Veterans Business Loans Start your Food Business

(upbeat music) – [Damian] Hey guys, it’s Damian
from Marketing Food Online and tonight I’m gonna
give you the top five best veteran business loans. If you are looking to expand
your existing business or get your food business up and running and you are a veteran, there
are some fantastic ways to get funding and I’m
gonna cover those right now. All right guys, so, let’s get started. I wanted to cover a
handful of different types of veteran business loans or grants. Depending upon the type of financing that you are looking for,
how much you would need, and a handful of other
factors, there are quite a few, actually, fantastic loan
programs set up for veterans and those that are either
active or some that are retired and, of course, some of those
requirements will definitely give you a different type of
loan based upon your service and the fact that you’ve
either been retired or maybe you have an existing business, there’s a handful of variables
but I’m going to cover five of the different types that are available and ways that you can actually get them. What I’m gonna do also
like I always do down in the description, I’ll
give you a bunch of resources for you to click on too, so
you can better educate yourself and look into some of the
resources that I’ll be discussing. So, here’s the thing, I’ve
got a handful of subscribers, one in particular just
recently had asked me about some information regarding
veteran business loans which was a really good topic
because I actually personally have half of my family,
my brother is a marine and my uncle was a
marine and cousin as well and then I have a few other
family members who served in the army and a few other
branches of the military, so, a lot of times they are
starting to know that my brother does actually have a business,
he has an eCommerce business, he has a couple of them, so there’s definitely some information that would be handy to
know if you are a veteran looking to expand your
business or even get one up and going. So, let’s get it started. So, the first one, first
one I wanna get into is actually, this one’s
geared specifically towards service men and women who
actually had been either injured, this is actually a loan program that, it’s sponsored by the SBA,
Small Business Administration, and it’s a loan that’s
geared particularly toward current and veteran military
reserve whose small business, you may have had a small
business or you have one, but when you get called into active duty, there’s been a financial, obviously, financial strain put on the
business which is something that a lot of people
don’t really think about but there’s a lot of our
military service men and women who actually own businesses but
when they go away, you know, the question comes up,
like, who’s running it? Who’s kind of running the show when they get called into duty? So, this is actually the
military economic injury loan, okay? So, if you own a small
business which has, of course, or had struggled financially, of course, as a result of being active duty service, the Military Reservist
Economic Injury Disaster Loan, it’s known as, it offers
4% interest rate loans that may be able to help
businesses get back on its feet, of course, because
when you get called up and you can’t run your business, it’s going to suffer
some financial strain. So, that is the first one. Now, the great thing about this loan, you gotta keep in mind that the program, if you go anything above,
if you’re requesting more than $50,000 dollars
for this specific loan, you need to have some form of collateral but anything below that,
they actually have terms in excess up to 30 years to pay it back. So, that one is actually a fantastic one, I was kind of blown away
at the terms on that loan because a lot of times business
loans are much different and much more challenging
to get than say a mortgage or any type of car loan. Business loans are very
tedious and very hard to get because you have to prove
that you’ve been in business for a certain period of
time, that you’re profitable, that you’ve got money in the bank, so there’s a lot more
variables and factors that come into play, I
would say compared to even just other traditional loans, so. Now, as a veteran-owned or run business, there is a company by
the name of StreetShares and they actually are really
big, they’re huge on funding veteran business loans specifically, okay? The company operates as an
online auction marketplace and how it works is that it
actually connects entrepreneurs directly with investors with an interest in small businesses. So, you’re actually going
to be dealing directly with investors, it’s
not a bank in a sense, but people who want to
invest in businesses and you would deal directly with them. StreetShares has a big focus on providing specifically business loans for veterans by connecting those
veteran business owners that are looking for funding, okay, to go directly to the
investors themselves. So, I’ll put, again, I wanna
put a link up for them, StreetShares is very interesting, the way that it operates
