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You’ve helped our country’s cause, and now it’s time to work in service of your own. We’re dedicated to helping U.S. service members access the capital they need to fuel their own American dreams.
Too often, veterans applying for business financing must submit more applications than the average business owner, and 60% of them still report obtaining less financing than requested (compared to 52% of non-veteran-owned businesses). Fortunately, Lendio is different. With an online application that connects you to a marketplace of lenders, we’ll connect you with the right lender based on your desired loan amount and credit history.
Veteran-owned businesses make up about 5.9% of all businesses, with an estimated $947.7 billion in receipts, approximately 3.9 million employees, and about $177.7 billion in annual payroll.
We make it easy to find small business loans for veterans with just a 15-minute online application. Once you’re approved and have signed your financing agreement, your vet loan could arrive in the bank in as little as 24 hours.
With Lendio, navigating the decision-making process need not be a solo mission. You’ll be paired with a funding manager to help you compare your options and choose the best one for your company.
Compare loan offers from multiple lenders. With over 75 lenders in our network, our funding managers will work with you to ensure you get the best rates and terms for your business.
Answer just a few questions about your business to see which lending products you qualify for. We’ve partnered with over 75 lenders, allowing us to find the best option or your business.
One of our funding specialists will reach out to you to get to know your business better. Since every business is unique, we want to make sure we find the loan type that’s perfect for your needs.
Compare different offers curated for your business. Select the capital amount and rate that will help take your business to the next level.
We work with lenders that can fund you fast. Once you’re approved, you’ll be able to access your capital in as little as 24 hours.
If a key member of your staff is a military reservist called to active duty, and their military service will have a negative financial impact on your business that you can not recover from in other ways, the SBA offers the MREIDL from the date the employee receives notice to one year after the employee is released from active duty. The first payment on the loan is deferred for 12 months with no interest accrual during that time. The interest rate after the first 12 months is 4%.
An SBA Express Loan is a loan guaranteed by the U.S. government and administered through a lender. The SBA guarantees up to 50% of the loan. The SBA waives guaranty fees for veterans or a spouse of a veteran applying for Express loans as part of the CARES Act. See full qualification and documentation criteria.
Both asset-based financing (invoice factoring) and revenue-based financing rely on expected revenue to secure the loan. With invoice factoring, the funder purchases an invoice from the borrower at a discounted rate, which the business will then pay back to the funder as the business collects on the invoice. Revenue-based financing provides you with a cash advance that you repay with future revenue.
Debt financing provides a lump sum of money with a fixed interest rate, which you repay over a set period of time. Opt for either a term loan or an SBA loan backed by the government to fuel your business.
A line of credit (LOC) lets you draw on your account as you need funds. So if you get a large purchase order, you can borrow the exact amount you need and repay it to replenish the LOC as soon as your customer pays. A line of credit is good for both cash flow management and emergency expenses.
In order to qualify for a waived guaranty fee for an SBA Express loan, you’ll need to meet the following requirements:
51% or more of the business is owned by a veteran (excluding those with a dishonorable discharge), service-disabled veteran, Active Duty Military service member in the Transition Assistance Program, reservist, National Guard Member, the current spouse of any of the groups mentioned above, or a widowed spouse of a service member who died while in service or due to a service-related disability.
Documentation requirements include:
The Vets First Verification Program gives veteran-owned businesses exclusive access to bid on eligible federal government contracts. Up to 3% of government contracts must be reserved for vet-owned businesses, so registering for this program gives you greater opportunities to grow your company with federal contracts.
Several amazing business grants are earmarked for veterans, while others accept a wider range of applicants. As you might expect, business grants are extremely popular, and it can be difficult to receive one even if you meet the qualifications. But it’s always worth looking into this avenue of funding to see if you can give your business a boost.
Here are 10 small business grants you should check out first:
Beyond these grants, you should also check out Grants.gov to explore veteran business grants provided by the federal government.
You might have heard of VA Loans. Rather than focusing on businesses, they are a type of mortgage offered through the Department of Veterans Affairs. The program allows veterans, service members, and surviving spouses to purchase homes with very little down payment, and sometimes no down payment at all. VA loans also don’t require borrowers to purchase private mortgage insurance and approved applicants can typically expect low interest rates compared to other mortgage lenders.
The SBA does not loan money directly to veteran-owned small businesses, nor is there an SBA loan type specifically for veterans. Generally, most SBA loan programs utilize another lender to actually service SBA loans.
The SBA used to run a lending program for veterans called Veterans Advantage 7(a) loan program, but that program no longer exists. These VA small business loans were set aside specifically to help veterans succeed as entrepreneurs, and they were a prime example of special benefits not available to the general public.
However, vets can benefit from some perks. For instance, the SBA waives guaranty fees for veterans applying for Express loans. This relief for veteran small business owners was passed as part of the 2020 CARES Act, aimed at mitigating the COVID-19 pandemic’s impact on small businesses.
There are also 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 agency also provides assistance to those who have been disabled during the time of their service with the 8(a) Service-Disabled Veteran-Owned Business Contracting Program. This program helps qualifying veterans apply for lucrative government contracts that aren’t available to the general public.
SBA loans and most other forms of business financing can be used for nearly all facets of running your business. This includes:
With any financing or grant, check the terms closely to ensure you can use the funds on what your business needs.
The VA does not offer business loans or grants for veterans running a business or interested in starting one up.
There are plenty of valuable resources and funding sources tailored to veterans. Here are some options to explore:
As with all of the other options listed in this guide, the individual requirements for these funds and resources vary dramatically. Be sure to review the qualifications carefully before applying.
Five mistakes have sunk more than a few applications:
*based on 136 Lendio employees who responded to an internal poll
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