SBA Express Loans for Veterans
The SBA Veteran Advantage program encourages our beloved veterans to begin their journey into entrepreneurship by waiving the upfront fee on loans less than $350,000 for qualified applicants.
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To help veteran-owned small businesses, the SBA waives the upfront fee on loans of less than $350,000 to qualified applicants. Usually, SBA loans worth $150,001 to $350,000 require an upfront guaranty fee of 3%. Under Veterans Advantage, the fee is reduced to 0% if the business is at least 51% owned and controlled by qualifying individuals.
Qualifying individuals under SBA Veterans Advantage include veterans, reservists, National Guard members, and active military participating in the Transition Assistance Program (TAP). Current or widowed spouses of veterans may also qualify under the program.
Loan proceeds can be used for revolving lines of credit or other business purposes permitted under SBA 7(a). Those purposes include capital expenditures, refinancing of existing debt, working capital, inventory, and seasonal lines of credit.
Related Questions
What are the eligibility requirements for SBA Express Loans for Veterans?
In order to qualify for the SBA Veterans Advantage program, your business must be 51% owned by an eligible veteran. For the purposes of the program, eligible veterans include:
- Veterans (except for those who have been dishonorably discharged)
- Active duty service members enrolled in the Transition Assistance Program (TAP)
- Current spouse of a veteran, active duty service member, reservist, or member of the National Guard
- Widowed spouses of veterans or service members who died during service or as a result of service-related disabilities
Source: SBA 7a Loans Small Business Blog and SBA Express Loans for Veterans
What types of businesses are eligible for SBA Express Loans for Veterans?
Businesses that are 51% owned by an eligible veteran are eligible for SBA Express Loans for Veterans. Eligible veterans include veterans (except for those who have been dishonorably discharged), active duty service members enrolled in the Transition Assistance Program (TAP), current spouse of a veteran, active duty service member, reservist, or member of the National Guard, and widowed spouses of veterans or service members who died during service or as a result of service-related disabilities.
For more information, please visit www.sbaexpress.loans/blog/sba-express-loans-for-veterans and www.sba7a.loans/sba-7a-loans-small-business-blog/sba-express-loans-for-veterans.
What are the benefits of SBA Express Loans for Veterans?
The SBA Express Loan Program offers veterans a number of benefits, including:
- Lower interest rates than traditional loans
- Faster processing times
- No collateral required for loans up to $25,000
- No prepayment penalties
- No application fees
- No guarantor requirements
For more information, please visit SBA Express Loans for Veterans and SBA 7a Loans Small Business Blog.
How do I apply for an SBA Express Loan for Veterans?
You can apply for an SBA Express Loan for Veterans by visiting the SBA Express Loan website. You will need to provide information about your business, including your business plan, financial statements, and other documents. You will also need to provide proof of your eligibility as a veteran, such as a DD-214 form or other documentation. Once you have submitted your application, the SBA will review it and make a decision on whether to approve your loan.
The SBA Express Loan for Veterans offers a variety of loan products, including term loans, lines of credit, and microloans. The terms of the loan will vary depending on the type of loan you are applying for. For example, term loans typically have a fixed interest rate and repayment period, while lines of credit have a variable interest rate and repayment period. Microloans typically have a shorter repayment period and lower interest rate.
What documents are required to apply for an SBA Express Loan for Veterans?
To apply for an SBA Express Loan for Veterans, you will need to provide the following documents:
- Proof of military service
- Proof of ownership of the business
- Business tax returns for the past three years
- Personal tax returns for the past three years
- Business financial statements
- Personal financial statements
- Business plan
- Business license
- Proof of collateral
For more information, please visit the SBA Express Loans for Veterans page.