If you’ve looked at the numbers lately, then you’d know that there are well over two million veteran-owned businesses in the United States; this could only be possible due to the robust federal aid set aside specifically for the valued members of the Armed Forces. If you or your spouse is/was a veteran and either owns a sole proprietorship or small business (or desire to start one), then the lending sources below are tailor-made just for you.
- SBA Loans for Veteran-Owned Businesses
The first option is the most common and is the Small Business Administration’s SBA 7(a) loan. Also known as the more informal Veteran’s Advantage or SBA Express, it provides tens of millions of dollars to veteran business owners who are in need of working capital – as long as meet the requirements. Its primary attribute is that it waives the guarantee fee associated with business loans; the extent to which it does so depends on whether the loan is greater than or less than $125,000.
With the SBA 7(a) loan, you can expect several months to pass before you finally receive the money if you pass the qualifications; with the SBA Express sister loan you need wait only a few weeks.
- Injured in the Line of Duty? SBA 8(a) Loan for Disabled Veterans
If you operate a veteran-owned business but were injured while deployed, you may get a huge boost in the very competitive industry of securing business contracts. The exact name of the program that provides the aid is the Service-Disabled Veteran-Owned Small Business Concerns program (the SDVOSBC).
- Have You Suffered Economic Setbacks Due to Military Duty?
This third and final option is the Military Reservist Economic Injury Disaster Loan (the MREIDL). This loan is for veteran business owners who have seen their business suffer as a direct result of their absence – assuming the veteran is at least part-owner. Primarily, this low-interest loan kicks in if you were called back to active service and your business took demonstrable losses as a result.
Contact 360 Commercial Capital today to learn more about our SBA loan programs for veteran-owned businesses.