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Veteran Business Loans

Veteran Business Loans

Large numbers of veterans turn to entrepreneurship after their military careers are over. The skills and knowledge that they have gained in military service can be used in the business world to good advantage. Many banks and other lenders have devised specific veteran business loans for this segment of the market. The U.S. Small Business Administration (SBA) also has various loan programs targeted at veterans. For example, the SBA has introduced the Military Reservist Economic Injury Disaster Loan. This veteran business loan is available specifically for military personnel within one year of being released from active duty. It offers attractive terms and repayments can be made over a period extending up to 30 years. At 4%, this loan carries a low rate of interest. But if the amount of this veteran business loan exceeds $ 50,000, collateral needs to be furnished. As the loan is restricted to those veterans who were on active duty within the last one year, a large proportion of ex-military personnel would need to look for financing elsewhere. While banks and credit unions are a good option, alternative lenders have also developed specially designed veteran business loans to cater to this segment of the market. Alternative lenders offer a wide range of benefits to veterans seeking business loans. The main advantage when dealing with online lenders is that their speed of approval is unmatched. A decision is available on the same day as the application is completed and funds can be made available within a few days. Several online lenders do not consider the credit score of the applicant who is seeking a veteran business loan to be the only criteria when taking a credit decision. While the personal FICO score of the veteran is definitely an important factor, alternate lenders also place reliance on the average monthly revenue of the business and the number of years that it has been in existence. Those seeking a veteran business loan have a wide range of lenders they can approach. Banks and credit unions provide the most economical option but have a complicated and tedious paper-based approval process. Online lenders are rapidly gaining market share in this segment and many of them are keen to enter into a financing relationship with veterans. When applying for a loan, veterans will do well to clearly mention their military background. This will establish their credentials with the lender and help them in getting their loan approved at the best possible terms.

With over 500 business lenders, you are sure to find one that can help your small business get the money it needs to succeed. Most of the lenders work with all types of business lending options and are flexible with the amount you may be asking for. Most times you just need to fill out a quick and simple loan application and you could get your money in as little as 24-48 hours. It’s time to see what your business can do!

Accountable Capital Corp.

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44 Business Capital, LLC

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AdvancePoint Capital, LLC

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Arkansas Capital

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CMDC Business Financing

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Corporate Credit Success

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LendingTree, LLC

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Midwest Minnesota Community Development Corporation

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Pioneer Services

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Small Business Funding

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