Published By Janet Gershen-Siegel at November 11th, 2018
Happy Veterans Day! We have the top 10 fantastic business loans for veterans – for you! Many thanks for your service. Here are a number of our favorite options when it comes to small business loans for veterans.
The SBA Express program is a fantastic loan program for veterans. You can get approval for a loan for as much as $350,000. Get rates of 4.5 – 6.5%. Get a line of credit good for 7 years. You will not need to offer any collateral for a loan of up to $25,000. There is a turnaround in 36 hours.
The Leveraging Information and Networks to Access Capital (LINC), an online matchmaking service, connects small business owners to nonprofit lenders.
So these lenders supply free financial advice and specialize in microlending and smaller loans. This is the SBA Community Advantage program.
There is also real estate financing available. That is via the SBA 504 loan program.
Collateral-based financing offers low rate financing. Personal credit quality and revenue don’t determine your approval. Some acceptable collateral includes:
The idea behind collateral-based financing is that a lender needs an assurance. For the lender, it’s a great guarantee that you will repay funding. Because your property would be at stake if you don’t.
Cash flow financing is another good loan program for veterans. But you need to have operated one year or more and have $10,000 in monthly revenue.
Financing through our Credit Line Hybrid is available for veteran small business owners. Also, you can get up to $150,000. So, you can get approval with good personal credit. Also, get 0% intro rates for 6 – 18 months . So this is even good for startups.
The Military Reservist Economic Injury Disaster Loan Program (MREIDL) offers loans to eligible small businesses. Also, these loans to $2 million. So this is to address operating costs that cannot be met.
That is, as a result of the loss of a necessary worker. So this is when the worker is called to active duty in the Reserves or National Guard. This one comes straight from government benefits.
The SBA offers loan programs including their 7(a) loan for working capital. For approval, you’ll need:
The Office of Veterans Business Development furnishes a variety of programs and services to sustain and encourage future and existing veteran entrepreneurs and military spouses.
The SBA also provides training and coaching, and access to funding. So it also has preparation for opportunities in federal procurement. It also provides development of connections in commercial supply chains and disaster relief assistance.
Boots to Business is the two-step entrepreneurial program. So the SBA offers it on military installations around the world. Also, this is as a training track of the Department of Defense (DOD) Transition Assistance Program (TAP).
The Boots to Business|Reboot also expands the entrepreneurship training TAP offers. So now it goes to veterans of all eras in their neighborhoods.
The Veterans Women Igniting the Spirit of Entrepreneurship (V-WISE) is an SBA funded program. Also, it comes from the Institute for Veterans and Military Families. So, it includes online training, and a conference. Also, it is for women veterans and female military spouses.
Also, it has follow-on mentoring through a community of partners.
The National Center for Veterans Institute for Procurement extends the entrepreneurship training TAP offers on military installations. So now, it goes to veterans of all times in their communities.
The Veterans Business Outreach Center (VBOC) furnishes entrepreneurial development services. Also, these include business training, counseling and mentoring for eligible veterans running or considering launching a small business.
SBA Veterans Advantage guarantees loans approved to businesses operated by veterans or military spouses.
The Veterans Entrepreneurship Act of 2015 decreases the advance borrower fee to zero dollars. So, this is for eligible veterans and military spouses for SBA Express loans up to $350,000.
If you have good personal credit and tax returns for 2 years showing a profit, try alternative lenders. Because they have programs that could work. Also, you can get approval with rates of 7% or lower. Lenders will want to see a profit on your tax returns.
Fantastic business loans for veterans are out there. Not considering them means you’re leaving cash on the table.