Introduction
Most people already know that a VA loan can provide a home for you and your loved ones, but did you know they actually can do a lot more? You can use a VA loan to start your own business. The following five programs are valuable if you are looking to start your own business.
The Military Economic Injury Loan
This one is not for every veteran. You can apply for a loan if your business has suffered as a result of you being called back to active duty. The Military Reservist Economic Injury Disaster Loan is going to help you get back on your feet with a 4% interest rate. You can apply for the loan after one year of being released from active duty. You do need collateral if your loan is more than $50,000. You also need to prove that your business is incapable of getting back on its feet without government help.
Street Shares
It is an online auction place that connects you with business leaders who happen to be vets. Your application can be approved in just a few hours. Some restrictions may apply. This loan process is not part of any government entity.
The Veterans Business Fund
This is a non-profit organization that relies very heavily on donors to stay open. You cannot get everything funded through this organization. You are going to need additional financial help, most likely from a government program. Keep that in mind that because they are a non-profit group, they can only do so much.
The SBA 8 (a)
This is a small business administration loan. Did you get hurt in the line of duty? You can apply for this loan. It does not matter what branch you served in. The Service-Disabled Veteran-Owned Business Contracting Program helps to provide jobs for vets that might not get one otherwise. It is a tough competition in the job market. This program bypasses the red tape. Vets can find a secure job in places where they might be cut off due to the competition.
The Hivers and Strivers
This program is another startup specializing in those who have just graduated from the military academy. They help everyone who graduates from Westpoint to the Coast Guard.
Conclusion
Everyone deserves a helping hand, particularly our vets. They serve our country honorably. They do it in ways that most cannot even fathom.
Want more information about small business loans? Check out some of our other articles here!