Veteran-Owned Business Support from the SBA
Serving your country as a member of the military takes you away from your life back home for many years. When you return, you may not know exactly what to do with yourself. Some veterans go back to school, while others reconnect with family members and friends. Another great way to use your time after active service ends is by opening your own business. Many people hold back on business opportunities because of a lack of financing. Luckily, operating a veteran-owned business may qualify you for support with SBA loans.
Improved Rates and Terms
The loans offered by the Small Business Administration are quite desirable in the business world. Essentially, this is a form of financing that usually includes better rates and terms than other loan options. In order for you to qualify, however, you must meet the rigorous standards put forth by the SBA. Usually, this involves having an impressive credit history and financial records. For veterans, the qualifications are a bit different. This is where you may be able to benefit in regard to discovering sensible financing solutions.
If you were wounded during your service and are now considered disabled, then there are a number of unique options available to your veteran-owned business. A Service-Disabled Veteran-Owned Small Businesses program is an option that is offered to former members of the military who meet specific standards. The business owner must be veteran disabled during service and own more than half of the company. If you fit these qualifications, then look into the SBA loan application and discover whether or not you can obtain this financing for your business.
In order to learn the details of the veteran-specific loans offered by the SBA, you may require a bit of guidance. Reach out to people who may be able to offer you some more insight on the matter. A representative from the Department of Veteran Affairs should be able to offer more information, as this organization usually sets aside contracts from the SBA for this exact purpose. Contact the department to gain a bit more info on this decision.
After you have come home from serving as a member of the military, it can be difficult to figure out what path is the right one for your future. If establishing a veteran-owned business is appealing to you, now is the time to explore your financing options. Look into SBA loans and see if you can use your time serving your country to your advantage in the business world.