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We’ll begin by asking you a few questions to better understand the particular requirements of your business.
Our team will consult you on the next steps once we find your personal matches.
Here are 7 small-business loans for veterans
Max loan amount
Min. credit score
Here are 7 small-business loans for veterans
Best for SBA loans for veterans
Best for Discounted SBA loans for veterans
Best for Bank business loans for veterans
Best for Veteran loans for established businesses
Best for Fast small-business loans for veterans
Best for Business loans for veterans with bad credit
Best for Startup business loans for veterans
SBA loans for veterans
Even though the SBA doesn’t give veterans a break on standard 7(a) financing fees, these loans are a good choice for long-term, low-interest financing.
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Available as a term loan or line of credit.
Interest rates are capped.
Long repayment terms available.
Personal guarantee is required.
Collateral is typically required.
Longer processing times than online lenders.
Qualifications:
Be a for-profit U.S. business.
Must first use alternative financial resources, including personal assets.
Financial qualifications determined by individual lender.
Lowest interest rate
Discounted SBA loans for veterans
Through the SBA’s Express loan program, businesses may borrow up to $500,000. Upfront guarantee fees are waived for veteran-owned businesses that qualify.
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Available as a term loan or line of credit.
Interest rates are capped.
Faster processing time compared to other government loans.
Personal guarantee is required.
Lower borrowing maximum than other government loans.
Shorter repayment term for line of credit than 7(a) loans.
Qualifications:
Be a for-profit U.S. business.
Must first use alternative financial resources, including personal assets.
Financial qualifications determined by individual lender.
Bank business loans for veterans
For seasoned business owners with good credit, PNC provides business lines of credit up to $100,000.
PNC Bank – Line of credit
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Bank line of credit with competitive interest rates.
Can fund as quickly as the same business day.
Monthly repayments with no set term.
Requires high minimum credit score and multiple years in business.
Requires personal guarantee.
Businesses in certain states and industries are ineligible.
Qualifications:
Minimum credit score: 720.
Minimum time in business: Three years.
Minimum annual revenue: $100,000.
APR is the market prime rate plus either 7.49% or 9.49%.
Veteran loans for established businesses
If you have a few years in business, Credibility Capital can offer low interest rates compared to other online lenders.
Credibility Capital – Online term loan
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Competitive rates compared to other online lenders.
No prepayment penalty.
Loans can be approved and funded within five business days.
Requires higher annual revenue than other online lenders.
Requires business lien and personal guarantee.
Not available in Nevada, North Dakota, South Dakota or Vermont.
Qualifications:
Minimum credit score: 650.
Minimum time in business: 2 years.
Minimum annual revenue: $200,000.
No bankruptcies in the past 5 years.
Fast small-business loans for veterans
OnDeck provides short-term business loans up to $250,000. If accepted, you might be able to get funding as soon as that day.
OnDeck – Online term loan
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Cash can be available within the same business day.
Accepts borrowers with a minimum credit score of 625.
Streamlined application process with minimal documentation required.
Can be used to build business credit.
Not available in Nevada, North Dakota or South Dakota.
Requires frequent (daily or weekly) repayments.
Interest rates can be high compared to traditional lenders.
Requires business lien and personal guarantee.
Qualifications:
Minimum credit score: 625.
Minimum time in business: 1 year.
Minimum annual revenue: $100,000.
No bankruptcies in the past 2 years.
May fund quickly
Business loans for veterans with bad credit
Fundbox offers quick funding up to $150,000. Your credit score must be at least 600 to be eligible for a business loan from Fundbox.
Fundbox – Line of credit
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Financing available within one business day after approval.
Simple application with minimal documentation required.
Startup-friendly—accepts borrowers with a minimum of six months in business.
Low minimum credit score requirement.
No prepayment penalties, account maintenance fees or inactivity fees.
Rates are high compared to traditional banks.
May require personal guarantee.
Can’t be used to build business credit.
Weekly repayments required over a short term (maximum of 24 weeks).
Qualifications:
Minimum credit score: 600.
Minimum time in business: 6 months.
Minimum annual revenue: $100,000.
May fund quickly
Startup business loans for veterans
You can obtain a business line of credit from Bluevine up to $250,000. If you have been in business for at least six months, you might be eligible.
