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Published By Faith Stewart at July 4th, 2019
As a veteran, you fought hard for the rights of all Americans. You should get to enjoy those rights, including owning your own business if you want. Veterans business loans can help you do just that.
Our founding fathers adopted the Declaration of Independence on July 4, 1776. Since then, thousands of men and women have fought to maintain that independence for our country. Now home, those that fought should enjoy some of that independence. One of the best ways to do that is to be your own boss. Run your own business. Veterans business loans can help you do just that.
Where are these veterans business loans? How do you find them? When you do, how do you get them? You’re in luck! That is just what we are going to tell you. Some of the following are specifically veterans business loans. Others are loans for anyone, but they tend to work especially well for veterans.
These are our top picks for veterans business loans. Remember to check with the lender directly for the most up-to-date information as details such as terms, requirements, and interest rates can change frequently.
If someone necessary to the business is called into active duty, this is the first place to go for veterans business loans. The Military Reservist Economic Injury Disaster Loan Program (MREIDL) offers loans up to $2 million to qualifying businesses. Funds are meant to help cover operating costs that can’t be met due to the loss of a necessary worker called to active duty in the Reserves or National Guard.
Boots to Business is the 2-step entrepreneurial program offered by the Small Business Administration on military installations around the world. It functions as a training track of the Department of Defense (DOD) Transition Assistance Program (TAP). This is a great resource for tracking down and qualifying for veterans business loans.
The Veterans Women Igniting the Spirit of Entrepreneurship (V-WISE) is an SBA funded program. It is offered by the Institute for Veterans and Military Families which includes online training. There is also a conference that utilizes the spirit of female veterans and female military spouses. In addition, mentoring is available.
The National Center for Veterans Institute for Procurement extends the entrepreneurship training offered in TAP to veterans of all ages in their communities.
SBA Veterans Advantage guarantees loans approved to businesses operated by veterans or military spouses. It’s a great program to get a VA business loan.
In addition to those already mentioned, the Small Business Administration offers many sources of guidance and funding for veteran owned small businesses.
The Veterans Business Outreach Center (VBOC) furnishes entrepreneurial development solutions includingbusiness training, guidance, and mentoring for qualified veterans operating or considering launching a small business.
The SBA Express program is a fantastic loan program for veterans. You can get approval for a loan for up to $350,000. Get rates of 4.5-6.5%. Lines of credit are available for 7 years. You will not need to offer any collateral for up to $25,000, and turnaround time is 36 hours.
The Leveraging Information and Networks to Access Capital (LINC), an online matchmaking service, connects business owners to nonprofit lenders. These lenders supply free financial advice and specialize in microlending and smaller loans. This is the SBA Community Advantage program.
You need 3 years’ worth of business tax returns, credit that’s not too bad, and collateral for 50% to 70% of what you need to borrow to qualify for this loan.
This program offers business real estate financing.
In addition, the SBA Office of Veterans Business Development offers a broad range of programs and services to sustain and encourage future and existing veteran business owners and military spouses.
There are Veterans business loans out there. In addition, there are other fantastic loan options that can work well for veterans, despite not being specifically designed for them. Not only that, but if you look, there are some grants available for veterans. This funding can help you gain independence in your work life by giving you the funding you need to start and run your own business.
Above all however, you need to build credit for your business. This is simply one more step toward running your own business and gaining your independence. We appreciate that you fought hard for our country, and now we want to fight hard for you. We want to help you through the business credit building process.