Veteran business loans can be any type of debt financing geared towards helping veteran entrepreneurs grow their businesses.
When you need to hire new employees, open up a new location, or simply could use some extra working capital, there are a few different places you can look to find what you need through veteran business loans.
In this guide, we’ll walk through all the different places a veteran business owner can find veteran small business funding.
And we won’t just cover the veteran business loans available, we’ll also look at veteran small business grants, business initiatives, and the many business resources available to help veteran entrepreneurs succeed.
Let’s get started.
The 7 Best Veteran Business Loans
Here are our favorite programs that offer business loans specifically for veterans. If you’re a veteran entrepreneur looking to grow your business via debt financing, then any of these loan programs are good places to start.
1. Military Economic Injury Loans
Not intended for all veterans, this SBA sponsored veteran business loan program is geared particularly toward current and veteran military reservists whose small businesses were impacted when they were called into active duty.
If you own a small business which has struggled financially as a result of your active duty service, the Military Reservist Economic Injury Disaster Loan (MREIDL) program offers low (4%) interest loans that may be able to help your business get back on its feet.
The loan is available to veterans within one year of being released from active duty and allows for terms up to 30 years. However, keep in mind that the program requires collateral for loans over $50,000.
Again, this veteran business loan is only the right fit for a select category of military personnel. In addition to the above criteria, the SBA is required by law to determine that the business would be incapable of recovery without government intervention.
As a veteran-owned and run business, the lender StreetShares has a passion for funding veteran business loans.
The company operates as an online auction marketplace that connects entrepreneurs directly with investors with an interest in small businesses.
StreetShares has a strong focus on providing veteran business loans by connecting veteran business owners seeking funding with fellow comrades in arms to walk them through the ten-minute application process.
On their website, they also provide lots of useful info and resources. The company even boasts funding approvals in as little as a few hours. If you’re looking for funding and need a helping hand, StreetShares is a great non-government resource to find veteran business loans.
3. Veterans Business Fund
The Veterans Business Fund is an up-and-coming resource for veterans who are seeking funding to open or expand a small business, or purchase a franchise business.
This 501(c)(3) nonprofit relies on donors to provide funding for veteran business loans at favorable terms. According to the site, this small business loan for veterans will be non-interest bearing to the extent permitted by law.
Veterans won’t be able to finance their business entirely through VBF, as the program will offer loans only in conjunction with the business owner’s personal equity and the participation of an outside financial institution.