Are you looking for VA Loans for your Business. If you are a business owner who has been looking for a means of financial support to start or grow your business on a larger scale, we are glad to let you know that there are actually resources and lenders that give financing privileges for people starting or growing their businesses.
To make this easier for you, we have picked out some loan programs to find some of the good business loans you can get.
List of Some VA Loans for Businesses
Below is a list of VA Loans for Business
The first on the list for Business loans is StreetShares due to its transparent rates, non-stressful forms of financing, and devotion to serving veterans. StreetShares is not the same as other online lenders because it makes the provision of a good number of financing products with term loans, business lines of credit, and contract financing.
The similarity to other online lenders is the process of applications and provision of funding within just a few business days. Street Shares is very good for businesses because it is very lenient. It is necessary for you to know that businesses are limited to loans of 20% of annual revenue.
Loan amount: $2,000 – $250,000
Rates: 8.00% – 39.99% APR
Term: 3 – 36 months
Minimum Credit Score Required: 620
To qualify for the Quarterspot loan, you need at least a 550 credit score, this is actually one of the lenient credit score requirements in the market. Also, Quarterspot gives a large number of loans up to $250,000 which makes their loans on a higher spectrum in the market
Loan amount: $5,000 – $250,000
Rates: 20.00% – 48.00% APR
Term: 9, 12, or 18 months
Minimum Credit Score Required: 550
SBA Express Loans
The Small Business Administration (SBA) gives an Express Loan program that is lender competitive in the market. The SBA supplies loans through existing lenders like banks instead of offering loans directly.
There is a set maximum rate which is the Prime Rate + 6.5% and the limits vary as the market rates change. Borrowers are allowed to take a most $350,000 and this makes the SBA loans one of the highest lenders. Your application can be processed within 36 hours.
Loan amount: Up to $350,000
Rates: 4.5% – 11.5%
Term: Varies by the lender
Minimum Credit Score Required: Varies by the lender
Accion gives loans with lenient credit score requirements and education which are established for veterans. It is very good for military veterans who are newcomers at owning a business it makes the provision of helpful information and has more lenient requirements.
It is a non-profit organization that gives out loans for small businesses and is focused on giving support to enable veterans to qualify for financial support if they are not presently eligible by giving resources and workshops.
Accion is in partnership with Syracuse University’s Institute for Veteran and Military families to give these programs to veterans and also their spouses. You can always reapply for Accion’s loan of you are not eligible for a loan presently after three months.
Loan amount: $300 – $1 million
Rates: 7.50% – 34.00% APR
Term: 6 months to 25 years
Min. Credit Score Required: 575
SBA Military Reservist Economic Injury Disaster Loans(MREIDL)
These loans are for employees who are called to active duty that have small businesses that do not have the ability to pay expenses because the employee has to leave to serve in the military. The loan can only be used for working capital and not for business growth or payment of debts.
4% interest rate
Terms close to 30 years
Loans up to $2 million
Funding times vary (first come, first served)
Stricter eligibility requirements.
More research can be done on Google.