Small Business Loans for Veterans
Hello this is Ty Crandall with credit suite and in this short video we’re going to dive in to small business loans are currently available for veterans one of these loans is the military reservist economic injury disaster loan it’s actually offered by SBA, now this loan provides funds to eligible small businesses to meet ordinary and necessary operating expenses that it could have met but wasn’t able to because an essential employee was called up to active duty it doesn’t cover lost income or profits only working capital to pay necessary obligations if you’re getting up to 50,000 you will not need any collateral to qualify over 50,000 will require collateral, rates as low as 4% loan terms as long as 30 years and you get a loan amount as highest 2 million dollars now another popular veteran loan is what is one known as the SBA express you can get loans up to $350,000 with rates as low as 4.5-6.5% you can even get a line of credit which is usually good for 7 years and you won’t need any collateral if you’re borrowing up to $25,000 now another popular loan is known as the Patriot express and this one gives you loan amount up to $500,000 no collateral its required up to $350,000 which is pretty on heard of with an SBA loan, rates are really low 2.25 -4.75% over prime rate, and veterans, service disabled veterans, active duty, reservist, current spouses of any of these even widowed spouse of service person who passed away during service cannot qualify. Now some other programs there are specifically designed for veterans but still will work really well for you one is known as revenue lending and at this one you can qualify for a if you have 1 year in business and have cash flow over $10,000 per month it’s fast easy money and even if you have credit scores as low as 500 you could still be approved but the rates are a little higher than conventional loans, now there’s another program known as unsecured financing and with this program this offer stated income it’s a no documentation programs so it’s great for start-ups or companies that don’t want to or have financials to show, you going to have good credit to get approved but you can get up to 5 times the amount of your highest revolving credit limit account right now, you can also get asset based financing, super low rates of 1 to 5% typically credit doesn’t matter works for start-ups and you also do not need to have cash flow, but you going to have collateral 401k or stock inventory equipment a book of business if you’re insurance agent even commercial real estate can all work its actual collateral. Now private money and alternative SBA loans are other great sources money where you can get rates about 7% a little higher long term loans and high limit credit lines um you do need credit and financial to qualify, you can also get venture capital which works great from private investors who want to invest in your company even if it is a start-up. Now hivers and strivers is an angel investment group funding early stage investment in start-up companies this is another great resource to look at it’s funded and run by graduates of U.S. military academies they lend $250,000 to $1,000,000 on average and the veterans opportunity fund, venture capital fund is a venture capital fund for veteran owned businesses, street shares is online lending platform catering to veterans, so here’s some other were three other really good resources for you if you’re looking for money as a military veteran. Okay other places to find loans for veterans the veteran entrepreneur portal, street shares the veterans business services, score the veterans fast launch initiative the veterans business outreach centers, and the military economic injury loans, also veterans business funds, so these are awesome other great loans other great funs other great sources money if you’re looking for money as a veteran of the actual armed services, so again this is Ty Crandall with credit suite hope you enjoy the short video if so please like the video also subscribe to our channel because on our channel we get into our long videos where we really give a lot of different financing options as many as 10, 15, or even 20 different kinds of loans um you’ll find in one single video that will help you get money even if you’re starting a business even if you have credit issues and also make sure you click on this video where there’s a pop-up that will give you access to a free resource, we designed this free resources to help simplify the loan process and make it this easy for you as possible to get money and credit for your business again this is Ty Crandall make sure you like make sure you subscribe before seeing you in the next video.