What is a veterans business loan?
Our business loans for veterans are loans up to $275,000 to help you grow your business. There are no fees, no charges for early repayment, and minimal rules for how you can use the money. This means you can get your financing fast and get on with running your business.
Our loans are also built to be easy to access. In many cases, we can even offer quick approval so you can secure your funding without a long drawn-out application process.
What can I use it for?
Our loans can be used for everything from opening a new location, buying equipment, purchasing products, or covering other business expenses. For example, if you are opening a new branch of your store and need money to renovate the new building, our loans are a great option.
Our veterans business loans are designed to help you cover those big expenses that stand between you and growing your business. The simple monthly payments and immediate access to cash mean you can budget for your loan repayments and avoid having to keep large amounts of liquid capital on hand for every big purchase.
If you have specific questions on how you can use your loan, please speak with one of our dedicated business advisors.
To qualify for one of our veterans business loans you have to meet 4 general requirements. These help us ensure our loan is the right fit for you and your business. Each of the 4 rules is outlined below.
Your business must have been in operation for at least 2 years. This shows that you are running a sustainable business and provides us with a track record of financial information we can use to help inform our decision.
You must generate at least $15,000 in monthly revenue. This shows you are earning enough to repay the loan while still remaining financially viable. It is also a general financial indicator for a business.
You must have a 650 or higher personal credit score. This indicates that you have made smart financial decisions in the past, which lowers your statistical risk of defaulting.
You must not be a sole proprietorship or non-profit entity. This ensures that your business is large enough to qualify for a line of credit and not bound by not-for-profit restrictions.
Applying for a loan is simple. Start by filling out our easy online application form. This includes personal information, data about your business, and some financial questions. We need this information to help us understand your company. It also allows us to run some basic checks necessary before we can consider you for a business loan.
Once the application has been submitted, we review it. Our expert staff is usually able to let you know if you have been approved rather quickly. We then give you our decision along with the details of the offer. This includes the amount we are offering for the loan as well as the interest rate and other terms. If you are happy with our offer, you can accept, and then proceed with funding.
Once you have accepted our loan, we make the funding available to your business. If we do not have any questions about your application, we may be able to approve your business loan and fund you quickly.
