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andrewpdoro · 1 year

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Why Veteran-Owned Businesses Are Beneficial to the Economy

Veteran-owned companies are a significant economic force in a more competitive world than ever. Their success is a result of the abilities and leadership they hone while serving in the military and their commitment to the local community.

They are a fantastic illustration of what can be done when residents work together to support local companies and communities. This simple act can have a big effect and strengthen our nation.

Small business communities are at the forefront of economic development and employment creation. In actuality, they account for 44% of all economic activity in the US.

Leadership qualities and a feeling of the mission are just two of the many skills learned in the military that are transferable to the business world—these qualities, combined with focus, aid veterans in overcoming various difficulties as business owners.

These abilities are crucial for creating a successful, flourishing company. Additionally, they help soldiers compete more successfully in the job market.

Veterans face some particular difficulties, but they also offer a wealth of knowledge and experience to the small business world. They achieve success and outlast other small companies because of this.

Businesses run by veterans tend to be more successful than other companies, which benefits the economy. They are typically more dependable and have a superior track record for handling government contracts.

They also have a higher probability of having a solid support structure. They also command the public's regard and are adept at completing tasks.

You might be qualified to become certified as a VOSB regardless of whether you're a veteran looking to launch a company or have a small business you'd like to expand. You will be able to use this certification to obtain funding and contracts from the government that is only available to veteran-owned companies.

The SBA has set a target of giving small companies owned by service members with disabilities 3% of federal contracts. (SDVOSB). This implies that numerous government agencies have committed to purchasing from these businesses a portion of their work each year, creating many opportunities for those who meet the requirements.

The federal government spends billions of dollars on goods and services provided by private businesses. Veteran-owned companies have access to this purchasing power and may have a higher chance of winning government contracts than non-veteran-owned firms.

One of the biggest buyers in the globe, the Department of Veterans Affairs, spends about $3 billion annually with veteran-owned companies.

You must prove your veteran status and fulfill additional requirements to be eligible for government contracting opportunities. Fortunately, you can navigate the verification process with the VA's helpful website and personal assistance counselors.

Additionally, you can seek to be recognized as a Service-Disabled Veteran-Owned Small Business Enterprise (Veteran-Owned Small Business, or VOSB). (SDVOSB). You must own at least 51% of the business and be able to manage day-to-day operations and make strategic choices to be certified.

Access to government assistance is one of the veteran-owned companies' most important advantages over non-veteran businesses. Some examples are access to money, resources, and lucrative government contracts designated just for them.

The Small Business Administration (SBA) provides various support options for veteran-owned companies. These include specialized curricula, live workshops, and online programs instructing entrepreneurship basics.

Through its Opens in new windowLender Match Tool, the SBA also offers funding options for veterans. Another fantastic opportunity for veterans is the Military Reservist Economic Injury Disaster Loan Program (MREIDL), which provides loans to businesses if a key employee is called to active service in the military and is lost.

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cashvisionusa · 3 years

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What is an SBA Disaster Loan?

This low-interest and long-term loan is provided to businesses of all sizes and types to repair or replace disaster-damaged property. SBA disaster loans offer a reasonable way for small business owners to recover from declared disasters.

An SBA disaster loan can help you meet the necessary financial obligations and allow you to maintain sufficient money during the period affected by the disaster. However, it doesn’t replace lost sales or revenue.

There are several types of disaster loans such as Economic Injury Disaster Loans (EIDL), Business Physical Disaster, Express Bridge Loan Pilot Program, and Military Reservists Economic Injury. You can use one or multiple loans at the same time to meet your current financial needs.

Features of SBA Disaster Loans

Loan Amount

Up to $2 million

Interest Rate

4% to 8%

Repayment Terms

Up to 30 years

Minimum Requirements

· Must have 660 or above credit score

· Business must be located in an SBA declared disaster area

· Business must have suffered physical or economic damage from a disaster

Time to Funding

At least 30 to 90 days

Fees

Application fees, late payment fees, and liquidation costs

Collateral

Lenders are not required to take collateral for these loans

Qualification Requirements of an SBA Disaster Loan

First and foremost, your business must operate in an area where the SBA makes a disaster declaration. If your business has experienced some type of damage due to a declared disaster, you can be eligible for this affordable small business financing. Generally, this is one of the most important requirements to determine your eligibility. You can see the list of currently declared disasters on the SBA website – which can include events such as earthquakes, tornadoes, virus outbreaks, and other natural disasters.

