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Nov 27, 2019
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Veterans can access several financing options specifically designed to support the business development of our people in uniform. Whether you’re looking for a small business loan to start your veteran-run business or you’re looking for capital to support your commercial growth, there’s a loan (or a grant) for you.
The US Small Business Administration (SBA) offers a whole host of loan products that can support your business development. The fastest option (fast being relative to the generally sluggish SBA loan process) is the SBA Express loan. With an SBA Express loan, you can get funds up to $350,000 in around 30 days.
The SBA 8(a) Service-Disabled Veteran-Owned Business Contracting Program, part of the larger SBA 8(a) program, offers economic support to veterans who were injured while on active duty. Service-disabled veterans who participate in the program are eligible to compete for set-aside government contracts under the 8(a) program.
If you own a business that was negatively affected while you were on active duty, the SBA wants to help. SBA Military Economic Injury loans can help a veteran’s business get back on its feet after financial hardships suffered as a result of military service.
7(a) loans are the most flexible option in the SBA program. Buying land, covering construction costs, and buying/expanding an existing business are just a few of the business endeavors you can use your SBA 7(a) loan to finance.
The classic small business loan, a business term loan, should be on every entrepreneur’s radar. With a business term loan, a lump sum is awarded to the borrower and repaid in steady increments over a certain period. Business term loans can finance your business’s growth in a variety of ways.
Sometimes what you need is a quick capital boost. When time is of the essence, a short term loan may be just what the money doctor ordered. You can receive cash from a short term loan as little as 24 hours after funding, which makes it an essential financing option for when you need a fast infusion of capital that you plan to turn around quickly.
Entrepreneurship doesn’t always mean you need to reinvent the wheel. A business acquisition loan can be a key asset for veterans looking to purchase an existing business or franchise. Financing from a business acquisition loan means you don’t have to pass up that once-in-a-lifetime business opportunity just because you don’t have the funds to purchase the business outright.
Veterans know how quickly a situation can change. A business line of credit provides a flexible financial safety net for whatever comes your way. Business lines of credit allow you to borrow against a predetermined amount. You can draw as much capital as you need, repay, and repeat as often— or as infrequently— as you need. The best part: you only owe interest on the funds you use.
A business credit card should be included in every entrepreneur’s financial planning. No matter what your industry, running a small business comes with costs. A business credit card can help you leverage those costs to earn rewards that can either be funneled back into the business or stored up to help finance a little R&R for you. If your business doesn’t yet qualify for other loans, there are ways to use business credit cards to acquire the financing you need.
Warrior Rising supports “vetrepreneurs” by offering business development training in addition to its grants. Founded by veterans, Warrior Rising promotes community-building and business growth through mentoring, training, and grants.
StreetShares offers veterans the boost they need through its grant program. While competitive, the awards can help launch a new veteran-run business or catapult you to the next stage of growth.
You know how the saying goes—with great options comes a great deal of paperwork. Some of the loan and grant programs that are limited to veterans require special applications. To take the headache—and excess paperwork—out of the rest of your financing journey, try applying through a lending marketplace.
At Lendio, a simple 15-minute application gives you instant access to offers from our network of 75+ lenders. Once you’ve applied, we’ll pair you with a dedicated funding manager to walk you through the process. This personal business loan expert can answer any questions and help you weigh your financing options to choose the best loan for your business.
Take 15 minutes to receive instant funding matches. There’s no obligation or effect on your credit, so all you have to lose are… options.
– Janice Y.