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Veterans have done a great service for our country, so the U.S. offers them special loan benefits through the Small Business Administration (SBA). SBA loans for veterans are a great option for accessing the capital you need to grow your business. These loans are different from traditional loans because they offer terms that are borrower-friendly, while veterans have access to additional benefits through specialized programs.
Getting financing for business expenses is more accessible than ever, especially for veteran-owned businesses, and our team at Business Funding Group (BFG) is here to help you with your application.
There are several loan programs for you to choose from. The SBA Veterans Advantage Program gives veterans a financial advantage, making funding more accessible.
The 7(a) program is the most popular option as it allows business owners broad discretion in how they use proceeds. These funds can be used to purchase:
Business owners can also use money from a 7(a) loan as general working capital, including for:
Small business owners can finance up to $5 million with low interest rates and repayment periods of 10–25 years.
The SBA 504 loan is an excellent program for veterans who want to purchase real estate or large equipment. BFG can help veteran small business owners pursue loans with amounts over $20 million.
Interest rates are low, repayment periods are long, and the amount required for a down payment is significantly lower than that for traditional loans.
Veterans may receive additional benefits on top of the already advantageous terms of SBA loans. The SBA waives upfront fees, often referred to as a guaranty fee, on loans under $150,000. This can mean big savings for veteran business owners as the fee is typically 3%. Fees can also be dramatically reduced for loans over $150,000 but under $500,000.
To qualify, the person applying for the loan must be a veteran, active duty service member in the Transition Assistance Program (TAP), or qualifying spouse or widow.
BFG can help make the SBA loan application process easy for veterans. During a free 15-minute call, we can determine your eligibility, which is based on:
Then, you will need to gather the required documents, submit an application to a lender, and wait for approval. The application and approval process is significantly simpler when you work with professional loan packagers at BFG.
SBA loans for veterans provide a great opportunity to access financing for small business expenses.
If you are a veteran small business owner, reach out to us at BFG to learn more about how you can expand your business with the help of these loans and the special benefits you have earned.
(917) 593-5013