You also need to meet the following common requirements for different SBA disaster types especially if obtaining loans for your business.

Business Physical Disaster Loans

Businesses of any size and non-profit organizations who can obtain credit elsewhere still can qualify. In this type of loan, you’re given a lump sum of cash to replace or repair your business property that is damaged in a declared disaster.

Economic Injury Disaster Loans

Small businesses, non-profit organizations, and small agricultural cooperatives that have been affected by a declared disaster can qualify. With EIDL, you can get the working capital to meet financial obligations and operating expenses in the time of a disaster.

How to Apply for an SBA Disaster Loan?

Once you’ve successfully fulfilled the general eligibility requirements for an SBA disaster loan, have a look at the steps that you need to follow to actually apply for one of these loans. As the eligibility requirements depend on the individual loan you’re applying for, some of the application processes also depend on the specific disaster loan.

You can apply for an SBA disaster loan online, by email, or in-person. For the easiest and fastest application process, filling out the online application form through the SBA website could be a great idea. Besides, you can complete a paper application and submit it by email or apply in-person at any Disasters Recovery Center.

Documents Needed to Apply for an SBA Disaster Loan

Following are some of the many common document requirements to apply for an SBA 504 loan.

Employer Identification Number

SBA Form 5

Personal financial statements

Profit and loss statement

Most recent Federal income tax returns

SBA Form 413

Additional documentation may be requested, such as monthly sales figures, deed/lease information, income statements, legal documents, etc

If your business has been severely affected by a disaster or the COVID-19 pandemic, it’s a smart idea to apply for an SBA disaster loan. Research and compare your options using an online funding marketplace and don’t hesitate to apply for an SBA disaster loan to help your small business survive the economic impact of the disaster at hand.

#SBA loans #sba #sbadisasterloan #smallbuisnessowner #smallbusiness

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bizadvisor · 4 years

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EIDL $10000 Grant/Loan Application Option | Military Reservists Economic...

#economic injury loan #eidl #eidl grant #eidl loan #military reservist economic injury loan

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businesscreditrocks · 3 years

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Business Money for Veterans

During this show, you’ll discover …

✅ How veterans are getting business cash

✅ Details on the SBA’s Military Reservist Economic Injury Disaster Loan Program…

✅ … and SBA Veterans Advantage Guaranteed Loans

✅ All about the Service-Disabled Veteran-Owned Small Business Concern program…

✅ … and SBA coronavirus disaster relief

✅ Plus where SBA microloans can fit in

✅ What the StreetShares Foundation is all about…

✅ … and how to qualify for the StreetShares Veteran Small Business Award…

✅ … and the StreetShares Female Founders Veteran Small Business Award Grant Program

✅ Details on veteran-friendly venture capital firm Hivers and Strivers

✅ How veterans can get collateral-based funding for their businesses…

✅ … including what you can use as collateral for business financing

✅ Plus we touch on more funding choices…

✅ … like merchant cash advances…

✅ … crowdfunding…

✅ … and angel investing

✅ Plus the details on the Credit Suite Hybrid Credit Line program

✅ And bonus information on veteran training programs like Boots to Business | Reboot…

✅ … and V-WISE (Veteran Women Igniting the Spirit of Entrepreneurship)

Check out this episode!

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flipfundingstuff · 4 years

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SBA Disaster Loans: Everything You Need to Know

Small businesses nationwide are struggling with the fallout from the coronavirus crisis. New research suggests that 50% of business owners have felt the effects, and nearly 40% report a decline in revenue. These negative trends were mainly chalked up to fewer customers visiting business locations, customers being more reluctant to make purchases, and customers having access to less disposable income.

Given the dire situation, the federal government is taking unprecedented action. The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) will allocate $2 trillion for relief initiatives. Included in the package will be a one-time payment to many Americans. Individuals making up to $75,000 a year will receive a $1,200 payment. Married couples making no more than $150,000 will get $2,400, as well as a $500 payment for each child in their family.

SBA Disaster Loans Get a Boost

In addition to the personal payments from the relief package, there are multiple benefits for small businesses in the CARES Act. These include:

Paycheck Protection Program (PPP): Get up to $10 million to cover payroll support expenses such as employee salaries, paid sick leave, paid medical leave, insurance premiums, mortgage payments, rent payments, and utility payments.

