Veterans using small business loans to ease their transition into entrepreneurship

It can be sometimes difficult to leave the battlefield and move back to civilian life after years of fighting for the sovereignty of the country. Veterans are one of the special set of people that should get all the attention and accolades possible. Many of these individuals tend to pursue entrepreneurial endeavors, as they hope to build and grow businesses of their own. Unfortunately, like many other business owners, veterans venturing into entrepreneurship have to battle with funding.

According to the Small Business Administration (SBA), there are over 2.5 million veteran-owned small businesses in the U.S, representing 9.1% of all U.S. firms. Veterans own businesses across different industries, including Finance and insurance, Transportation and warehousing, and Mining, quarrying, oil, and gas, and real estate.

While some veterans have enough personal capital to start their own business, others have to settle for veteran business loans to start and grow their businesses. Studies have revealed that 7.8% of veterans use loans from banks and other such lending institutions to start their businesses, while 7.5% of them use their own credit cards to foot their startup expenses.

There are quite a number of sources of loans for veterans with the SBA and other pro-veteran groups offering business loans to veterans and their families. For businesses to be eligible for VA business loans, they must be at least 51% owned and controlled by one of the following: 

  • A service-disabled veteran

  • An active-duty military member participating in the military Transition Assistance Program

  • A reservist or member of the National Guard

  • A spouse of any of the above

  • A widowed spouse of service member who died in the line of duty or from injuries sustained as a result of their service

VA loans can be used for several purposes as highlighted as follows:

  • Covering Startup Costs

  • Payment of Operating Expenses

  • Hire Employees

  • Purchase of Property or Equipment

  • Procurement of Inventory and Supplies

  • Opening An Additional Location

  • Remodeling a Retail Storefront or Restaurant

  • Building a Website

  • Investment in Marketing Outreach

Media Contact
Company Name: Funding Box Company
Contact Person: Viola D. Hayes
Email: Send Email
Address:4450 Elmwood Avenue
City: Philadelphia
State: PA
Country: United States