VA Business Loan Eligibility

There are only 3 major requirements that you need to fulfill in order to be eligible for a VA Business loan:

1. Certificate of Eligibility — This provides you with proof that you have served in the military and are eligible for the VA loan. You can obtain one by completing VA Form 26-1880. Once completed, show the form to your lender and they will help you obtain a Certificate of Eligibility.

2. You must meet one of the following conditions:

- currently serving in the U.S military
- have served in the U.S military before and were released on an honorable discharge
- be a spouse of a veteran who has passed away

3. The VA loan amount must be below the maximum limit that the Department of Veteran Affairs can guarantee (typically close to about $417,000 but sometimes higher or lower depending on where you live).

If you’re a veteran who wants to start up a company but needs capital at a good interest rate, a VA business loan is the best option for you. Contrary to popular belief, the Department of Veteran Affairs does not issue VA small business loans; they are in fact issued by the Small Business Administration (SBA) but the DVA works with them closely to provide veterans with loans for their companies. There are many benefits that only veterans can receive from these loans so be sure to apply for one if your company is in need of financial assistance.

Advantages of VA Small Business Loans
If at any time after the VA business loan is issued, the debtor is unable to afford the payments, the DVA will offer financial assistance. The repayment policies for these loans are very flexible and they are not difficult to meet. If you think have bad credit and would not qualify, I would suggest applying anyways because as I said before, it is not very difficult to get accepted even with a less-than stellar credit score. The money can be used for just about any expenses the company might incur including but not limited to marketing, inventory, advertising, labor, etc.

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Recently, SBA introduced a new program called Patriot Express Pilot Loan Initiative dedicated to helping members of the military start their own company. You will be eligible for this program if you are a veteran (service-disabled or not), members of the National Guard, widow of a former soldier, or members who are currently serving and are eligible for the Transition Assistance Program.

The Center for Veterans Enterprise (CVE) or ‘VetBiz’ is where you should start when considering getting a VA loan for your business. You can reach them at Vetbiz was created exclusively for helping veterans expand their start-up and providing them the loans they need.

Loans For Small Businesses

If you’re interested in opening a business, the chances are that you’ll need loans in order to obtain the funds you need to get it off the ground. One of the best ways to obtain funding is with small business loans from the Small Business Administration (SBA).

The SBA is a government agency that seeks to help working families start successful businesses through seminars and counseling sessions. Most cities have a SBA office but if none exists in your city, you can visit the agency’s website and get information.

The best way to apply for a SBA loan is through the lender. When you meet with the lender you want to present a plan that pertains to your industry and which states how your company will be viable to the community you live in. Some main components of your plan include the executive summary, profile, information about the funds you’ll need and how you’ll use the funds and how you intend to repay the loan. You’ll also have to mention what you plan to use as collateral and you’ll have to present your company’s financial statements.

Here are ways you can increase your chances of getting a loan from the SBA. The first thing you should do is work hard on your business plan. Get the lenders interested by stating the ways in which your start-up is unique and different from your competitors. You should also look over your credit report for any outstanding debts and errors because this affects your chances of getting the loan.

When you apply for a SBA loan, you want to make sure you find a credible lender who specializes in helping families obtain loans. Also do a background check on a lender who appears suspicious. You can visit the Better Business Bureau (BBB) to inquire about the company and see if any complaints were filed against the company.

In conclusion, loans help you get your start-up off the ground and the SBA is one agency that does this. Before you seek funds you should ask yourself if you have the time and commitment to starting and operating a company full-time. Also seek support from friends and relatives when finding ways to fund your company, and only borrow what you can afford to repay.

VA Loans For Small Businesses

There are currently over 20 million veterans in the United States. Many of them have small businesses or wish to start a small business but do not possess the necessary capital to do so. This is where VA business loans come in very handy. Unfortunately, the government doesn’t give grants to veterans for the purpose of starting a small business, but loans aren’t so bad either, assuming your company is successful and can afford to pay them off later.

These kinds of loans generally have low interest rates and are not too difficult to pay off, assuming your start-up is successful. Recently a new kind of VA business loan has been introduced by the Obama Administration – the Patriot Express loan. The SBA helps veterans get the loans that they deserve, promote job creation, and provide a small, but noticeable stimulus to the overall economy.

Small businesses are the backbone of the economy, their success is crucial to the success of the whole country’s economy. The patriot express loan which I mentioned earlier can be used for almost any company needs such as inventory, start-up/working capital, or almost anything that a company needs to grow and expand.