Economic Injury and Disaster Loan (EIDL) and Loan Advance: These loans are specifically relevant in situations where your business didn’t suffer any physical damage but was harmed nonetheless. You can receive up to $2 million to cover expenses you would’ve been able to pay if the disaster hadn’t occurred. Because of the severity of the coronavirus pandemic, you can actually apply for an advance of up to $10,000.

SBA Debt Relief: With this program, the SBA pays the principal and interest on new SBA 7(a) loans that are funded before September 25, 2020. If you have an existing SBA 7(a) loan, the SBA would pay the principal and interest for 6 months. Note that this benefit is limited to SBA 7(a) loans and wouldn’t be applicable for PPP loans or EIDLs.

SBA Express Bridge Loan: With values up to $25,000, these loans require less paperwork and hit your bank account much faster than a typical SBA loan. This program is intended to deliver faster relief to those who need it.

Businesses can qualify for the expanded Small Business Administration (SBA) disaster loan program as long as they don’t employ more than 500 people. As with other SBA loans, this financing is not actually funded by the agency. Rather, the COVID-19 loans are facilitated by the SBA, and the money comes from banks and various independent lenders. The key element is that the SBA guarantees a portion of the loan, which lowers lenders’ risk and makes them more willing to work with those who have less-than-stellar credit history.

SBA small business loans are intended to help small business owners overcome the negative effects of the coronavirus pandemic, so if you’ve struggled to make payroll, cover accounts payable, handle fixed debts, or pay your bills, you could qualify.

Finally, the Families First Coronavirus Response Act could also help you during this challenging time. This federal action bolsters unemployment benefits and creates rules for emergency paid sick leave impacted by the pandemic.

The Regular Lineup of SBA Disaster Loans

Multiple other SBA emergency loans for small businesses are available. While the details vary, they are all intended to help a business after physical or economic damage is caused by a declared disaster.

An SBA disaster loan can be used to repair or replace real estate, personal property, machinery and equipment, and inventory and business assets. But don’t go thinking that you could use one to expand your operations. The rules clearly state that it’s only intended to restore things to the way they were before the disaster.

Here’s a quick look at 3 different types of SBA disaster loans not directly related to federal action in response to the coronavirus crisis:

Home and Personal Property Loans

For those living in a declared disaster area and who have been victims of a disaster, there may be relief available through these loans. It’s worth noting that even though these loans are provided through the SBA, you don’t need to actually own a business to qualify.

Business Physical Disaster Loans

If your business or organization is within a declared disaster area and sustained damage during that disaster, you can apply for one of these loans. Common examples include a hurricane or flood. These loans provide up to $2 million and are intended to help you replace or restore any damaged property.

Military Reservists Economic Injury Loans

This loan is specifically earmarked for business owners who employ a military reservist called to active duty. In these situations, the SBA funding can help your business with operating expenses.

Current Declared Disasters

While the coronavirus pandemic is impacting the entire world, other disasters are more regionalized. In order to qualify for SBA assistance for these types of physical disasters, you will need to live in a designated disaster area.

You can search for Presidential and SBA declared disaster areas by state and territory with the SBA’s online database. Recent examples include flooding in Tennessee and Mississippi, tornadoes in Arkansas and Louisiana, the Sable Ridge Condominium Complex Fire in Texas. All 50 states, Washington DC, and US territories are considered disaster areas eligible for coronavirus (COVID-19) relief.

How to Apply

Once a Presidential disaster is declared in your area, you need to first register with the Federal Emergency Management Agency (FEMA). To get started, call FEMA at 1-800-621-3362 or visit DisasterAssistance.gov.

After you’ve gotten a registration number from FEMA, you’re ready to complete your SBA online application. You’ll need to have the following information handy:

Contact information for all applicants

Social security numbers for all applicants

FEMA registration number

Deed or lease information

Insurance information

Financial information such as income, account balances, and monthly expenses

Employer Identification Number for business applicants

The SBA will review your application and then send an inspector to do an onsite review and to estimate the cost of your damage. The SBA makes these disaster loans a priority, so you can expect to hear back on their decision within a few weeks.

One thing to note is that the most commonly cited reason for delays in the process is an incomplete application. With this in mind, spend a little extra energy making sure every detail is correct before you click submit.

Also, don’t wait for any insurance settlements before you file your loan application. This common delay can cause borrowers to miss the filing deadline. If a settlement is made after you’ve applied, you can simply add the final insurance information at that time.

The post SBA Disaster Loans: Everything You Need to Know appeared first on Lendio.

