Access to Capital Resources for Veteran Entrepreneurs
Do you have a really great business idea that you’re eager to bring to life? Are you preparing to expand your products or services into new markets? Or maybe, you’re finally ready to open up that new business location you’ve been dreaming of. Whatever your circumstances are, you’re likely going to need funding to get to the next step of your small business journey – and the SBA is here to help.
With an extensive network of skilled business advisors and reliable lenders, the SBA has the financial tools you need to achieve small business success. Learn more about the SBA’s access to capital resources for veteran entrepreneurs.
SBA Funding Programs
From small business loans and grant-funded programs, the SBA offers a variety of funding programs to fit your business needs:
· Loans: Find SBA-guaranteed loans to start or grow your business.
· Investment Capital: Identify a potential SBA-licensed investor for your business.
· Disaster Assistance: Get access to low-interest disaster recovery loans, including the Military Reservist Economic Injury Disaster Loan (MREIDL).
· Surety Bonds: Protect your work and clients with an SBA-guaranteed surety bond.
· Grants: Look for grant funding based on your industry.
Learn more about the SBA funding programs available for your veteran-owned small business. And if your business has been affected by the pandemic, check out SBA’s COVID-19 guidance and loan resources for additional assistance.
Is your business lender ready? If you’re looking for funding to start, grow, or expand your small business, there are a few items you’ll want to consider before getting started. First, make sure your business plan and financial projections are up to date. You’ll want to be sure you understand how much capital you need and what you plan to use it for. It’s also important to consider your credit history, industry experience, and any collateral you may be able to put up to help guarantee the loan. Touch base with your local Veterans Business Outreach Center (VBOC) – these centers are located across the country and can help prepare you to meet a lender.
Once your business is lender ready, finding the right lender is an important next step. The SBA has made it easy for entrepreneurs to access lenders through Lender Match – a free online tool that connects small businesses with SBA-approved Community Development Financial Institutions (CDFIs) and small lenders. Simply fill out a few questions about your business and get matched with select lenders within two days. Try out the SBA Lender Match tool today.
For additional access to capital resources, check out your local VBOC. VBOCs offer trainings, like Boots to Business, to help you tackle common challenges related to entrepreneurship including financing your business. You can also work directly with a business counselor to develop a financial plan complete with financial projections, budget projections, funding requirements, and more.
VBOCs, along with SBA District Offices and our partners at Small Business Development Centers, Women’s Business Centers, and SCORE can help you get your veteran-owned small business lender ready in no time. Get in touch with a local SBA resource partner today.
For more information about SBA’s access to capital resources for veteran entrepreneurs, visit: http://bit.ly/Apr21VetBiz1.
SBA’s top priority is to continue to support the small business community, including the military and veteran small business community, through the COVID-19 pandemic. Please visit sba.gov/coronavirus for information.
This blog was originally written by the U.S. Small Business Administration’s Office of Veterans Business Development. To learn more about OVBD visit, sba.gov/ovbd.