is kind of unconventional so it’s very unique but
it’s definitely a way to go because you can end up
getting loans in excess way over $50,000 dollars
to continue your business or to grow it. So, next up is a, it’s a
nonprofit, and actually, this one actually relies
on donors that provide the funding for this specific
veteran business loan program. It’s called Veterans Business
Fund and it’s a resource, it’s relatively new, it’s not that old but it’s an up-and-coming
resource for veterans that are seeking funding to open or expand small businesses, okay? Or even purchase a franchise business. Now, that is something that
I would highly recommend you look into. If you’re kind of on the
fence about what type of food business you
really want to operate and maybe all of the
processes and everything about running it you’re not
familiar with, franchising, of course, is just a you buy a process, you’re buying a method,
you’re buying a way to run a business, so when you
actually look into franchises, that’s really what a franchise is. I mean, if you go, let’s
say hypothetically, you go to buy a McDonald’s franchise, you, of course, have to
have quite a bit of money saved up for that but what
you’re buying is, of course, anyone could open up a
place that sells hamburgers and french fries and milkshakes, that’s not rocket science. What you’re buying,
though, is the processes, is the strategic, specific method, the methodology of operating and running a hamburger place as efficient
as you can imagine, okay? Whether you like McDonald’s or not, whether you like their food or not, the way that they make their food and the processes that are
involved are amazing, okay? And that’s one of the reasons
why they cost so much money is that you’re actually
buying the process. So, what this is is this is
actually, this is a fund, it’s a nonprofit, it’s a 501C,
and like I mentioned before, it really relies on people
who donate money to the fund. Veterans won’t be able to
finance their business entirely through that fund as the
program will offer loans that are kind of in conjunction
with a business owner’s personal equities, so the way that works is that you’ve gotta have,
of course, some equity, you gotta have some money
somewhere for that to happen, but if you do have that
well then this could be a great way for you to
expand or begin to broaden your horizons, I guess you
could say, with the business that you have up and running, so. Now, the next one up, I’ve
got, it’s actually known as the Service Disability Veteran Owned Business Contracting Program,
that’s quite a mouthful. It’s a SBA 8A service loan, okay? So, this is actually, the
Small Business Administration helps veteran small business owners, okay, who have been harmed in
the line of duty, so, unfortunately if that is
something that has occurred in your situation and you
have been in the line of duty and you’ve been harmed, this gives you some
funding because, you know, you come back and you’re looking to create a business and you wanna
do something on your own. So, a certain amount of the
government contracts with them, you can secure through
this program and, again, that’s an SBA, it’s a Small
Business Administration, Service Disability Veteran Owned Business Contracting Program, so. What else do we have up? Now, the next one we have,
this is really kind of unique, it’s quite interesting, actually, it’s known as the 7-Eleven
Veterans Franchising and it’s got a similarity
to, what it states here about the UPS and the number
of companies, 7-Eleven and a handful of other companies,
again, like UPS as well, they offer special specific
benefits to veteran franchisees, so, if you’re a veteran
and you’re wanting to get a franchise, you’re not wanting
to start your own business from scratch but you’re
wanting to buy a franchise, this would be something
you could look into. So, if you’re eligible,
you could actually receive up to 20% of a franchise fee, okay? Or 65% of the financing through 7-Eleven. Now, this is something you might wanna dig a little deeper, I’m not
sure if actually 7-Eleven is offering this as a
financing to purchase any franchise or if
it’s specifically geared towards the 7-Eleven franchise itself. That’s something you can double check on and I’ll leave you all
those links down below. So, what we have up
next, now, the next one, there’s one here that we talk about the SBA quite a bit here. Small Business Administration
does have a tremendous amount of different things to
choose from in regards to the different types of loans
or additional benefits, financing and such, so, the
SBA Express Loan Program, okay? So, they have what’s known as
SBA Patriot Express Program has been a loan program that
they’ve had for quite some time but, unfortunately, they put
an end to that but they do have because they did away with
it and they kind of merged it with their traditional
express loan program and I’ll put some more information as well about the express loan but
the All Authorized Veterans Business Loans of up to $350,000
can actually be processed through that express