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unixcommerce · 4 years

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10 Sources of Small Business Loans for Veteran Entrepreneurs

Do you know the businesses veterans own generate around $1.2 trillion in annual receipts? This according to the Small Business Administration (SBA).

The revenue comes from the 2.5+ million businesses and the millions of people they employ in the U.S. And this has resulted in one in every 10 business being owned by veterans. But as more military servicemen and women finish their tours and enter the civilian world, they need resources to get them up and running. One of these resources is access to capital to fund their venture.

However, before you apply for a loan figure out why you need a veteran small business loan; get the loan requirements and documents in order; evaluate all of your options and fully review your loan agreement before you accept.

If you don’t have the necessary expertise to go through all the details of the loan and there is something you don’t understand ask for help. Ask the lender or find another source. Additionally, take the documents home, go over them again and sign the papers 24, 48 or even 72 hours later.

Here are 10 sources for small business loans for veterans along with how you can apply.

Business Loans for Veterans

SBA Express Loan Program

SBA’s Express Loan Program provides financing of up to $350,000. One of the best things about this program is that you will receive a response to your request within just 36 hours! It is this quick turnaround time that has made the program vastly popular among veterans.

How to Apply?

To apply, you will have to provide a variety of information, including your personal background, tax returns, credit report, and bank statement among other information. For a complete description of the application process, check SBA’s SOP 50 10 5(G) (PDF).

Some of the other loans you can get from the government include the SBA 7a loan program, SBA 504 loans, SBA Microloans, USDA Veteran and Minority Farmer Grant and others.

Connect2Capital

Connect2Capital offers loans to veterans who own small businesses. A non-profit lender, Connect2Capital provides loans in the range of $50,000 to $4 million. A key feature of the loan by the organization is the lower down payments that start as low as 10 percent.

How to Apply?

To get started, you need to provide information about your business, your financing needs and credit score, along with other details.

Hiver & Strivers

Many of the vets in the U.S. are graduates of military academies. The goal of Hivers & Strivers is to provide early stage investment to support startup companies founded by these graduates.

Most of the investors are themselves graduates of military academies and they want to help by investing in their ideas. Unlike the other firms in this list, Hiver & Strivers doesn’t provide a loan, but it helps with funding a venture.

If the firm finds your idea worthwhile, it invests in human and capital resources. This includes active involvement- investing time and experience to ensure the greatest chance for success. They will serve as advisors and board members to help open doors by offering their expertise and providing counsel.

The capital Hivers & Strivers invests typically is $250K to $1M in a single round.

How to Apply?

The application process involves submitting your idea and waiting for a response.

StreetShares

A peer-to-peer lending marketplace for small business loans, StreetShares was co-founded by Mark Rockefeller, an Air Force veteran who served in Iraq. The company has an auction-based funding model that connects entrepreneurs with investors. The StreetShares marketplace combines lowest bids into a single loan to reduce the borrower’s cost to the lowest possible rate. The platform is open to non-veteran small business owners as well, although about 60 percent of the loans listed are for veteran-owned businesses.

How to Apply?

StreetShares has a four-step process for funding businesses. You can apply for a loan in 10 minutes online, or call the company to understand the application process. Once you complete this step, you will instantly find out if you qualify. The next step is to submit all documents for verification purposes and build a business pitch. The loan gets the fund via auction on the StreetShares marketplace.

Veteran Entrepreneur Portal

The Veteran Entrepreneur Portal (VEP) is part of the Veterans Affairs Office of Small and Disadvantaged Business Utilization. The VEP connects veteran entrepreneurs to BusinessUSA and offers listings of small business loans for veterans. It also offers growth lessons, resources geared toward the veteran small business community, franchising opportunities and more.

How to Apply?

To access financing options, you need to fill out some basic information such as your location, financing needs, and the industry you operate in. Once you provide all the information, you will receive a recommendation of state and federal financing programs based on your answers.

Veterans Business Services

Veterans Business Services (VBS) connects veterans to financing and provides resources as well as knowledge to move in the right direction. This private consulting service has tie-ups with national SBA 7a Lenders — loan providers with government guarantees from the U.S. Small Business Administration — and other respected financial intermediaries to provide a range of financing options to veterans across the United States. VBS also helps veteran entrepreneurs develop a financing strategy to blend eligible and practical capital resources.

How to Apply?

Start the process by visiting the VBS site and provide information about your business interest, business plan and NAICS code.

