Veteran Business Loans
Rates as low as 9.99%.
(4 Months or more)
Growing your business has never been easier.
What is a Veteran Business Loan?
A veteran business loan is any type of loan or financing program geared towards helping veteran business owners get additional funds for their business. The Small Business Administration is not alone in its efforts to level the playing field for veteran business owners. Learn more about the programs and other helpful business resources available for veterans below.
What Loan Options Are Available for My Veteran Business?
Veteran business owners looking for funding should know there are plenty of lenders who offer programs specifically aimed to help them grow their company.
These Loan Programs Are Great for Veterans
Military Economic Injury Loans
The Small Business Administration is a great resource not only for veteran business owners but small businesses in general. One of the many programs they offer is a Military Injury Disaster Loan (MREIDL).
MREIDL’s help veteran small business owners, who have spent time away from their business due to their service, recover financially.
Thes loans are available to veterans within one year of their release from service and offer extremely low-interest rates and longer terms.
Military Reservist Economic Injury Disaster Loans do require collateral which can help applicants get better rates.
If you don’t own many business assets or you don’t feel comfortable putting your assets up as collateral, you may be better suited for an unsecured business loan.
StreetShares is an alternative lender owned and operated by veterans. Based outside of Washington, D.C., this lender offers investment opportunities that allow you to invest anywhere from $25 to $500,000 in veteran businesses.
Working with StreetShares is beneficial for Veterans for a handful of reasons:
- They offer large loan amounts up to $100,000.
- Strong community and network opportunities.
- Line of credit options for select applicants.
- Short application process.
Veteran entrepreneurs looking to start a business may find opening a franchise to be their most appealing option.
Companies like Dunkin’ Donuts, 7-Eleven and UPS offer great rates for vets, making them great options for aspiring veteran entrepreneurs as well the rest of these top 150 franchises for veterans by Forbes.com.
SBA Express Loans
The SBA offers an Express Loan program available to all small businesses.
The SBA’s Express Loan program provides approved veteran business loans of up to $350,000 with no upfront fees and an application response time of 36 hours or less.
Alternative Lending Options for Veteran Businesses
While not all veterans meet the criteria that popular VA loan programs look for, there are many other funding options that help small businesses get the funding they need to grow their business.
Small businesses are at a disadvantage when competing with corporations and other large companies. That’s why the Small Business Administration and online lenders like Fast Capital 360 work closely with small business owners to get them the funds they need and help even the playing field.
Some of the best alternative lending options for vets include:
An inventory business loan is useful when you’ve had one or more inventory shipments either canceled or delayed, as well as when you are heading into your busy season and need to prepare accordingly.
Business equipment loans can help your company purchase expensive machinery that may otherwise be unattainable.
Short-term business loans
Short-term business loans are great for small businesses because they don’t require you to commit to a long-term contract that can tie up future cash flow for years to come.
Line of Credit
A small business line of credit is great for business projects where it’s hard to determine exactly how much funding you’ll need.
Microloans with the SBA are small loan amounts aimed to help businesses with a poor financial history get funding and help repair their credit.
How Your Veteran Business Could Use a Small Business Loan
- Entering their busy season, businesses often use an inventory loan to help prepare for increased volume.
- If a shipment is canceled or delayed, you may need to use an inventory loan to place a new order.
- A growing business will often outpace its original workspace.
- When your business is looking to upgrade to a bigger office or open an additional retail location, a small business loan is a great tool.
Upgrade Business Equipment
- Virtually every business uses some type of equipment to make their job easier.
- When looking to either upgrade or replace your business equipment, a small business loan can help lighten the financial hit.
Hire More Staff
- As your business grows, it may be helpful to bring on some additional staff.
- Using a small business loan to hire a few extra hands won’t only take some stress off you and your current employees, it will also increase productivity and maybe even your bottom line.
Other VA Business Loan Alternatives & Resources
Hivers and Strivers
Hivers and strivers is a company that invests heavily in businesses started by U.S. Military Academy graduates.
With a network of investment partners contributing partners, Strivers and Hivers invest anywhere from $250,000 to $1 million in these businesses, making them a great resource for Academy graduates looking to branch out.
Boots to Business program
This SBA sponsored program trains veterans on the basics of starting and growing a healthy business.
The course is available as either a two-day classroom experience or eight weeks of online training.
Boots to Business is a great way for veterans to learn the basics of owning a business and network with their classmates.
Veteran Women Igniting the Spirit of Entrepreneurship (V-Wise)
Another SBA-sponsored resource for veterans is the Veteran Women Igniting the Spirit of Entrepreneurship program or V-Wise.
V-Wise is a three-day conference focused on training veteran women on how to start and grow their own businesses.
Not only is V-Wise a great learning experience, it’s also an excellent networking opportunity for all involved.
Office of Veterans Business Development (VBOC)
The office of Veteran Business Development helps develop veteran entrepreneurship with business training, counseling and resource referrals.
This is a great resource for veterans looking to learn the ins and outs of running a business with workshops, business plan preparation courses, entrepreneurial training, and other business developmental related services.
How Do I Apply for a VA Business Loan?
Applying online with Fast Capital 360 is easy. We help your business compare its funding options all in one place.
Apply in these easy steps:
- Our online application takes just a few minutes to complete and only asks for basic information about yourself and your business. We’ll also want to know how much finding you’re looking for in order to help us narrow down your options.
Approval within hours
- Once we receive your online application, one of our passionate Business Advisors will reach out to you in as soon as 60 minutes to follow up on your application.
- Once you’ve been approved and an agreement has been reached, all that’s left to do is wait for your funding. Most of our applicants receive their funding directly to their business bank account by the following business day.
If you’re unsure what type of veteran business loan best fits your needs, Fast Capital 360 can help guide you in the right direction.
Our knowledgeable business advisors are both friendly and well-versed in the world of business and can answer any questions you may be having about these types of loans.Last updated