initiative and have zero upfront fees, so, you’ll
receive a response for your application within 36 hours when you apply for this type of loan because it’s part of
that express loan program and veterans can get
literally up to 300, I mean, it’s mind boggling, it’s over
a quarter million dollars in financing, depending on, of course, on a lot of factors with
what type of business you may look for or what you already have and how you wanna expand it. So, there’s a handful,
there’s quite a few more types of loans and grants. The one thing I would definitely recommend is to click on a few
of those links I’ve got in my description and find out which one, the thing about these,
just to be honest with you, the thing about these loans
is that there’s a lot of money that is available, okay? The type of hoops that you
kind of have to jump through, if you will, the kind of
things you need to show and present and paperwork
and documentation, if you already are in a business
to show the length of years a lot of these loans will
be contingent upon that, the length of years,
how much money you have, how much company debt there is, okay? ‘Cause every company, to be
honest with you, every company has some form of debt, it may
be a little, it may be a lot, but all of that
information comes into play when they start making
decisions about how much they give you in, of course,
the terms of how far, so. Now, let me go over too, I’ll
give you two really quick also veteran grant programs, okay? Now, loan programs and grant
programs are a little different in how they actually work but
this is definitely another route that you can take, a
grant is not a loan, okay? So, if you’re a veteran who’s
been awarded a franchise through, it’s known as the
VetFran Business Grant Fund, the IFA VetFran program,
then you also can qualify for this grant which
gives you $10,000 dollars towards any additions or
purchases that would benefit your business. This could be something
that would be in addition to what you may have already applied for. So, it’s a great supplementation
for veteran owned business loans, okay, so
if you’re getting a loan, you can also get a grant, by the way. So, the two could definitely
be something you can apply for, don’t think that you can only get one or you would only qualify for one. Grants and loans can definitely
be merged together, so. Now, the other one, and
I’m gonna talk really quick about this second grant. This is something that has been
around for quite some time, it’s a USDA, it’s the United States Department of Agriculture, okay? They have a veteran and
minority farmer grant. So, it’s called the 2501 Program and it’s run by the Depart
of Agriculture, okay? So, this is a minority and
veteran farmer grant, so, if you’re looking to create
some type of a business related specifically to agriculture, okay? Or the operations or
expanding an operation of agriculture, it could
be a farm, it could be, you know, an organic farm, it
could be a hydroponic farm, something that’s agricultural-based,
this loan program, sorry, this grant program
would be something that would be great for your
and that would be definitely something you should look into. So, it is the USDA 2501
program and, again, I’m gonna put a link that has all of this specific information about
these grants and loans and then what happens,
once you click on it, it’ll take you to this
page, it’s gonna give you some additional links
where you can actually click onto them, it’ll take
you even more further into more specifics and even
possibly it’s gonna give you the applications and such as
well so you can look into it and apply for them. So, with that being said, guys, I hope that that gives you some idea, don’t think that you’re stuck in a rut if you are a veteran or
a retuning service woman or service man and you
have come back from service and you’re trying to get
a business up and running, there is a lot of great
opportunities for you financially to get you up and running. So, don’t think that you’re stuck. Do a little research, dig in,
do a little bit of homework. There’s a lot of grant programs. There’s also a lot of loan programs. So, if you already have
an existing business and you just need to
get the cashflow moving a little more and you need to expand, these are some great programs that you should definitely look into, so. If this was a truly helpful podcast, give me a big thumbs up as always and thank you for taking the
time to listen to the podcast and I hope that this definitely
gives you some information to work with. Marketing Food Online is always here to give you guys resources
and help you out, so, I will see you guys
either on the next video or you can listen to
me on the next podcast. Take care. (upbeat music)

One comment on “Veterans Business Loans Start your Food Business”

  1. Marketing Food Online says:

    There are numerous options for Veterans to start or GROW an existing business hope this helps ! Tells if you have ever taken advantage of these loans!

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