Military Reservist Economic Injury Disaster Loan Program

The Military Reservist Economic Injury Disaster Loan program (MREIDL) is intended to provide for the necessary expenses that cannot be met when an essential employee has been summoned to active duty in their role as a military reservist. The purpose of these loans is not to cover lost income or lost profits. Moreover, the program offers loans at low-interest rates of four percent.

How to Apply?

For loans over $50,000, you need to show collateral. Although a loan isn’t typically declined for lack of collateral, the SBA requires borrowers to pledge collateral that is available. It’s also important to note that the filing period for small businesses to apply for the economic injury loan assistance program begins on the date the essential employee begins active duty and ends one year after the employee discharges.

You may apply directly to the SBA for assistance. The SBA will send an inspector to estimate the cost of your damage once you have completed and returned your loan application.

SmartBiz

SmartBiz is a San Francisco-based marketplace for online small business loans. According to SmartBiz, it makes it easy for veterans to access funds by making the application process simple and less time-consuming. This includes an application for an SBA-backed loan. It is ideal for veteran entrepreneurs looking to expand their business with the least expensive financing.

How to Apply?

To qualify, you should have a credit score of 600 or higher and report revenue between $50,000 and $5 million. You’ve to be in business for at least two years with no bankruptcies or foreclosures in the past three years. The pre-qualification process takes just five minutes and requires you to provide basic information. Once the process is complete, it takes about seven days before the funds reach your

Veteran Launch

Veteran Launch is an affiliate of OBDC Small Business Finance. This is a non-profit organization specializing in financing California veteran-owned businesses. The support includes financing, consulting and networking support.

The organization offers access to micro and small business term loans with low fees and competitive interest rates. Loans in the range of $25,000 to $250,000 are available with no prepayment penalty.

How to Apply?

To apply, you can give Veteran Launch a call, or simply fill out an online form. You will need to provide some basic information about your business.

Minnesota Reservist and Veteran Business Loan Program

The Minnesota Reservist and Veteran Business Loan Program provides business loans to firms that are affected when their employees are called to active military duty. It also offers business loans to veterans returning from active military duty and want to set up their own business.

Both types of loans provide one-time, interest-free sums of $5,000 to $20,000. The loan terms are 54 months, with no repayment for the first 18 months and equal monthly payments over the remaining 36 months.

How to Apply?

To be eligible for startup loans, your business should have 20 or fewer employees. You also need to have had less than $1 million in annual gross revenue in the preceding fiscal year.

Veterans who qualify under this program must have been:

On active duty on or after September 11, 2001.

Separated from service under honorable conditions after having been on active duty for at least 181 consecutive days or for the full period for which called to active duty (or if a disability incurred while on active duty).

Generally, it takes four to six weeks to finalize the application process and the funds to reach you.

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This article, “10 Sources of Small Business Loans for Veteran Entrepreneurs” was first published on Small Business Trends

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fthbarlingtontx · 5 years

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Are You Exempt From The Va Funding Fee?

Contents

Home loan interest rates

Mortgage industry veteran interest rates

Small business administration

Loan program running

The fee is often rolled into the loan amount, which makes your payment higher and adds to the interest you pay over the life of the loan. Veterans who receive VA disability compensation are exempt.

Most VA borrowers who are required to pay it choose to finance the VA Funding Fee, which on a VA purchase is the only closing cost you can roll into the loan. On a typical $200,000 loan, a Regular Military veteran using a VA loan for the first time would borrow an additional $4,300 to cover the funding fee. VA Funding Fee Exemptions

Va Loan Limits In Texas Sell My Va Disability Payments Va Home Loan Origination Fee The origination fee, according to the Federal Reserve, pays for the work involved in originating the mortgage–the paperwork and number-crunching required to decide if you’re a good credit risk.Disability Payments Can Help You Get a VA Loan. If you're. I'm 100% disabled veteran an need water to help my spine. I suffer from PTSD,Veteran home loan interest rates Rick Sharga, mortgage industry veteran interest rates are just one piece of the puzzle for move-up buyers, those who already own a home and are looking to buy a larger or otherwise more expensive.Jumbo VA Loans also know as High Balance VA Loan, and are for Texas Veterans who are wanting to use their VA benefit purchase a primary residence that exceeds the $484,350 conforming loan limit. We offer excellent interest rates on VA Jumbo Loans in Texas. Down payment requirements of a Texas Jumbo VA Loan.

