Nine percent of all companies in the U.S. are owned by veterans. If you are a veteran looking to start or expand your very own small business, there are many different loan platforms out there specifically for you.
1. What kind of loan do I qualify for as a veteran?
Veterans qualify for the SBA Patriot Express Loan if they own at least 51% of the small business. Note: non-profit organizations are not eligible.
Additionally, the Military Reservist Economic Injury Disaster Loan program helps fund small businesses in which a major employee was called upon to serve as a reservist. This loan will help the company meet operating expenses that it would have been able to meet if the reservist employee were present.
2. What can I use the money for?
The money from the Patriot Express Loan can be used to cover equipment leasing, inventory, expansion, and more. Biz2Ccredit can help match veterans to the best loan programs to meet their business needs.
3. Where can I find guidance or expert advice?
Biz2credit has a special offer specifically for veterans who own small businesses. Perks of the program include one month of consultation by a case manager and a 50% discount on Equifax credit reports.
4. How can I prepare to be an entrepreneur?
In 2012, SBA, the Department of Veterans Affairs, and the Department of Defense started a training program for service members who want to become entrepreneurs. Operation Boots to Business: From Service to Startup helps train veterans in the art of entrepreneurship as they make the transition from active duty back to civilian life.
5. Is there any form of funding for active-duty service members?
Yes, there are also many options for National Guard members, and spouses and widows of service members.
Biz2Credit can help you secure all types of small business financing. To speak to a small business loan specialist, call (877) 861-2210.