The uses of the Montgomery GI bill have been added to and expanded over the last several years. It is now possible to use your benefits to help you gain education to start a small business, or to receive Entrepreneurship training. Congress and the Department of Defense has recognized that Veterans and returning Servicemembers provide a rich resource for American Small Businesses and the small business community. It is for that reason that the opportunities for Veterans to use their Montgomery GI bill to become trained small business owners has been created. Small business and Entrepreneur training features the chance for veterans and Servicemembers who are eligible to actively employ their Montgomery GI bill benefits to take classes, or to enroll in courses offered by the Small Business Development Centers across the nation. Courses offered by other groups such as the National Veterans Development Corporation are also sometimes approved for Montgomery GI Bill funding. Such courses have to be approved by the Veterans Administration on an individual basis.
If you are eligible for any of the following programs then you can receive money or reimbursement for taking small business and Entrepreneur classes: Veterans Education Assistance programs, Selected Reserve MGIB funding, or Active Duty MGIB funding.
If you own or already operate your own small business, this does not disqualify you from taking these courses and receiving money for them. In fact you can utilize your benefits more than once up to your 10-year limit and other limits of the Montgomery GI bill program. You can use your Montgomery GI Bill funding to help you: Take classes to expand a business, enroll in courses to find business opportunities, and to enroll in courses that will help you open a business and understand federal and state laws. There can also be increased benefits for you to take classes regarding small business or business opportunities. If you participated in the Montgomery GI Active duty Buy up program, you may qualify for an additional $5,400 dollars of funding. This is a program that if you contributed $600 dollars to your MGIB while you were on Active Duty then this additional funding may be available to you now for your schooling and business classes.
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You can use your Montgomery GI Bill funding for business and apprenticeship classes, up to the 36-month or three year limit. These funds are available after you are discharged from Active Duty service, and can help you with learning and getting an education as well as practical learning associated with starting or opening your own small business.
