What is a Veteran Business Loan?
American veterans are strong, passionate, and wise individuals – all essential characteristics that are necessary for a successful entrepreneur. This is why it shouldn’t come as a surprise that in 2012, the U.S. Census Bureau’s Survey of Business Owners estimated that a whopping 2.52 million businesses in the United States were majority-owned by veterans. With the number of American military veterans in the United States growing, so are the total amount of businesses that are veteran-owned.
The U.S. Census Bureau’s Survey also concluded that 99.9% of those veteran-owned businesses were considered “small businesses.” And, it’s understandable that so many veterans choose to open up shop on their own after serving the country for many years – they’re ready to pursue their ambitions and live their life to the fullest.
Many of these veteran entrepreneurs turn to various sources of veteran business loans to help fund their companies. While there are many small business loans for veterans out there, such as the Patriot Express Loan which is one of the SBA loans for veterans available, not all small business funding solutions are the same.
SBA loans for veterans typically require the borrower to submit many forms of documentation to prove eligibility before they receive an approval for the Patriot Express Loan, which can take an extended period of time to complete. The Small Business Administration is usually the first source that many veteran business owners turn to for a VA business loan because it specializes in loan funding for smaller companies and provides many helpful resources to learning entrepreneurs.
You may also be able to obtain a veteran small business loan through a traditional banking institution, but loans through banks typically take longer to disburse funds due to their meticulous application and underwriting process, which can lead to months of even just waiting for a VA business loan approval.
Sometimes, traditional banks and the SBA aren’t the best lenders for veteran entrepreneurs looking to grow their small business, and they instead turn to other solutions. Alternative veteran business loans are a good option for those looking to expand their company but have less-than-perfect credit, or are looking to get their veteran small business loan funding faster than traditional lenders can offer.
Veteran Small Business Loan Advantages
Running a business doesn’t come cheap, and you’ll quickly realize that surprise expenses are a common occurrence you’ll have to learn to accept and prepare for. This is why having a reliable source of funding is so crucial for veteran entrepreneurs.
We know that veteran-owned businesses even with the most solid of business plans can experience slow periods and hard financial times. But, that doesn’t mean that you should just give up right away once business starts to get tough. There are many small business loans for veterans available that can help veterans get out of their financial rut.
A veteran small business loan can be used in many different ways, including:
- Business equipment funding which can help purchase machinery or technology that you’ve been eyeing up for the past few months but was always out of your budget.
- Inventory financing to help stock up on supplies in bulk so that you never have to worry about being unable to perform your business’ everyday operations.
- Working capital funding to ensure that you have enough liquid cash on hand to cover regular expenses without going over the business’ budget.
The possibilities for your veteran business loan are endless, and what your funding is ultimately used towards should be for you to decide. A company’s needs depend on the type of industry the veteran-owned business is based in, so small business loans for veterans should provide flexibility in how they are used. And, while veterans might not be able to find such versatility with veteran business loans from big banks, there are other options available for veteran entrepreneurs.
VA Business Loans With Fast Capital 360
Fast Capital 360 provides small business loans for veterans that are easy to understand and versatile to use. We appreciate the service that American veterans have provided our country, and are honored to provide veteran-owned businesses with the funding that they need to succeed.
The process to obtain one of our veteran business loan alternatives is simple – all you have to do is complete a short online application, and you’ll receive a decision in no time. And, we don’t require the extensive amounts of paperwork and documents that are usually accompanied with SBA loans for veterans, and you won’t have to wait months to receive your funding like with VA business loans through the bank.
Veteran business loan alternatives are just one of the many types of small business funding that we provide at Fast Capital 360, and we take pride in helping entrepreneurs achieve their dreams. Our small business loans for veterans can help business owners take their company to the next level by allowing them the means to grow and manage their company as efficiently as possible.
With such a substantial amount of veteran-owned businesses across the country, it’s clear that veterans are born to lead, and will continue to make their mark on the economy. When it’s time for a veteran to acquire that little bit of financial help that their company needs, we will be here every step of the way to assist with their veteran business loan and funding options.
Everyone needs a little help sometimes, even our brave American veterans – and it is our pleasure to be able to help with their veteran small business loan needs, and however else we can provide guidance.
If you are a veteran and looking to obtain a veteran small business loan to help expand your company or manage everyday operational expenses, call Fast Capital 360 today at 1-800-735-6107. Or, simply fill out our short online application to find out if you are eligible to receive funding for your veteran-owned business.