Bluevine – Line of credit
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Cash can be available within 12 to 24 hours.
Multiple term lengths for different financing needs.
Low minimum credit score requirement.
Startup-friendly; accepts borrowers with a minimum of six months in business.
May require weekly repayments.
Requires personal guarantee.
Not available in North Dakota, South Dakota or Nevada.
Rates can be high compared to traditional lenders.
Qualifications:
Minimum credit score: 625.
Minimum time in business: 6 months.
Minimum annual revenue: $120,000.
May fund quickly
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What is a VA small-business loan?
Active-duty military service members participating in the Transition Assistance Program.
Honorably discharged or service-disabled veterans.
Reservists and active National Guard members.
Current spouse of a veteran, active-duty service member, reservist or guard member.
Widowed spouse of a service member who died in service or from a service-related disability.
Veteran business loan options
Business credit cards. These typically provide up to $50,000 in revolving credit, meaning you can borrow and repay from the credit card as needed, and pay interest only on withdrawn funds.
Personal loans for business. These offer a lump sum of cash, with a fixed interest rate and repayment terms.
Other resources for veteran-owned businesses
Veterans Business Outreach Centers. These centers offer workshops, training, counseling and other services to help veteran business owners start, grow and expand their businesses. There are 22 VBOCs across the country — and these organizations can help connect businesses with SBA partners, including community lenders and other resources.
Veteran entrepreneurship training programs. The SBA works with nonprofit organizations and universities across the U.S. to provide in-depth business training programs for veterans and their spouses. These initiatives include the well-known Boots to Business program, as well as the Service-Disabled Veteran Entrepreneurship Training Program, which offers training to service-disabled veteran entrepreneurs looking to start or grow a small business.
Office of Small & Disadvantaged Business Utilization. Although the VA doesn’t offer business loans, the OSDBU is a part of the agency that provides a variety of resources for veteran entrepreneurs. Through the OSBDU website, you can find upcoming webinars and training sessions and get verified to participate in the Veterans First Contracting Program.
Military Reservist Economic Injury Disaster Loan Program. The MREIDL can provide up to $2 million if you have an essential employee who is a military reservist and gets called to active duty. This program is for covering regular business operating costs, not starting or expanding a business.
SBA 8(a) program. The SBA offers this business development program to eligible businesses, which can include those owned by veterans. The SBA 8(a) program provides small businesses with a certification that can improve their chances of winning government contracts, as well as help navigating the bidding process.
Second Service Foundation. The Second Service Foundation, formerly the StreetShares Foundation, is a nonprofit organization dedicated to supporting military entrepreneurs. The organization offers an annual grant program — the Military Entrepreneur Challenge — as well as networking events, coaching, training and other resources for business owners.
Small-business grants for veterans. Government agencies, nonprofit organizations and private companies all offer small-business grants for veterans. You can search Grants.gov to find all active government grants for businesses, or use a free website like GrantWatch to filter specifically for grants for vets.
Find the right business loan
A writer for small businesses, Randa Kriss joined NerdWallet in 2020. Previously, she was a writer for Fundera, where she wrote about a variety of small-business issues, such as banking and loan products. The Washington Post, The Associated Press, and Nasdaq, among others, have all featured her work. At Iona College, Randa received a bachelor’s degree in both English and Spanish. Email: rkriss@nerdwallet. com.
FAQ
Can you start a business while on VA disability?
You are not constrained by any income limits if you are awarded a 100% disability benefit based on your impairment rating. You can run a business and make however much money you want.
Does the VA have a business loan program?
No, VA does not provide loans for businesses. Patriot Express is a special loan program for veterans offered by the Small Business Administration (SBA). We advise business owners to work with the Small Business Development Center to make sure they have the paperwork required to submit an application for the program.
How can a veteran get money to start a business?
Veterans Entrepreneurship Program (VEP): The U.S. Department of Veterans S. The Office of Small & Disadvantaged Business Utilization of the Department of Veterans Affairs Helping eligible veterans launch a new business or boost profits at already-existing companies is the aim of the VEP.
How much can I get for VA business loan?
All active and retired military members and their families are eligible to apply for business loans for veterans, and you and your partners can each apply for up to $350,000. VA Mortgage Loans up to $417,000 with no down payment. Veterans can get business loans up to $350,000 with terms of 1 to 5 years.
