2.52 million U.S. businesses are owned by veterans.
Veteran business owners have long been at the core of American enterprise. After all, owning a business is part of the American dream.
Balancing military and civilian life can be challenging for active duty service members, and returning to the business world after retiring from the military can be tough. Financing your business can be hard for any entrepreneur, but especially for veterans.
Fortunately, there VA business loans that offer unique financing opportunities to current and former military personnel. Keep reading to learn more about these loans.
What Are VA Business Loans?
VA business loan is actually a bit of a misnomer. The Veterans Administration (VA) does not provide these loans.
Instead, they are offered by private lenders without the involvement of the VA itself. VA business loans are small business loans offered to business owners who have served or are currently serving in the military.
These loans often offer specific advantages to veterans that they can’t find with regular loans. VA business loans also make it easier for veterans to qualify for funding.
Who Qualifies for VA Business Loans?
The most common applicants for VA business loans are former military personnel who have retired and are now business owners.
If you’re currently serving in the military, you’re eligible for this type of loan as well. There are some VA business loans that target specific groups of veterans, like those who are disabled.
Here are some groups that are ideal candidates for VA business loans:
Former Military Personnel– This includes those that have retired or were honorably discharged and now own their own business or are looking to start one. You’ll need to supply your lender with a copy of your DD-214 to prove your status as a veteran.
Current Military Personnel– If you are currently serving in the military, whether you are active duty or part of the National Guard or Reserves, you qualify for a small business VA loan. Your military ID will serve as proof of your candidacy.
Spouses of Military Personnel– Some VA small business loans extend eligibility to spouses and immediate family members of military personnel. This includes both those on active duty and those who have retired.
Where to Get VA Business Loans
If you meet the qualifications outlined above, there are many different sources to obtain your loan.
You may look into angel investment firms, credit firms, and online lenders. Loans through online lenders are usually easier to qualify for. Angel investor opportunities are the hardest to qualify for and are usually only awarded to businesses expected to grow quickly.
If you’re a veteran who owns their own business or are interested in starting one, consider applying for one of our VA business loans today. Applying is easy and you can qualify in as few as 48 hours.
Click here to get started or contact us for more information.