If you are a military veteran that would like to expand your small business, or start a new one completely, VA loans have many benefits to offer you. The loan application process is less selective and shorter than that of other loans, as veterans are the only individuals eligible for them. Also, some reserved individuals and any veteran that has served as active-duty are automatically eligible to receive the loan. These minimum qualifications and the short application process is often very helpful to VA small business owners.
Who Qualifies?
A loan such as this is only available for a small business if the primary owner is a veteran, in most cases. This means that at the very least, the veteran must own at least fifty percent of the company.
Recently, the responsibility of distributing the small business VA loans has been passed from the Veterans Affairs Office to the Small Business Administration. A short term loan that is available for up to $35,000, called a Microloan, is one of the most popular loans available. However, one of the main stipulations on the Microloan is that old debts cannot be paid off with it, and it cannot be used to purchase new real estate.
The Veterans Corporation assists veterans with applying for and receiving small business loans, and they are a non-profit organization. They have helped many receive hundreds of dollars in loans over the years.
The mission of the Small Business Administration and of the Office of Veterans Business Development, is very simple: It aims to make as many programs for small business loans available as possible to reservists, disabled service members, and all other veterans who would like to expand or begin a small business.
Applying for a Loan
If a veteran is interested in applying for a small business loan should first contact the Small Business Administration. Through them, a representative will contact the applicant and determine eligibility for the loan by asking several important questions. If you are found to be eligible, an application will be mailed.
Once the application arrives, you will need to make sure to fill it out completely, as if there are any mistakes or blank information it will only delay processing and even jeopardize your acceptance.
After about two weeks from sending in your application, it is a good idea to check on the status of it, by calling the Small Business Administration. By doing this, you will be able to learn if is has arrived, been reviewed, and maybe even if it has been approved or denied. If you find that you have been denied for the loan, it is a good idea to ask for a reason why. Make sure you do research, otherwise you might end up visiting personal injury lawyers.
Overall, veterans who are interested in starting up or expanding a small business, have the option of taking out a VA small business loan. There is a multitude of programs available, though not every single one is legit, so it is important to go through the Small Business Administration to find loans. This administration is also helpful with answering any loan-related questions. Once you have loans you can learn how to get a girlfriend.