Veteran business loans setting veterans on the right path to their entrepreneurial endeavors

According to a report from the Small Business Administration (SBA), over 2 million small businesses are owned by veterans of the United States armed forces. This represents over 9% of all U.S. firms, hauling in $1.22 trillion in revenue each year and employing nearly 5.8 million people. Loans for veterans have been very helpful in setting veterans up for a rewarding entrepreneurial journey.

VA loans earmarked specifically for veterans and are commonly offered by the SBA and other pro-veteran groups to veterans and their families.

Eligibility for receive a VA loan

Lenders generally consider a slightly different set of requirements before approving or rejecting a loan application. Businesses are required to be at least 51% owned and controlled by one of the following to be eligible for a VA business loan:

  • An honorably discharged veteran

  • A service-disabled veteran

  • An active-duty military member participating in the military Transition Assistance Program

  • A reservist or member of the National Guard

  • A spouse of any of the above

  • A widowed spouse of service member who died in the line of duty or from injuries sustained as a result of their service

How can you use the funds from a VA business loan?

VA loans can be used to do several things, including:

  • Cover Startup Costs

  • Pay Operating Expenses

  • Hire Employees

  • Buy Property or Equipment

  • Procure Inventory and Supplies

  • Open An Additional Location

  • Remodel a Retail Storefront or Restaurant

  • Build a Website

  • Invest in Marketing Outreach

Financing options available to veteran-owned small businesses

6 of the very popular financing options available to small business owners who are veterans include Loans From Veteran-Focused Funding Firms, Loans from Traditional Financial Institutions, Debt Financing from Venture Capitalists and Other Investors, Loans from the Small Business Administration, and Borrowing money from friends and family. 

Other financing options for veterans are Invoice factoring, Merchant cash advances, Business lines of credit, Crowdfunding, and equity sales.

Media Contact
Company Name: Funding Box Company
Contact Person: Viola D. Hayes
Email: Send Email
Address:4450 Elmwood Avenue
City: Philadelphia
State: PA
Country: United States