Thanks to the rigid military training, veterans are more likely to tolerate risks and be very organized. These are two important traits of a successful entrepreneur.
Of course, having the right trait is not good enough. You need to have the finances that will help you fund your business.
Just like other non-veteran entrepreneurs, the struggle to find financing is one of the biggest challenge faced by self-employed veterans. However, veterans have a slight advantage compared to others.
For one, the credit history requirement is not as strict. Most banks or lenders that offer a veteran or military loan understand that it is hard to maintain a good credit standing when they are on active duty overseas.
If you have a good credit score (600 or higher), this is a great option for you. Smartbiz also offers veteran loans to those who have not yet declared bankruptcy or have foreclosure issues, this is also a company you can get small business loans from. You can get between $30,000 to $350,000 with an interest rate of 6.25% to 7.25%.
This company offer loans anywhere from $5,000 to $300,000. The rate can be as low as 5.9% and as high as 32%. This will depend on the credit score of the borrower. The company requires borrowers to have at least 600 as their credit score and an annual revenue of $75,000.
This lending company is ideal for veterans who only need a small amount. You can borrow as low as $2,000 and up to $100,000. The interest rate is a bit high at 9% to 40%. But the company can approve the loan quickly. They only need to see that you earn $25,000 annually and did not declare bankruptcy in the past 3 years.
This company can lend you up to $500,000 but the interest rates are a bit high – ranging between 14% to 38%. They also offer lines of credit with an interest rate of 19% to 31%. The better the credit score, the lower the interest. This is ideal for businesses earning $150,000 a year and has been running for a year.
This company provides small business loans for those with bad credit or would like to get fast cash. You can borrow as low as $5,000 and as high as $500,000 – with interest as low as 5.99%. Borrowers should have a personal credit score that is no lower than 500. It is ideal for the borrower to have a business that earns $100,000 annually and operating for a year now.
If it is short-term capital that you need, Kabbage is the best company to approach. Since it is a short-term loan, they do not really require a minimum credit score – which is ideal for veterans. You can borrow $2,000 and up to $100,000 with an interest of 32% to 108%.
BlueVine loans require a credit score of above 530. They also require the borrower to have a business that had been in operation for at least three months. The amount that you can borrow is between $20,000 to $500,000 with an interest rate of 17% to 60%.
If it is fast cash that you need and you have a low credit score, this is a great company to consider. The company provides fast loan approval for $500 to $100,000 loans. You can get as low as 13% interest and as high as 68%. The company will require the borrower to use an online accounting software that the company will link with their own.
