What support is available to military veterans starting a business?

Military veterans have unique skills that can make them ideal business owners – from their attention to detail and discipline to the problem-solving skills honed during their service.

It shouldn’t come as a surprise to learn that around 340,000 companies in the UK are run by ex-military personnel.

But when starting your own business, soft skills are only part of the equation; you also need support to get your project off the ground.

Fortunately, there is plenty of support for veterans when starting a business.

Find out the resources you can use to help your business thrive – from business loans and grants to training opportunities.

Funding

As your business grows, there might be a time when you need extra financial support.

There are various sources to fund your start-up – from banks, credit unions, and private funders to public bodies.

You might also get financial backing from providers that work specifically with ex-military personnel.

Here are some of the available options.

Specialised loans for veterans

The most common funding options are business loans.

You’ll receive a lump sum that can help your business grow.

They’re often used to cover upfront costs, such as putting down a deposit for rent or purchasing equipment.

You can apply for a bank or credit union loan from any provider, but veterans should also consider specialist loan providers such as X-Forces Enterprise.

The company is the Armed Forces Community Business Support Partner for the Start Up Loans scheme.

It offers unsecured personal loans and financial support for veterans.

Learn more about X-Forces Enterprise loan options.

Trade credit

Organisations looking for support buying materials, equipment or services could benefit from trade credit.

It’s a type of short-term commercial financing, with one business opening a line of credit for another.

This agreement can give you immediate access to resources, and you can pay off the debt in instalments.

Read about the advantages and disadvantages of trade credit.

Crowdfunding

For a community-driven financing option, you can consider crowdfunding.

It works by allowing large numbers of people to invest in your start-up business idea in small, affordable amounts.

These contributions can soon add up, helping you reach your funding goal.

You can start a crowdfund by speaking to friends, family, and other people you know or by listing your business on platforms such as CrowdCube and Seedrs.

Grants

Businesses can also receive financial support by applying for a grant.

It’s a type of funding that doesn’t need to be paid back.

The government operates some grants, whereas others are available from charities, foundations, and private corporations.

Grants are usually available for a limited time and allocated based on specific criteria.

It could be helpful to regularly check for new grants that you’re eligible to receive.

Here are some resources to help you get started.

Royal British Legion

The Royal British Legion offers grants to support ex-service personnel in their professional careers.

One of its most popular schemes is the Employment Grant programme.

These grants are awarded with support from the Forces Employment Charity, and they provide funding for training and skills development.

Take a look at the Royal British Legion grants.

Barriers To Start Up

The Barriers To Start Up Grant is a £1 million fund that helps veterans who are currently unemployed to start a business.

Grant recipients can be awarded up to £2,000, as well as one-to-one advice and other resources.

The programme is available to businesses registered in Wales, and it’s funded by Business Wales with support from The British Training Board.

Learn more about the Barriers To Start Up Grant.

The UK Government

The UK Government provides a regularly updated list of grants and other funding opportunities.

Local councils often award these grants and are available to businesses in the region, whereas others are available nationally.

The Welsh government provides a similar list on its Business Grants website, while Enterprise Ireland and Scotland’s Funding Opportunities also offer grants.

Training and mentoring

Supporting your business can be about more than finding financial assistance; you could also benefit from hands-on expert guidance.

You may need a broad range of skills to manage each part of your business – from accounting to sales – and support in upskilling can help you develop during the early stages of your start-up.

Here are some programmes that can help veterans gain essential business skills.

Veteran Founders programme

The Veteran Founders programme helps new business owners connect with a network of mentors.

It’s run by Eagle Labs, a community resource scheme created by Barclays, and it provides a space for business owners to share ideas and gain new skills.

Members of the scheme can speak with mentors and coaches and attend events to hear from industry experts.

Barclays created the Veteran Founders programme to provide dedicated support for serving and former military personnel, reservists, and the wider armed forces community.

Learn more about Veteran Founders.

Learn with Start Up Loans

Start Up Loans has partnered with The Open University to create a range of business training courses.

The Learn with Start Up Loans programme covers topics such as digital skills, bookkeeping, and accounting.

It’s available to everyone and is designed to help start-up owners understand what it takes to run a business.

Get started with the Learn with Start Up Loans programme.