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Financial Tips and Resources for Disabled Entrepreneurs

By Brynne Conroy

  • PUBLISHED January 16
  • |
  • 5 MINUTE READ

In the working world, disabled job seekers come up against many systemic barriers. It's not a surprise, then, that many disabled people see entrepreneurship as a solution. Almost 17% of disabled people who participate in the labor market are self-employed, compared to only 11% of the non-disabled workforce.1 In the Deaf community in particular, 11.6% of people own their own business. In the hearing population, business ownership is lower, at 9.8%.2

Rosa Lee Timm, president of Communication Service for the Deaf's Social Venture Fund (CSD SVF), explains that these numbers are a positive thing, as Deaf-owned businesses provide accessible employment to other Deaf employees. Plus, these businesses aren't just expanding opportunity for a year or two—they've got staying power.

“Deaf businesses are successful, and they last for a long time," says Timm. “Of the 10 businesses the SVF has invested in, 90% of them are thriving past the three-year mark. That's compared to a success rate of only 10% in the larger venture capital space."

While the SVF is only one example of entrepreneurial success on the part of disabled entrepreneurs, it reinforces the fact that self-employment is often not only a more accessible pathway to work for disabled people, but also a viable one in terms of success.

There are many resources disabled people can use to get free training and secure business funding. We'll take you through some of the top resources today, and address some of the unique financial planning concerns you may have as a disabled entrepreneur.

Find Free Coaching and Resources Through the Job Accommodation Network

The Job Accommodation Network (JAN) is funded by the Office of Disability Employment Policy. It has resources specifically for entrepreneurs, which include business coaching and referrals for the following topics:

  • • Business planning
  • • Financing strategies
  • • Marketing research
  • • Programs specific to your disability
  • • Income support and benefits planning
  • • E-commerce
  • • Independent contracting
  • • Home-based business options
  • • Assistive technology, like Job Access With Speech (JAWS®) or Dragon® NaturallySpeaking

Once JAN puts a packet together for you, they won't just disappear. You can reach out for consultations at any point in the process of starting or building your business.

Get Free Funding Through Vocational Rehabilitation

Your state's Vocational Rehabilitation (VR) office has funding available for job training, education and—yes—entrepreneurship. This can be a great source for start-up funding worth tens of thousands of dollars, depending on your state. Some things VR can pay for include:

  • • Business equipment
  • • Flyers
  • • Supplies
  • • Inventory
  • • Technology, including software
  • • Advertising
  • • Insurance
  • • Business rent for a set number of months
  • • Legal fees
  • • Accounting services
  • • Website developers
  • • Graphic designers

Review any unique expenses for your business with your VR counselor. Even if the expenses aren't on the list, they might qualify. Depending on your business profile, some states will require you to match VR funding dollar for dollar. To meet this goal faster, you can stow your savings in a high yield savings account that offers a competitive interest rate.

Tip: If you're having trouble navigating your state's VR office, you can get support through your state's protection and advocacy system.

Find Resources Through the Small Business Administration

The Small Business Administration (SBA) lends money to small business owners through loans like 7(a), 504 and SBA Express loans. The SBA also runs Small Business Development Centers all over the country. These small business hubs offer similar coaching and resources to your local JAN, and may even work in conjunction with JAN as you look for local resources and funding.

Look to Disability-Centered Organizations for Grants, Loans and Other Resources

Disability-centered organizations are another great resource for disabled entrepreneurs. Here are some places to start your search:

  • • The Communication Service for the Deaf Social Venture Fund invests in post-revenue businesses that at least break even and have at least 50% Deaf ownership. CSD SVF provides up to $1,000,000 in venture capital funding for a 20% to 40% equity stake.
  •  
  • • For businesses that aren't quite ready for VC funding, CSD's TechClusion Fund offers equity, loan and line of credit options starting at $5,000.
  •  
  • • 2Gether-International provides start-up funding of $10,000 to disabled business owners through its accelerator program.
  •  
  • • Disabled entrepreneurs in Synergies Work's Idea to Incubation Program receive free one-year business registration, a free business website and email address, and the ability to apply for Impact Grants.
  •  
  • • Lyfebulb's Innovation Challenges provide seed funding of $25,000 for businesses that serve those with various disabilities. There's a different disability featured in each funding cycle, but there's always a preference for patient entrepreneurs with lived experience.

Use PASS to Maintain Your SSI Access

If you receive Supplemental Security Income (SSI), you can protect your benefits through the Plan to Achieve Self-Support (PASS) program. PASS lets you save money for specific employment expenses without impacting your SSI eligibility. You can fill out the PASS form yourself and submit it to your local Social Security Administration (SSA) office, but it's probably better to get assistance from a third-party organization—the SSA says it approves most applications submitted through Vocational Rehabilitation offices in particular.3

A PASS can take a long time to get approved. If you want to save money in the meantime (without impacting your SSI or other benefits), you can shelter money in an ABLE account. The maximum assets allowable in an ABLE account for SSI purposes are $100,000.4

The Bottom Line

Building your own business can help you establish financial stability on your terms. In our day and age, there are more resources than ever to help get you started. Along the way, Synchrony can provide you with meaningful solutions to propel yourself and your business forward, like money market accounts and payment solutions for your customers.

 

Brynne Conroy is a personal finance writer based in Pennsylvania. Her book, "The Feminist Financial Handbook," was an Amazon #1 New Release across multiple categories and has been cited in various academic texts. She was the co-host of the award-winning podcast Mom Autism Money, and has been awarded a PEN America grant for the body of her work in the field.

 

READ MORE: 8 Financial Planning Tips for People with Disabilities

 

Sources/references

1. Small Business Ownership by People with Disabilities. National Disability Institute. April 2022.

2. Garberoglio, C.L., Palmer, J.L., Cawthon, S. & Sales, A. Deaf People and Employment in the United States: 2019. National Deaf Center on Postsecondary Outcomes. July 26, 2019.

3. Plan to Achieve Self-Support (PASS). Social Security Administration.

4. Spotlight on Achieving a Better Life Experience (ABLE) Accounts -- 2023 Edition. Social Security Administration.