Veteran business loans with bad credit acceptance can be hard to come by. This is especially true through traditional lending channels including banks.
Why It’s Difficult for Veterans to Take Business Loans with Bad Credit
Many recently retired service members simply don’t have access to the time or resources needed to boost their FICO.
Other older members face the same troubles that business owners with bad credit face when it comes to acquiring financing. Yet, gaining access to the same great business loans for bad credit is still incredibly difficult.
Good News for Veterans With Low FICO Scores
Fortunately, bad credit business loans for veterans are no longer out of reach. National accepts 90% of all veteran business owners, regardless of FICO. Read on to find the perfect VA business loan for veterans of all credit profiles!
What You Need to Qualify for Bad Credit Veteran Business Loans
Business must be at least 51% veteran-owned
Make monthly gross sales of $10K or more
You must be in business for 6 or more months before applying
Exclusive Veteran Benefits: Business Loans for Bad Credit
90% Approval Rate for All Service Members
All Credit Profiles Accepted
Options with No Personal Guarantees Needed
VA Loans with No Collateral Leveraging Necessary
Simplified, Expedited Process
Minimized Paperwork
24/7 Access to a Business Financing Advisor
Access 75+ Industry-Leading Lenders
Top 6 Veteran Business Loans with Bad Credit Acceptance in 2018
Veteran Small Business Loans: Veterans from every industry can benefit from our specialized veteran small business loans. This variety of business loans is designed to help finance veterans accomplish any specific business goal or squash any challenge that comes their way. Whether service members need help managing payroll, purchasing materials, gaining working capital, or obtaining heavy equipment, small business loans for veterans are the option for you. With a vast variety of small business loans to choose from, veterans are able to find financing options with terms that perfectly match their needs.
Veteran Equipment Financing: With a growing number of veteran business owners in construction and other businesses needing machinery and heavy equipment on a daily basis, this has become a very popular option among retired service members. This is an easily accessible and fast-funding option for veterans seeking to purchase, lease, or upgrade business equipment. Veterans who apply typically receive funds in 24-48 hours.
Veteran Business Term Loans: Veteran business loans with set terms and set rates. While some require a FICO of 580 or more, many others do not have any credit requirements at all. Great for veterans who know exactly how much capital they need to borrow. Set interest rates for veteran business loans are also helpful in ensuring that you’ll always pay the same flat rate.
VA Business Lines of Credit (Revolving): Not only do these business lines of credit not have any FICO requirements, but veterans also never have to leverage real estate collateral in order to qualify. Revolving business lines of credit are one of the easiest financing options for veterans with bad credit to get. These come with flexible terms and rates that ensure financing with the lowest cost of capital possible.
VA Revenue-Based Financing: A perfect choice for veterans in retail, food and beverage, and other credit and debit-run businesses. A lump sum of cash is given to veterans in return for a small portion of future customer debit and credit swipes. The amount veterans pay fluctuates depending on the rate of business they are making. The fewer sales veterans make within a certain time frame, the less they have to pay.
Accounts Receivable Financing for Veterans: For veterans in wholesale distribution and other businesses with slow customer payments, this option is the most commonly sought. Leverage your receivables in exchange for cash. It’s that simple! And with AR financing, you don’t have to notify your customers. This differentiates this financing option from purchase order financing, making it the more popular choice among veterans.
Why Veteran Business Loans Are Important
Veterans spent their time in the service instead of building credit. Their commitment to our freedom shouldn’t restrict them from opportunities when they’re back home, which is why veteran business loans offer less restrictive eligibility criteria.
They essentially level the playing field and allow veterans to start contributing to U.S. commerce upon arrival in the States. Without them, they’d face an uphill battle to access capital that may deter them from pursuing their entrepreneurial dreams.
How Veterans With Bad Credit Can Get SBA Loans
To get a veteran SBA loan, you’re going to need a FICO score of 685 or higher.
That’s not to say that if you have a lower FICO score, you still can’t get one. You just need access to the resources you need to boost your credit to match this requirement.
If you have your heart set on getting VA SBA loans but you can’t qualify, we have a number of business services tailored for veterans to boost their FICO ASAP, so they can get SBA funded in no time. Click the link for more information, or call 1 800 960-9363 to speak with a live representative. Veteran Credit Repair and Boosting Services
At National, we make sure that all veteran entrepreneurs with any credit score can gain access to the perfect financing option for them and their businesses.
Learn how to get an SBA loan for veterans in 5 simple steps by following the link: How to Get SBA Loans in 5 Simple Steps
How to Get Veteran Business Loans with Bad Credit
If your financials match the requirements listed above, then all you need to do is fill out our online application.
It only takes about 60 seconds and does not require extensive financial records or documentation.
Or, you can give a Business Financing Advisor a call at (877) 482-3008 and ask them how they can help you get the VA financing you need to match your specific goals, regardless of credit score.
Or, fill out our 1-minute free application online by clicking the link below, and get the funds you need in as little as 24 hours.
You served our country honorably and fought for our freedom. You deserve a financing company that fights just as hard for your needs. Contact National Business Capital today!