Unless you receive an exemption, you’ll be expected to pay a fee when you take out a VA loan. The VA funding fee can make owning a home a bit more expensive for veterans and active service members. But the VA needs the funds to ensure that it can help future veterans purchase homes.

We explain exactly what it is, how much it is, who pays it, and who is exempt.. The Texas Vet and VA Loan Funding Fee (VAFF) is probably one of the most. If you would like to learn more about the prequalification process for a VA loan,

Veterans Administration Home Loans Phone Number · VA loans, or SBA 7(a), SBA Express and Military reservist economic injury disaster (mreidl) loans, are actually loan guarantees made available from the small business administration (sba) to veterans or soldiers or their wives or widows who are going off to serve in the military or who have returned from their military service.

You do have the option to pay for upfront and some veterans may be exempt from the VA loan funding fee if they meet certain requirements.

You will know if you are exempt from the fee as it will show on your Certificate of Entitlement. The VA has to render you disabled and pay you disability pay as a result. Almost 1/3 of veterans have this status, which means they are exempt from the funding fee. You will be exempt from the fee if you meet any of the following:

The VA Funding Fee is a set fee applied to every VA loan. Some buyers are exempt from paying the fee; others are eligible to receive a refund after closing. This fee has an important reason for being – to cover losses in the event of a loan goes into default and to keep the VA loan program running for future generations of military homebuyers.

Va Loan Mortgage Calculator Usaa VA Loan Limit Calculator.. Lenders will typically consider any loan above the conforming loan limit of $484,350 to be a VA jumbo loan, regardless of the VA loan limit for that county. However, unlike other jumbo loans, as long as the purchase price of the property is within the county loan limit, you likely won’t need a down payment.

You may wonder how they can offer 100% financing. They do this by. Are you contributing a down payment?. Who is exempt from paying the VA funding fee?

VA Funding Fee Exemptions Not all veterans have to pay funding fees for VA loans. For instance, a disabled veteran who is receiving compensation from the VA for a service-connected disability is.

What Is A Va Funding Fee On A Mortgage MORE: Compare VA mortgage interest rates 3. Know the difference between the VA funding fee and lender fees. The VA funding fee will be the same, regardless of the lender you choose. Lender fees are.

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#Arlington first time home buyer #first time home buyer assistance Arlington #Arlington first time ho

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valoansarlingtontx · 5 years

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VA Loans in Snook Texas

Contents

Vlb veterans land

Military reservist economic injury

Military reservist economic

Home purchase loans.

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A VA loan in El Paso, or anywhere for that matter, is a loan that is backed by the Department of Veteran’s Affairs and they were enacted as part of the GI Bill. These loans are offered to retired veterans, active military, honorably discharged, and widowed spouses of military members killed in action.

Attention A T users. To access the menus on this page please perform the following steps. 1. Please switch auto forms mode to off. 2.

The vlb veterans land Loan Program is the only one of its kind in the nation, giving Texas Veterans and Military Members the opportunity to borrow up to $150,000 to purchase land at competitive interest rates while typically requiring a minimum five percent down payment for tracts of one acre or more.

· VA loans, or SBA 7(a), SBA Express and military reservist economic injury Disaster (MREIDL) Loans, are actually loan guarantees made available from the Small Business Administration (SBA) to veterans or soldiers or their wives or widows who are going off to serve in the military or who have returned from their military service.

VA Loans in Willamar Texas So, if you’re looking for VA loans in Texas, call Low VA Rates today at (866) 569-8272 for a FREE quote. Our experienced, professional staff will help you determine your eligibility, work with you to get your Certificate of Eligibility from the VA, if you need, and find the best loan for you.

Texas Vet & VA Loan Specialist Shirley Mueller. Since 2003 Shirley has originated well over 1500 Texas Veteran and VA Loans. She has helped Veterans in almost every possible circumstance including active duty personnel deployed overseas, returning home, or with PCS orders.Read More

Home Loans In Springlake, Texas 1006 Spring Lake Dr, Duncanville, TX 75137 – realtor.com – 1006 Spring Lake Dr, Duncanville, TX 75137 is a single family home built in 1976.. up to four loan professionals from this network of advertisers as to my inquiry and about related services and.

The Jumbo and Conforming MCAIs are a subset of the conventional MCAI and do not include FHA, VA, or USDA loans. The Jumbo MCAI examines conventional. He is a graduate of University of North Texas.

