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In this guide, I'll go over several ways a veteran-owned business can get financing in 2018.
Who is eligible to receive VA loans?
Before we go into the ways a veteran entrepreneur can get a VA business loan, let me explain exactly who is eligible for this kind of financing. Any veteran, active military personnel or service-disabled veteran is eligible to receive a VA loan. But, a veteran who received any kind of dishonorable discharge won’t be able to apply for the loan program I will explain below. However, if you are an active duty personnel or a retiree and within a predetermined timeframe from the date of separation or retirement, you may still be able to qualify for the Patriot Express Loan Program. Wives and widows of service members, along with National Guard and Reservists, are eligible for this as well.
What types of businesses are eligible to receive these loans?
A veteran must hold at least 51% ownership of the business to be eligible. As long as that criteria is met, almost any business can get some sort of financing or credit unless the business is a pyramid scheme or involved in either gambling or lending. Nonprofit businesses are also ineligible for these types of loans.
Now, let’s get down to the nitty gritty and go over the ways you can get the financing you need for your business.
Starting Your Veteran Business Loan Search
With over 2.52 million businesses majority-owned by veterans as of the 2012 U.S. census, they make up a very prominent number in the world of small businesses.
And, like any other business owners, veterans require the necessary funds to start and grow their businesses. A major reason many veterans struggle to even start their businesses, however, is because they don’t get the business financing they require. Luckily, there are several organizations dedicated to making the dreams of the people who really deserve it come true.
That is exactly why I created this guide: so that any veteran can get the funding they require for their businesses.
">What is a VA business loan?
A veteran business loan is available through multiple sources and can be any type of financing that veteran entrepreneurs receive, which are usually accompanied by business development tools. This debt financing can be used to gear veteran entrepreneurs in helping them grow their businesses.
Because of their time in the service, they often don’t have the kind of capital that is needed to start or grow a small business, which can involve opening new locations, hiring new employees and so on. Like many business owners, they need access to viable funding options.
Shutterstock
In this guide, I'll go over several ways a veteran-owned business can get financing in 2018.
Who is eligible to receive VA loans?
Before we go into the ways a veteran entrepreneur can get a VA business loan, let me explain exactly who is eligible for this kind of financing. Any veteran, active military personnel or service-disabled veteran is eligible to receive a VA loan. But, a veteran who received any kind of dishonorable discharge won’t be able to apply for the loan program I will explain below. However, if you are an active duty personnel or a retiree and within a predetermined timeframe from the date of separation or retirement, you may still be able to qualify for the Patriot Express Loan Program. Wives and widows of service members, along with National Guard and Reservists, are eligible for this as well.
What types of businesses are eligible to receive these loans?
A veteran must hold at least 51% ownership of the business to be eligible. As long as that criteria is met, almost any business can get some sort of financing or credit unless the business is a pyramid scheme or involved in either gambling or lending. Nonprofit businesses are also ineligible for these types of loans.
Now, let’s get down to the nitty gritty and go over the ways you can get the financing you need for your business.
Starting Your Veteran Business Loan Search
With over 2.52 million businesses majority-owned by veterans as of the 2012 U.S. census, they make up a very prominent number in the world of small businesses.
And, like any other business owners, veterans require the necessary funds to start and grow their businesses. A major reason many veterans struggle to even start their businesses, however, is because they don’t get the business financing they require. Luckily, there are several organizations dedicated to making the dreams of the people who really deserve it come true.
That is exactly why I created this guide: so that any veteran can get the funding they require for their businesses.
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