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Where To Find The Best Business Loans For Veterans In 2020
Financial lenders offer a variety of business loans for veterans as a way of helping them support their families after active duty as well as in gratitude for their service to the country. No wonder, then, that one in every ten businesses in the United States is owned by a proud veteran.
While most veterans would apply for financing to the same lenders as non-veterans, the government has made available special programs for servicemen and women who want to start their own businesses after they leave active duty, so it makes more sense to take advantage of those programs.
Take the SBA 7(a) loan, for example. It’s widely used by small business owners and is offered to both veterans and non-veterans. However, the Veterans Advantage program provides an additional benefit. The US Small Business Administration allows veterans to get the upfront guarantee fee waived off for loans of $125,000 or less. They also provide a 50% reduction in the fee for loans between $125,000 and $300,000.
What if your business has an owner or essential employee that’s a military reservist and was called to active duty? The SBA’s Military Reservist Economic Injury Disaster Loan program offers relief by providing loans of up to $2 million directly. Collateral is required for loans exceeding $50,000, though. The primary aim of this program is to cover the economic injury caused to the business by the owner or employee being called up for duty.
The SBA offers some of the best business loans for veterans but it does have stringent paperwork requirements. Applicants have to prove that they are a current or former member of the military and have to provide the relevant paperwork based on their circumstances, such as a Department of Veterans Affairs document affirming a disability during service.
Most veterans who are new to running their own business often struggle with these requirements, thus delaying and possibly even giving up on their business idea because the funding seems so hard to obtain.
We at Fundvisor have helped thousands of veterans secure the loans they need to establish and grow their businesses. Our expert advisors will ensure that all your paperwork is in order and as a Preferred Lender Provider Partner of the SBA, we can facilitate the quick approval of your loan application.
Helpful Tips & Information
The Pros and Cons of SBA Loans
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