on their specific business stage, from developing a viable business plan to securing financing options, including SBA loan guarantees and microloans.
Although the VBOC does not directly lend money, it connects entrepreneurs with the right resources they need. Veterans and their spouses in Tennessee and Kentucky can access these services, with additional support available through Pathway Lending’s mission-driven financial education and community-focused lending programs.
Nationwide Resources for Veterans
Boots to Business
Boots to Business is another initiative offered by the U.S. Small Business Administration (SBA) to help veterans and their spouses acquire essential skills for launching and managing a business. The program includes an initial three-day, in-person course or an online training option that covers business fundamentals like business planning, financial management, marketing, and legal requirements.
Participants learn how to develop a strong business plan, identify available resources and funding options, and understand the technical aspects of becoming an entrepreneur. After completing the basic course, participants can access Boots to Business Reboot, a more advanced program that goes deeper into topics relevant to their specific business goals. The program is offered virtually and is entirely free of charge.
Veteran Women Igniting the Spirit of Entrepreneurship (V-WISE)
V-WISE is a program specific to women veterans and military spouses, empowering them to launch and grow their businesses. The program begins with a three-week online course focused on business fundamentals, where participants learn essential skills such as business planning, marketing, and financial management. Following the online course, participants attend a three-day capstone conference, which includes workshops, networking, and presentations from industry leaders. V-WISE connects women who are navigating similar entrepreneurial challenges, providing them with access to a network of nearly 4,000 graduates.
The Rosie Network
The Rosie Network is a non-profit organization that offers the SERVICE2CEO program–a free, 8-module curriculum that is designed to fit the unique needs of military-connected entrepreneurs. Participants receive guidance from business experts, mentors, and subject matter experts across the country, with classes supplemented by online coursework, networking opportunities, and one-on-one mentorship. The program culminates in a presentation to a national audience, providing entrepreneurs with a chance to showcase their business ideas. Graduates also gain access to the National Alumni Network, which offers continued support through ongoing training, mastermind sessions, and peer-to-peer connections.
Financial Support and Funding Opportunities
For veteran entrepreneurs, securing financial support is a crucial step toward launching or expanding a business. Fortunately, there are several funding options specifically designed to help veterans access the capital they need. Here are some of the key financial support options available to veteran entrepreneurs.
SBA Veteran Advantage Loan Program
The SBA Veteran Advantage Loan Program is a great option for veterans looking to secure financing for new or expanding businesses. This program offers small business loans with reduced fees and more favorable terms compared to regular SBA 7(a) loans. Veterans can apply for loans of up to $5 million with a reduced guarantee fee, which can help lower startup or operational costs. To apply, veterans need to work with an SBA-approved lender and provide necessary business documentation, including a solid business plan and financial projections. The loan can be used for a variety of business expenses, from purchasing equipment to covering working capital needs.
Grants for Veteran Entrepreneurs
There are several grant programs specifically available to veteran entrepreneurs. For example, the Hivers and Strivers Angel Fund is designed for veterans pursuing businesses in high-growth industries like technology, healthcare, and cybersecurity, and gives entrepreneurs the freedom to invest in the long-term growth of their business without the burden of loans.
Additionally, some grants are available through local government programs, nonprofit organizations, and private foundations that support veteran business owners. The application process generally requires a business plan, financial projections, and, in some cases, a pitch to investors. It’s important for veteran entrepreneurs to check for eligibility requirements, as some grants target specific industries or veteran subgroups.
Angel Investors and Venture Capitalist
Veteran-owned businesses can also benefit from angel investors and venture capital to help scale their business ideas. Organizations like Veteran Ventures Capital connect veteran entrepreneurs with angel investors and venture capitalists who are interested in funding national security related businesses. This type of funding is especially valuable for veterans with scalable ideas, such as those in tech or medical sectors, which require larger investments to reach the next level.
Veteran entrepreneurs can also seek funding from crowdfunding platforms, where investors contribute small amounts towards business goals. However, securing investment typically involves creating a solid business plan, demonstrating market potential, and often presenting a highly compelling pitch to investors.
Nashville is an Ideal Place for Veteran Entrepreneurs
Nashville’s booming economy, coupled with its thriving entrepreneurial culture, offers veterans all the support they need to start or grow a business. With access to many valuable resources, a wealth of expertise, and community support, veterans in Nashville can turn their business dreams into reality.
