When veterans of the armed forces transition back into civilian lives, many opt to become entrepreneurs. Increasing numbers of veterans are choosing to run their own small businesses rather than work for someone else. They bring to their endeavors the leadership, team support and solid work ethics they learned while in the military. In developing business savvy they usually turn to their banks for financial support. What they often encounter is a road block. Banks do not often extend credit especially small business loans to veterans with bad credit.
For those who have served our country it is sometimes difficult to start or return to their small business. Small business loans for veterans are not easy to come by. Traditional lenders often require spotless credit and this is not always the case for any small business owner. Often earlier errors in judgment or the desire to put building the business before building one’s FICO come back to haunt when they seek additional working capital.
Some additional funding support for veterans has been guaranteed, in part, through the government. The Small Business Administration (SBA) reports that the number of veteran entrepreneurs is growing rapidly. In 2013 the SBA backed loans of $1.86 billion to over 3,000 veteran-owned businesses. The loans offered by the SBA however have a short application window and generally that expires by the end of the 3rd quarter each year.
Where to Find Small Business Loans for Veterans with Bad Credit
The timeline for receiving funds from both traditional lenders and the SBA is quite lengthy. It usually takes several months from when the application is submitted to when funds are received. To stay solvent and to grow, small business must move at a much faster pace and therefore require a far shorter loan process.
So where can these entrepreneurs go to obtain small business loans for veterans with bad credit? National Business Capital. We are a leading alternative funding source. We have assisted thousands of clients and located tens of millions of dollars to fund their enterprises. Unlike banks whose loan decisions are based on tight guidelines, National Business Capital uses realistic underwriting criteria. We look at the big picture when reviewing our applications. This means that a low FICO or even an open tax lien are not immediate loan disqualifications.
The best part of this scenario is that our loan applications do not require mountains of documentation of paperwork to fill out. In fact, it takes the average applicant about two minutes to complete our form and submit. Our loan decisions are made within 24 hours and the monies are made available within days. Those seeking small business loans for veterans will be glad to know that now there is a funding source that understands their need for quick access to working capital.
National Business Capital has many options to offer returning veterans and we want to contribute to making their business ventures successful. Contact our Business Consultants to review your business, its monetary requirements and your future goals. We’d like to establish an on-going business relationship that offers financial solutions when you need them to further your enterprise. Call us today at (888) 888-9124. And, above all, we’d like to personally thank you for your Service!