4 min read. Revised March, 2022 – by Joe Camberato
So, your business is growing or needs to solve a problem, and now, you’re looking for the best low-interest financing option available. Can a VA small business loan from the Small Business Administration help?
While you can apply for SBA funding, the SBA doesn’t actually offer its own VA SBA funding. However, you’re fully entitled to apply for a normal SBA 7(a) loan, and may even qualify for unique advantages because of your service.
But in a world filled with new opportunities—which may not always last forever—it’s crucial to find a financing solution that gives you the cash you need, when you need it. There are a number of financing options you can apply for and learn about to get cash to either grow or solve a problem.
Read on to learn everything you need to know about how to get the veteran business loan you need quickly and easily, with the respect you deserve.
At one point or another, all small businesses need a cash injection to move forward. As a veteran, a business loan can help you obtain the cash you need to fulfill your goals.
While this can vary based on the loan you receive, most financing solutions can be used to cover a number of expenses, without any limitations. You can put extra cash toward any expenses that are holding you back, like:
As a veteran, you’re also eligible to apply for other veteran-specific loans, such as the VA home loans provided by the US Department of Veterans Affairs. Keep in mind, though, that a home loan may not be the best solution available. In most cases, it makes more sense to utilize a business financing product that’s designed to help you grow. You can also learn more about government-sponsored programs to drive your entrepreneurial goals through the Transition Assistance Program.
As a veteran, you shouldn’t have to fight for the opportunity to find your financing options. That’s why National offers streamlined financing with qualifications based on your opportunity, rather than your credit score.
To qualify, all you need is:
Even if you’ve had credit challenges along your growth journey, you can still qualify for the best options available. We approve 90% of businesses, including veteran-owned businesses!
Although there’s no VA SBA loan offered by the Small Business Administration, you can still apply for a standard 7(a) loan. However, the qualifications can be more difficult to meet.
To qualify for an SBA loan, you need:
Unfortunately, underwriters can be a lot more particular about qualifications for an SBA loan. Beyond these qualifications, you’ll also need a clean financial profile. This means that any potential blemishes, like a tax lien, may take you out of the running for this government-backed loan.
However, you can still apply for other financing options!
Approval standards including minimum credit scores, annual sales, and time in business all entirely depend on the lender you apply through.
Banks are often the hardest to get funding from, as they tend to have the toughest requirements.
Most veterans who apply are denied VA small business loans due to low credit scores and blemished financial histories—two things that are often out of their control altogether.
At National, we think this is wrong. Rather than looking at you as a number, we’re more interested in your opportunity to reach the next level.
Through this process, we approve 90% of all applicants, including veterans!
Small business loans for veterans are usually pretty difficult to apply for. Finding the best lender that matches your needs and acts in your best interest requires a lot of time spent shopping around.
And being that VA loans could potentially involve governmental agencies, it’s no surprise that getting funds comes only after long periods of waiting, and mountains of red tape and paperwork.
National is a company that does all the shopping for you, and finds the best VA business lender in their exclusive global marketplace that perfectly matches your business needs, no matter what they may be.
We also have a team of experts that specialize in preparing all the necessary paperwork needed, so you can spend less time stressing, and get back to growing your business.
Through our expedited and simplified veteran funding process, we can secure you with funds in as little as a few hours.
Here’s all you need to do to apply: fill out our 1-minute application online, and a Business Financing Advisor will get in contact with you in minutes to discuss your options moving forward.
Why wait—get started learning your options now!
For more information, download our FREE eBook on avoiding the 10 common pitfalls in business financing.
National Business Capital helps entrepreneurs secure quick and fair financing to save time and cultivate sustainable growth.
Our stress-free online platform is designed for simplicity and speed, helping business owners go from application to approval in a matter of hours. And while we remain a leader in the Fintech industry, our clients agree it’s our personalized service and award-winning team that sets us apart.
From SBA loans to lines of credit, to equipment financing, and more, business owners can access all the different financing programs available to them in one place. Through our streamlined process, we have helped clients secure $2 billion in financing since 2007, and, more importantly, we’ve helped entrepreneurs save a tremendous amount of time and grow faster.
Joseph Camberato, CEO of National Business Capital, developed a passion for business at a young age. Joe started his company in 2007 in his spare bedroom and has grown to secure over $1 Billion dollars in financing for small business owners nationwide. National’s team has an amazing culture and has been name the #1 Top Workplace on Long Island 3 years in a row and counting. Joe is a trusted financial expert who’s published more than 2,000 articles in the last 3 years. His articles have generated over 5 million page views and has been featured on blogs such as Google News, Yahoo, CNBC, Forbes Magazine, etc. His passion has also inspired him to build the "GrowByJoe” YouTube channel where he shares his insights into small business trends and tips for growth. Joe also holds a seat on Forbes Finance Council and is an active member of the Young Presidents' Organization (YPO), a global leadership community.