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.
Read on to learn how NBC has been securing veterans with financing options that offer larger amounts, lower rates, and longer terms for over 10 years, and helping thousands of veteran-owned businesses across the nation get what they need to grow and succeed.
3 Small Business Loan Requirements for Veterans
- 6+ Months in Business: We believe that every veteran should have a chance to achieve their business dreams – not only those with many years of business ownership, but those who are just starting out as well.
- $100,000 in Annual Revenue: You don’t have to make a ton of money to borrow large amounts of capital. If your business makes a minimum of $100,000 per year, NBC can help!
- No Credit Minimum: NBC is proud to offer small business loan solutions to veterans regardless of credit score and extensive financial history.
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? Many turn to tried 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.
Simplified Funding Process for Veterans’ Small Business Loans
Veterans have spent entire years putting their lives on the line for the USA’s freedom and security. At National Business Capital, we stand firm in our belief that veterans deserve nothing but respect and resolve in return, which is why we approve over 90% of all veterans who apply for a small business loan, no matter their credit score or extensive financial history.
What’s more, veterans who apply for small business loans through our simple 1-Minute Application Process won’t be required to jump through the same hoops required by banks. All veterans receive a streamlined and expedited approval and funding process that can secure funding in as little as 24 hours.
The best part of this scenario is that our loan applications do not require mountains of documentation of paperwork to fill out. Instead, the Business Financing Advisors at NBC prepare all necessary paperwork, and do all the legwork in comparing multiple offers, from an exclusive global marketplace of over 75+ lenders. 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.
Get Your Small Business Loan Today
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 (877) 482-3008. And, above all, we’d like to personally thank you for your Service!