According to the Small Business Administration (SBA), over 2.5 million small businesses are owned by veterans of the U.S. armed forces. This represents 9.1% of all U.S. firms with veteran-owned businesses hauling in $1.22 trillion in revenue each year and employing nearly 5.8 million people. Veterans own businesses in all industries, including Finance and insurance, Transportation and warehousing, Mining, quarrying, oil, and gas, construction, and a host of others.
Like any business owners, veterans sometimes struggle with cash flow and have to look for funding from different sources. There are several sources of small business loans for veterans, designed to help them run and grow their businesses.
Eligibility for small business loans for veterans
Generally speaking, each lender will consider a slightly different set of requirements before deciding whether or not to fund a veteran-owned business. For the most part, however, to be eligible for a VA business loan, businesses must be at least 51% owned and controlled by one of the following:
Financing options available to veteran-owned small businesses
There are a number of financing options available to small business owners who are veterans as listed below:
How can funds from a VA business loan be used?
Media ContactCompany Name: Funding Box CompanyContact Person: Viola D. HayesEmail: Send EmailAddress:4450 Elmwood Avenue City: PhiladelphiaState: PA Country: United StatesWebsite: fdbox.com