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*Qualification criteria, rates, and other funding terms will vary depending on the type and location of your business, and upon other factors. This is not a guarantee of funding, and it should not be relied upon as an accurate assessment of the availability or terms of the represented funding products.
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You’ve helped our country’s cause, and now it’s time to work in service of your own. We’re dedicated to helping U.S. service members access the capital they need to fuel their own American dreams.
These are the most popular types of funding that other veteran-owned businesses qualify for through Lendio.
Access available funds whenever you need them, and only pay interest on what you draw.
Access funding based on your future revenue and repay with regular payments.
Get low-interest, government-backed funding to expand your business.
If a key member of your staff is a military reservist called to active duty, and their military service will have a negative financial impact on your business that you can not recover from in other ways, the SBA offers the MREIDL from the date the employee receives notice to one year after the employee is released from active duty. The first payment on the loan is deferred for 12 months with no interest accrual during that time. The interest rate after the first 12 months is 4%.
An SBA Express Loan is a loan guaranteed by the U.S. government and administered through a lender. The SBA guarantees up to 50% of the loan. The SBA waives guaranty fees for veterans or a spouse of a veteran applying for Express loans as part of the CARES Act. See full qualification and documentation criteria.
Both asset-based financing (invoice factoring) and revenue-based financing rely on expected revenue to secure the loan. With invoice factoring, the funder purchases an invoice from the borrower at a discounted rate, which the business will then pay back to the funder as the business collects on the invoice. Revenue-based financing provides you with a cash advance that you repay with future revenue.
Debt financing provides a lump sum of money with a fixed interest rate, which you repay over a set period of time. Opt for either a term loan or an SBA loan backed by the government to fuel your business.
A line of credit (LOC) lets you draw on your account as you need funds. So if you get a large purchase order, you can borrow the exact amount you need and repay it to replenish the LOC as soon as your customer pays. A line of credit is good for both cash flow management and emergency expenses.
Find answers to some commonly asked questions by veteran-owned businesses.
In order to qualify for a waived guaranty fee for an SBA Express loan, you’ll need to meet the following requirements:
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.
Documentation requirements include:
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.
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.
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.
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.
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:
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:
See what you can qualify for on the Lendio Marketplace.