It’s possible to jumpstart your civilian life with VA business loans and grants, if you meet the eligibility requirements. As retired or active service members, you may already be aware of the VA-guaranteed mortgage loans, but you might not be aware that military members can get lower-cost financing, for other aspects of civilian life.
Veterans Administration:
Your first stop may be the Veterans Administration, since they offer more than 40 different types of funding resources for those who have served in the armed forces. Under their leadership, there is education, counseling and other types of information available about starting your own business and obtaining VA business loans and grants.
Patriot Express Pilot Loan Initiative:
The Small Business Administration, known as the SBA, offers VA business loans and grants for veterans, with a maximum of $500,000 for new business ventures. While there are special requirements, it can be a great way to start your own business and receive preferential treatment on financing the start-up.
VetFran:
Formed by franchises that offer start-up opportunities in all sorts of businesses, VetFran can be a helpful resource for finding VA business loans and grants, too. Since there are many different types of franchises and financing opportunities, you need to narrow your scope and focus on the appropriate VA business loans and grants for that particular franchise.
Private Lenders:
Besides VA-guaranteed mortgages, many banks and lending institutions offer military loans for smaller business start-ups. Even those actively engaged in the armed services can qualify for unsecured military loans, to help them start a business and they have quick funding, with minimal paperwork involved.
Non-profit Organizations:
When it comes to finding non-profit grants, your small business start-up may qualify for a variety of them. There are many resources for finding these helpful funding sources, but most people start with the library or the Internet.
Federal Government Grants:
There are so many Federal Government Grants available for different ethnic and minority classes, that it’s a matter of selecting your particular ones to consider. Be prepared to approach a few different sources and have your business proposal ready, since it will be a requirement, even for VA business loans and grants you obtain from other sources.
Other Funding Sources:
Besides VA business loans and grants, there are other ways to fund your start-up business. Consider a loan against your 401K or IRA, if you have one and consider going back to school for further education about starting your own business, under the GI Bill. You may be able to refinance an existing mortgage into a VA-guaranteed mortgage, if you have equity in your home and this can provide the start-up capital you’re looking for.
Starting your own business isn’t difficult, if you have a sound business proposal and take advantage of the low-cost financing options, such as VA business loans and grants, which are available to eligible veterans or active-duty service members.