# Veterans Entrepreneurship Act of 2023: What It Means for Veterans Starting Businesses

This bill creates a new grant program specifically designed to help veterans start or buy their own businesses. Instead of loans that need to be repaid, eligible veterans would receive actual grants—free money—to launch entrepreneurial ventures. The Small Business Administration would run this pilot program for three years, offering grants to up to 250 veterans who meet specific requirements.

To qualify, you'd need to be a veteran or active-duty service member with at least 24 months of service (or 36 months for those not discharged for disability), and you must have unused education benefits under the GI Bill. The grant amount is based on how much of your GI Bill benefits you haven't used yet, plus additional monthly living assistance while you're in the program. For veterans with no other job, the monthly assistance is calculated at the full basic housing allowance for military members; for those with other employment, it's half that amount. You could also get help paying for business training courses.

Before receiving any money, you'd have to complete an approved entrepreneurship training program and develop a detailed business plan with help from an advisor. The grants would be paid out in installments over time rather than all at once, with each payment tied to hitting specific business milestones you've outlined. You could use the grant money to buy equipment, purchase an existing business, start a franchise, or cover other startup costs. The bill requires the SBA to ensure grants go to veterans across different geographic areas and different types of businesses, and it requires a report to Congress after two years assessing whether this program should become permanent.

Veterans Entrepreneurship Act of 2023

Cline, Ben

Veterans Entrepreneurship Act of 2023 This bill requires the Small Business Administration to carry out a pilot program assessing the feasibility and advisability of making grants to eligible veterans to start or acquire a small business concern, a franchise business enterprise, or any other appropriate category of business enterprise. Eligible veterans are those veterans or members of the Armed Forces who (1) are currently retiring or separating from the Armed Forces or have been honorably discharged from active duty, (2) have completed a specified minimum period of active duty, and (3) are entitled to certain educational assistance programs. Grant recipients must complete an entrepreneurship readiness program and prepare a business plan, and they may use grant funds for purposes such as purchasing goods or services, funding a project that is directed toward economic development objectives, and acquiring a business enterprise.