Accessing Support for Veteran-Owned Businesses in North Dakota
GrantID: 75879
Grant Funding Amount Low: $20,000
Deadline: Ongoing
Grant Amount High: $60,000
Summary
Grant Overview
Economic Empowerment: Support for Veteran-Owned Small Businesses in North Dakota
North Dakota has a unique economic landscape heavily influenced by its prolific agricultural sector and emerging energy industries. However, one of the challenges faced by the state is the underrepresentation of veteran-owned small businesses in the local economy. According to the U.S. Census Bureau, only 4.7% of the state's businesses are veteran-owned, which is notably lower than the national average. This disparity underscores the need for initiatives targeting the economic empowerment of veterans transitioning into civilian business ownership.
Veterans returning to North Dakota often encounter barriers when establishing their own businesses, such as difficulty accessing capital, lack of mentorship, and limited knowledge of resource networks. For instance, in rural areas of the state, where the economy can be more insular, many veterans struggle to navigate the complexities of starting and sustaining a business. Surveys indicate that 35% of veteran entrepreneurs in North Dakota report feeling unsupported in their business endeavors, highlighting a significant capacity gap in both resources and networks.
This funding initiative aims to support veteran-owned small businesses by providing grants for mentorship programs and financial literacy training. Through these initiatives, veterans can gain critical business management skills while also being connected with local resources and funding opportunities needed to enhance their business operations. The program focuses on building a supportive network for recent veterans as they transition into entrepreneurship, equipping them with the tools necessary to foster sustainable business growth.
In the context of North Dakota’s economy, empowering veterans to succeed as business owners can have a transformative impact, particularly in local communities where small businesses often serve as economic anchors. By enhancing the viability of veteran-owned enterprises, this initiative contributes to broader economic resilience within the state and promotes social cohesion.
As North Dakota continues to navigate economic challenges and opportunities, this funding initiative stands as a vital support system for veteran entrepreneurs. By targeting the specific needs of these individuals and fostering a rich entrepreneurial environment, the state can unlock new avenues for economic development while honoring the service of its veterans.
Eligible Regions
Interests
Eligible Requirements
