Saturday, April 4, 2015

How To Apply For Business Loans For Veterans

By Iva Cannon

When a military veteran returns home from their service, one great decision they make is to engage to entrepreneurship. Although it is far different from the field they used to do, but having your own venture is the best way to have a stable income and to earn more. You have also the freedom to be the own boss of your company and could change your chances in the industry.

If you are currently a member of the armed forces or a veteran, you may consider venturing to the things you love to do. However, this is not easy at all since you need to consider a lot of factors especially when it comes to your funds. Today, there are already available business loans for veterans for you. You only have to consider making your business plan or some assets serve as your collateral.

Once you have written your plan well and all your finances are in good order, you can now take to the next step which is finding a good lender. This step is difficult, as there are so many options available such as loan packages and lenders you can apply for. That is why for this matter, the guidance of a financial professional is vital to guide you simplify your search.

There are also other things to consider about the fixed or set rates and the credit scoring that most lenders use. Actually, filling out the initial application is not that difficult. There are also times that even if you provide a good score or good cash flow, most commercial banks will; not give you the necessary funds for your business.

In this matter, you can seek help from the small business administration and help you through the process. Their main responsibility is to assist you through the process. Here, there are no strings attached and the only thing you can get from them is the assistance you need in terms of your financial objectives and goals.

A local SBA representative will help you in the selection process by supplying some of the qualification information that would help you a lot to rule out some banks before you get started. For many hopeful entrepreneurs, the process for loan application takes a lot of time. Applying for a small business loan usually takes two months or longer to be processed.

Usually, most banks are not into startup businesses. Thus, it is advisable that before you start your venture, you have to research and know everything about the industry. You need to familiarize the industry and save some money before engaging to this undertaking. There are actually many military veterans who have no idea who to start and how to apply for a loan.

For this reason, it is better to start researching online and to apply online as well. You have to check all the eligibility requirements you need to comply, application information and of course the deadline information. In such case, a lender must apply to those banks that offer business loans. If you as a veteran is not eligible for the grant, you can still fill out the application and you only have to give the necessary documentation for the process.

The veterans association or the VA will also support you throughout the process. They will give you counseling services, some suggestions or advice and emergency loans as possible. They will encourage some existing small business owners to make a succession plan, work with an accountant or lawyer and complete the checklist for those beginners.

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