They sacrificed their life and limb for the country, and now need a helping hand to set up a small business. Veterans should not be disappointed as there is financial assistance available with better terms from government and alternative finance companies.
Veterans take up small businesses to continue living their normal lives after grueling years of service. Many are left physically and mentally damaged or hurt. For these men and women, the more assistance and help is given, the better. Veterans bring to every field of endeavor the same dedication, leadership and work ethics as they had imbibed in their active service years.
A veteran run business needs fresh capital for a number of reasons. They may want to hire staff, open a new store or branch or invest the capital to improve their services. To meet these needs are VA business loans, and alternative ways of financing as well as veteran grants.
The SBA in the US has new measures to help veterans get loans. As per the SBA site, the borrower upfront fee is zero for all loans meant for veterans under its SBA Express program. The loan amount is up to $350,000. This program is popular among those going for the 7(a) loans. The SBA also has a tool to connect owners with lenders. For those with injuries, there is the Military Economic Injury Loans. This program serves veterans who had to neglect their business while joining active duty.
Alternative finance companies too cater to veteran needs with attractive terms. For instance, veterans may be offered loans even though their business is only six months old. There may not be a minimum credit limit or no annual revenue requirement either. The processing may be made faster as well. Veteran business loans may also include seed funds, or schemes with investor presence on the board.