VA business loans enable disabled veterans to reach their entrepreneurial goals. As a disabled veteran trying to either start your own business or keep your company running, you may be overwhelmed with the financing options you have at your disposal. After all, there are both government-backed loans and individual lending options that you can take advantage of. You need to choose the right loan in order to guarantee future financial stability for your company. Read this post to discover the best VA business loans for disabled veterans so that you can reach your goals.
One of the best VA business loans for disabled veterans is the Military Reservist Economic Injury Disaster loan (MREIDL). Veterans who own small businesses as well as those who took advantage of franchise for veterans deals succeed with this type of loan. It specifically offers financing to veteran-owned businesses that suffered due to the owners leaving for the line of duty. These business owners usually apply for MREIDL loans because they believe that their companies could have succeeded had they not been called for military service. With this being said, if your business recently underwent a major downfall while you were away on military duty, consider applying for this type of VA business loan.
SBA 7(a) Loans
Disabled veterans also apply for Small Business Administration (SBA) 7(a) loans to obtain financing for their companies. A major perk of these government-backed loans is that you do not need to pay any loan fees. Plus, you can take out a loan for a maximum of 10 years, giving you plenty of time to repay what you borrow. To top it off, the Small Business Administration provides lenders with a 85% guarantee. Keep these facts in mind when choosing the best VA business loan for you and your company. SBA loans for veterans might be your best bet.
SBA Express Loans
Additionally, the SBA also offers express loans to disabled veterans. Similar to the SBA 7(a) loan, this type of program is government-backed and was built specifically for veterans. It offers capital to veterans who need assistance keeping their businesses above ground. As the name suggests, veterans can receive their capital much faster with SBA express loans. The Small Business Administration promises to process express loan applications within 36 hours of submission. Because the approval time is faster, vets can receive capital faster too. In addition to speed, SBA express loans offer veterans an upfront fee-free loan term. For these reasons, this is one of the best VA business loans for disabled veterans.
Veteran-Owned Loan Programs
Veterans who own businesses also take advantage of veteran-owned loan programs. These programs are highly effective because of the bond that the lenders and the borrowers share. Because both parties have experiences serving their country, building trust is not as difficult. This is especially true because veterans typically receive assistance from other veterans throughout the application process as well. Unlike many other loan applications, the one for this type of loan only takes about 10 minutes to complete. With an application this fast, many veteran-owned loan programs can offer their approved applicants the funding they need within just a few hours. Take a look at the veteran-owned loan programs available to get the financing you need.
Loans From Online Lenders
Furthermore, check out the available VA business loans from online lenders. Because veterans like yourself put their lives on the line for their countries, many online lenders want to assist them in running their businesses. The best online options offer disabled veterans a variety of term length options and the lowest rates on the market. If you want to save capital, it is best to apply for no interest loans. Along with low interest rates, many online lenders also provide vets with accelerated processing times. That way, veterans can get the capital they need quickly. If you need funding by a certain date, your best option may be to apply for a veteran business loan from online lenders.
Since veteran business owners and entrepreneurs alike need funding for their companies, both government organizations and individual lenders offer special VA loans. A great option to consider applying for if you qualify is the Military Reservist Economic Injury Disaster loan. If you want a long loan term, consider applying for the Small Business Administration’s 7(a) loan. The SBA also offers an express loan program to vets who need financing quickly. Disabled veterans also receive the financing they need from other vets. Finally, consider applying for loans from online lenders. Reach your business goals by applying for one of these best VA business loans for disabled veterans.