Are There Small Business Loans For Veterans?

(Including Military Spouses)

Military veterans, their spouses and all those in active service that put their lives on the line for their country have been made to enjoy certain privileges. One such privilege is the small business loan for veterans. As a result of some of the life threatening experiences these citizens were exposed to, they did not all return from service fully whole, (mentally or physically) and so some of them were not able to enter into regular workforce because of their disabilities.

In the United States, the Veterans Administration (VA) is empowered to look into the affairs of veterans and provide them with necessary help and support. So the answer to the theme of this article is yes; there are small business loans for veterans. Most would say they deserve a benefit like this after putting their lives at risk for their country.

The VA itself will not make loans or grants for the start up or expansion of small businesses. It is the Small Business Administration (SBA) which is an agency of the VA that has been selected to provide small business loans.

SBA offers an express program that gives borrowers a speedy turnaround time for their loan application. The SBA express has the benefit of a lower interest rate.

The eligibility of this program is restricted to veterans, service disabled, active duty service members, national guard, reservists, spouses and widows of those that died during active service.

Being a member of the veteran's community however does not make you immune to the conditions for obtaining a loan. You have to fulfill the requirement of credit worthiness just as you would when applying to any regular financial institution. You need to indicate the exact purpose for which the loan is to be used and they (the lenders) will require a personal guarantee in case of default.

The SBA Patriots Express will actually facilitate the speed at which you can obtain a loan and it takes them just about 36 hours to reply you once you have applied