Veteran-owned business loans, fast.

In order to qualify for a waived guaranty fee for an SBA Express loan, you’ll need to meet the following requirements:

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51% or more of the business is owned by a veteran (excluding those with a dishonorable discharge), service-disabled veteran, Active Duty Military service member in the Transition Assistance Program, reservist, National Guard Member, the current spouse of any of the groups mentioned above, or a widowed spouse of a service member who died while in service or due to a service-related disability.

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Documentation requirements include:

• For veterans: Copy of Form DD214
• For Transitioning Active-Duty, Reservists and National Guard: DD Form 2 and DD Form 2648
• Current spouse of veteran: Veteran’s Form DD 214 and evidence of marital status.
• Widow of Active Duty Service Member or Widowed Spouse of Veteran: Documentation from DOD or from DVA.

The Vets First Verification Program gives veteran-owned businesses exclusive access to bid on eligible federal government contracts. Up to 3% of government contracts must be reserved for vet-owned businesses, so registering for this program gives you greater opportunities to grow your company with federal contracts.

You might have heard of VA Loans. Rather than focusing on businesses, they are a type of mortgage offered through the Department of Veterans Affairs. The program allows veterans, service members, and surviving spouses to purchase homes with very little down payment, and sometimes no down payment at all. VA loans also don’t require borrowers to purchase private mortgage insurance and approved applicants can typically expect low interest rates compared to other mortgage lenders.

The SBA does not loan money directly to veteran-owned small businesses, nor is there an SBA loan type specifically for veterans. Generally, most SBA loan programs utilize another lender to actually service SBA loans.

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The SBA used to run a lending program for veterans called Veterans Advantage 7(a) loan program, but that program no longer exists. These VA small business loans were set aside specifically to help veterans succeed as entrepreneurs, and they were a prime example of special benefits not available to the general public.

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However, vets can benefit from some perks. For instance, the SBA waives guaranty fees for veterans applying for Express loans. This relief for veteran small business owners was passed as part of the 2020 CARES Act, aimed at mitigating the COVID-19 pandemic’s impact on small businesses.

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There are also Military Economic Injury Loans designed to help military reservists who run small businesses to overcome any negative impacts that may have occurred during the time they were on active duty.

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The agency also provides assistance to those who have been disabled during the time of their service with the 8(a) Service-Disabled Veteran-Owned Business Contracting Program. This program helps qualifying veterans apply for lucrative government contracts that aren’t available to the general public.

SBA loans and most other forms of business financing can be used for nearly all facets of running your business. This includes:

• Buying land or property, or paying rent for an office
• Payroll
• Buying an existing business
• Refinancing your existing debt
• Buying inventory or equipment
• Buying any other needed furniture or supplies

With any financing or grant, check the terms closely to ensure you can use the funds on what your business needs.

Five mistakes have sunk more than a few applications:

1. ‍Not meeting the credit requirements – Every loan has specific requirements for your financial history—and your application won’t even get a glimpse if you don’t have a qualifying credit score. Nip this problem in the bud by monitoring your score with Experian, TransUnion, and Equifax, and then only apply for loans that you qualify for.‍
2. Choosing a loan that doesn’t match up with your needs – Beyond the credit requirements, numerous factors make certain loans optimal for various business scenarios. For example, some lenders refuse to work with businesses in high-risk industries. Make sure you align with a lender’s specifications before you click submit on any application.‍
3. Failing to complete the application – This mistake sounds obvious, but you’d be surprised how many well-meaning entrepreneurs submit applications without filling out all of the pages. Following the lender’s instructions dutifully is the best way to get them to return the favor by reviewing your application.‍
4. Not including all the necessary documents – If a lender requests a certain document from applicants, they expect to see it—so it’s a red flag when you fail to follow directions from the get-go. Make sure you’ve gathered all the required documents, and then double-check that you’ve included them before sending in your application.‍
5. Not hitting deadlines – Lenders typically run a tight ship. Carefully make a note of all deadlines associated with a loan application, then stay at least one day ahead of them. That way, if something unpredictable arises, you’ll have time to find a solution.