A Complete Guide to Small Business Loans for Veterans

1. A Complete Guide to Small Business Loans for Veterans Starting a small business can be a great opportunity to make money for people who have served in the military. Veterans have already given so much of yourself to serve their nation and now it’s time for them to do something on their own. There are excellent options available when it comes to veteran business grants and small business loans for veterans. While some are available to the public, many are earmarked for veterans, providing your business dreams with a competitive edge. Your first objective is to develop a comprehensive business plan. This detail-rich plan serves as your road map as you strive to launch or expand your business. Key components of the plan include the amount of money you’ll need to reach your goals and the time frame for receiving that money. Once you’ve clarified the financial details, you’ll be better able to choose a winner from among the various veteran business grants, VA business loans, and other small business loans. Here is a complete guide to small business loans for veterans: How to Qualify for Veteran Business Grants and Loans? Veterans might be wondering how to qualify for VA business loans, VA business grants, and other business loans and grants for veterans. Qualifying for a loan depends on a multitude of factors, as each lender has its own set of rules. Here are some of the most common you will need to meet at least one to qualify for the loan: You are active duty and participating in the Transition Assistance Program (TAP) You are a reservist You are a National Guard member You are an honorably discharged veteran You are a service-disabled veteran Your spouse is active duty, a reservist, a national guard member, or a veteran Your spouse died during military service or from a disability connected to their service Beyond the qualifications listed above, you’ll also need to meet the various other requirements depending on the provider of the grant or loan. These include factors such as your credit score, years in business, and your industry. Where to Apply for Small Business Loans for Veterans? Lendingcapital uses SBA approved lendersfor SBA’s Veterans Advantage 7(a) loan program. VA small business loans are set aside specifically to help veterans succeed as entrepreneurs.

2. According to the SBA, 73% of all the loans they provide to veterans are for $350,000 or below. Overall, the SBA can be highly beneficial for veterans. There are Military Economic Injury Loans designed to help military reservists who run small businesses to overcome any negative impacts that may have occurred during the time they were on active duty. The SBA also provides training, mentorship, and other resources that can help you expand your area of expertise. It’s worth your time to research the various benefits and take full advantage of what the agency has to offer. Small Business loans can be critical for veterans to help them establish their own business. However, the process can often be difficult to understand and go through. LendingCapital is a well-renowned financial lender that helps veterans obtain loans (including real estate) with SBA approved lenders. Their team of experts helps veterans select the perfect loan to establish their businesses.