5 Ways to Get Funding for Your Veteran-Owned Business
It can be frustrating for veterans to find employment after separating from the military. Sometimes, what you did for your job in the Armed Forces doesn’t always translate to a civilian job, making qualifications and experience a drawback for employment.
In many cases, veterans opt for the entrepreneur track and try to start their own business. Often, the first setback they run into when starting their business is financing.
The good news is there are many options for finding veteran-owned business financing and additional small business resources.
- SBA Loans
Small business loans from the Small Business Administration (SBA) make it easier for small businesses to get funding. Skyline has strategic partnerships with the very best SBA lenders in the country. All of our lending partners are Preferred Lending Providers (PLPs) with the Small Business Administration. That means that the SBA does not need to do its own underwriting and approval of the loan. If the lender approves it, the SBA automatically approves it. This can shorten the funding process for you by months. The SBA will also guarantee a substantial percentage of the loan, which greatly increases your chances to get funded in full for your project. As a result of the guarantee, the terms of the loan are much longer than a conventional bank loan which is a critical aid in paying your loans back and boosting cash flow. Contact Skyline Commercial Capital to pursue this opportunity.
- Veterans Administration (VA) Small Business Programs
The Department of Veterans Affairs Small Business Grants are intended for non-profit organizations to assist service veterans with getting their businesses up and running. This money, like any other grant money, does not have to be repaid, but it does require strict compliance on your part. Before applying, make sure you read the instructions to ensure your company is in compliance. The VA has additional services for veteran-owned businesses. The agency’s Office of Small and Disadvantaged Business Utilization includes the Veteran Entrepreneur Portal to streamline your access to VA resources.
- Service-Disabled, Veteran-Owned Small Business Program
The Service-Disabled Veteran-Owned Small Business Initiative, like the VA’s OSDBU program, seeks to offer contracting dollars to veteran-owned companies. Set-aside contracts for small companies run by disabled veterans receive at least 3% of the federal government’s contracting dollars. Although these contracts are not government grants, they will assist a failing company in getting back on its feet. This initiative is a service of the SBA.
- Military Reservist Economic Injury Disaster Loan Program
The company may be eligible for MREIDL if an important employee has been called to active duty. The funds from this loan program will be used to provide a small business with the working capital it needs to pay off its necessary commitments when they come due before operations resume after the vital employee is released from active military service. This is a program of the Small Business Administration. The SBA has additional resources for veteran entrepreneurs, so it’s an agency worth contacting.
- StreetShares Foundation
The StreetShares Foundation was established with veteran business owners in mind. Apart from providing lines of credit, term loans, and government-contract financing to cover the expense of payroll and supplies before invoices are paid, it also provides lines of credit, term loans, and government-contract financing. Keep an eye on them for potential financing opportunities and to see what other resources they have available.