Hello this is Ty Crandall with credit suite and in this short video we’re going to dive
in to small business loans are currently
available for veterans one of these loans is the military reservist economic
injury disaster loan it’s actually offered by SBA,
now this loan provides funds to eligible small businesses to meet
ordinary and necessary operating expenses that it could have met
but wasn’t able to because an essential employee was called up to active
duty
it doesn’t cover lost income or profits only working capital to pay
necessary obligations if you’re getting up to 50,000 you will not need any
collateral
to qualify over 50,000 will require collateral,
rates as low as 4% loan terms as long as 30 years
and you get a loan amount as highest 2 million dollars
now another popular veteran loan is what is one known as the
SBA express you can get loans up to $350,000
with rates as low as 4.5-6.5% you can even get a
line of credit
which is usually good for 7 years and you won’t need
any collateral if you’re borrowing up to $25,000
now another popular loan is known as the Patriot express
and this one gives you loan amount up to $500,000
no collateral its required up to $350,000 which is
pretty on heard of with an SBA loan, rates are really low 2.25
-4.75% over prime rate,
and veterans, service disabled veterans, active duty,
reservist, current spouses of any of these even widowed spouse
of service person who passed away during service cannot qualify.
Now some other programs there are specifically designed for veterans but still will work really
well for you
one is known as revenue lending and at this one you can qualify for a if you have
1 year in business
and have cash flow over $10,000 per month it’s fast easy money
and even if you have credit scores as low as 500 you could still be approved
but the rates are a little higher than conventional loans,
now there’s another program known as unsecured financing
and with this program this offer stated income it’s a no documentation programs
so it’s great for start-ups
or companies that don’t want to or have financials to show,
you going to have good credit to get approved but you can get up to 5 times the
amount
of your highest revolving credit limit account
right now, you can also get asset based financing, super low rates of 1 to 5%
typically credit doesn’t matter
works for start-ups and you also do not need to have cash flow,
but you going to have collateral 401k or stock inventory equipment
a book of business if you’re insurance agent even commercial real estate can all
work its actual
collateral. Now private money and alternative SBA loans are other great
sources
money where you can get rates about 7% a little higher
long term loans and high limit credit lines
um you do need credit and financial to qualify, you can also get venture
capital which works great from private investors who want to
invest in your company even if it is a start-up. Now hivers and strivers
is an angel investment group funding early stage investment
in start-up companies this is another great resource to look at
it’s funded and run by graduates of
U.S. military academies they lend $250,000 to $1,000,000
on average
and the veterans opportunity fund, venture capital fund is a venture
capital fund
for veteran owned businesses, street shares is online lending platform catering to
veterans, so here’s
some other were three other really good resources for you
if you’re looking for money as a military veteran.
Okay other places to find loans for veterans the veteran entrepreneur portal,
street shares the veterans business services,
score the veterans fast launch initiative the veterans business
outreach centers, and the military economic injury loans,
also veterans business funds, so these are awesome other great loans
other great funs other great sources money
if you’re looking for money as a veteran of the actual armed services, so again
this is Ty Crandall with credit suite hope you enjoy the short video
if so please like the video also subscribe to our channel
because on our channel we get into our long videos
where we really give a lot of different financing options
as many as 10, 15, or even 20 different kinds of loans
um you’ll find in one single video that will help you
get money even if you’re starting a business even if you have credit issues
and also
make sure you click on this video where there’s a pop-up that will give you
access to a free resource, we
designed this free resources to help simplify
the loan process and make it this easy for you as possible to get money
and credit for your business again this is Ty Crandall make sure you like
make sure you subscribe before seeing you in the next video.