Monthly program could earn business owners up to $5,000.
Veteran small business owners could earn up to $5,000 through a new awards program.
StreetShares, the lending and investing community for veterans and their supporters and creators of the Veteran Business Bond, recently announced the formation of the StreetShares Foundation. JPMorgan Chase & Co. is partnering with the StreetShares Foundation to provide up to $10,000 each month in Veteran Small Business Awards.
The StreetShares Foundation plans to give three Veteran Small Business Awards each month to eligible veteran and military-spouse small business owners:
-
First Place - $5,000
-
Second Place - $3,000
-
Third Place - $2,000
Small businesses owned by military veterans, current reserve or active duty members, and qualified military spouses are eligible to apply:
-
Applicant must be a veteran, reserve or active duty member of any of the United States Armed Forces, OR a spouse of a military member or veteran
-
Applicant must be a U.S. person and at least 21 years old
-
Applicant's business must be a legal entity (sole proprietorship or legally incorporated LLC, S-Corp, or C-Corp or formal partnership) under the laws of any U.S. jurisdiction
-
Applicant must own at least 50 percent of the business
Award applications and educational material can be found on the foundation's website at StreetShares.com/Foundation.
After applications have been submitted for the month, the Foundation will choose 5-10 finalists based on the following criteria:
-
Business idea
-
Use of award funds and potential impact
-
Product-market fit
-
Team and company history
-
Influence of the business on the military and veterans community
Finalist profiles are then posted on the Foundation website for public vote to determine the 1st, 2nd, and 3rd place awards.
Last year, StreetShares conducted a small award program with $35,000 donated by StreetShares, Inc. Last year's winners collectively reported increasing revenues by over $1 million, hiring 24 new employees, and scoring a "Shark Tank" TV show appearance. With sponsorship from JPMorgan Chase and others, the StreetShares Foundation has plans to substantially expand the award program.
StreetShares founder Mark Rockefeller is a member of American Legion Post 1 in Washington, D.C., and serves on the Legion’s Small Business Task Force.
- Veterans Business