If you are a veteran thinking of starting a business, veteran business loans can help. When you need to hire new employees, buy equipment, expand your business, or need the extra working capital, different veteran loans can cater to what you need.
While VA home loans like VA Loan Plano exist for veterans purchasing or refinancing a home, VA loans also exist for veterans who need to finance a business. Veteran business owners can access funding not only from VA business loans but through alternative lenders and veteran business grants.
The list below summarizes six of the best business loans for veterans.
StreetShares is a great non-government resource for veteran business loans. It offers both grants and loans for veteran-owned businesses.
To have your loan application approved in StreetShares, you need to have a personal credit loan score of at least 600. You should also need to be at least a year in the business and have an annual revenue of $75,000.
Visit their website to know more and have your funding approved in as little as a few hours.
BlueVine is also a non-government resource to acquire working capital. To apply for the 6 or 12-month loan, you need to have a credit score of 600, at least six months of business history with annual revenue of $100,000.
For those who need fast cash, worry not as BlueVine’s application process is quick. Approval takes an average of 12 hours. Once approved, you can get your funds within 24 hours.
A great read: Fast business loans: Best options for quick cash
- Military Economic Injury Loans
Military Economic Injury Loans is an SBA sponsored veteran business loan program catering, particularly to veterans whose small businesses were impacted when they were called to duty. It offers very low-interest loans to help veterans rebuild their business after serving.
Veterans can apply for the Military Economic Injury Loan within one year of release from active duty. If the business is eligible for the government assistance, the veteran can get a loan with terms up to 30 years.
- Service-Disabled Veteran-Owned Small Business Program
The Service-Disabled Veteran-Owned Business Contracting Program is another SBA program to serve veterans who were harmed in the line of duty.
This contracting program helps service-disabled veterans who are principal owners of small businesses by connecting them with government contracts of up to $5 million.
- Hivers and Strivers
Veterans who are graduates of the US Military Academies can take advantage of the loans offered by Hivers and Strivers.
Hivers and Strivers are an Angel Investment Group focusing on investments to startups founded and managed by academy graduates.
- Accion Veteran-Owned Business Loans
Accion is a nonprofit organization that provides additional financing options for veterans. With its mission to help small veteran-owned businesses thrive, Accion offers financial planning, networking opportunities, and organizational and management resources to veterans.
If assessed to be eligible and depending on their business type, veterans can get financing of up to $1 million. The loan can be used to buy or upgrade equipment, purchase inventory, secure a commercial space, purchase supplies, remodel, hire staff, or market businesses to potential customers.