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businesscreditrocks · 4 years

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How to Get Funding for Veterans

During this show, you’ll discover …

✅ How veterans can get business capital…

✅ … and all of the business funding for veterans options there are

✅ The kinds of awesome business funding for veterans there is out there

✅ How veterans are getting into the small business game more and more these days

✅ How the SBA Veterans Advantage program can help

✅ What the Military Reservist Economic Injury Disaster Loan Program (MREIDL) is all about…

✅ … and how it provides small business loans for veterans

✅ How SBA Coronavirus Disaster Relief can work for veterans under the CARES Act

✅ We show you how to qualify for an SBA loan

✅ How to sign up for the Service-Disabled Veteran-Owned Small Business Concern program

✅ How to apply for grants through the StreetShares Foundation

✅ Get to know the kind of funding you can get from the StreetShares Veteran Small Business Award…

✅ … and the StreetShares Female Founders Veteran Small Business Award Grant Program

✅ How collateral-based funding can help

✅ Why our hybrid credit line program could be perfect for all of your business funding for veterans needs

✅ What our credit line hybrid program is all about

✅ How to get help from the Boots to Business | Reboot program via the Department of Defense

Check out this episode!

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unixcommerce · 4 years

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10 Sources of Small Business Loans for Veteran Entrepreneurs

Do you know the businesses veterans own generate around $1.2 trillion in annual receipts? This according to the Small Business Administration (SBA).

Here are 10 sources for small business loans for veterans along with how you can apply.

Business Loans for Veterans

SBA Express Loan Program

How to Apply?

Some of the other loans you can get from the government include the SBA 7a loan program, SBA 504 loans, SBA Microloans, USDA Veteran and Minority Farmer Grant and others.

Connect2Capital

How to Apply?

To get started, you need to provide information about your business, your financing needs and credit score, along with other details.

Hiver & Strivers

Many of the vets in the U.S. are graduates of military academies. The goal of Hivers & Strivers is to provide early stage investment to support startup companies founded by these graduates.

The capital Hivers & Strivers invests typically is $250K to $1M in a single round.

How to Apply?

The application process involves submitting your idea and waiting for a response.

StreetShares

How to Apply?

Veteran Entrepreneur Portal

How to Apply?

Veterans Business Services

How to Apply?

Start the process by visiting the VBS site and provide information about your business interest, business plan and NAICS code.

Military Reservist Economic Injury Disaster Loan Program

How to Apply?

You may apply directly to the SBA for assistance. The SBA will send an inspector to estimate the cost of your damage once you have completed and returned your loan application.

SmartBiz

How to Apply?

Veteran Launch

The organization offers access to micro and small business term loans with low fees and competitive interest rates. Loans in the range of $25,000 to $250,000 are available with no prepayment penalty.

How to Apply?

To apply, you can give Veteran Launch a call, or simply fill out an online form. You will need to provide some basic information about your business.

Minnesota Reservist and Veteran Business Loan Program

How to Apply?

To be eligible for startup loans, your business should have 20 or fewer employees. You also need to have had less than $1 million in annual gross revenue in the preceding fiscal year.

Veterans who qualify under this program must have been:

On active duty on or after September 11, 2001.

Generally, it takes four to six weeks to finalize the application process and the funds to reach you.

Image: Depositphotos.com

This article, “10 Sources of Small Business Loans for Veteran Entrepreneurs” was first published on Small Business Trends

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flipfundingstuff · 5 years

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An Intro to VA Business Loans

When a military veteran seeks small business funding, they have access to VA business loans, which provide benefits not available to those who haven’t served in the military. These loans are a specialized form of financing intended to assist veterans as they pursue their business goals.

The most desirable VA business loans are handled by the Small Business Administration’s Veterans Advantage program. These loans are identical in most ways to the general loans offered by the SBA, but they also carry unique benefits for veterans. For example, the guarantee fees are usually waived or discounted.

The Best Loans for Veterans

Among the most popular loans offered by the SBA are those found in the SBA 7(a) program. Veterans can qualify for waived guarantee fees on all loans with amounts less than $125,000. When the loan exceeds $125,000, veterans will still benefit from a significantly reduced fee.

If you are a military reservist who owns a small business, you could potentially qualify for the SBA’s Military Economic Injury Loans. This type of financing helps those who own a small business that was negatively affected while they were away on active duty. These loans can help your business recover by offering favorable terms with no collateral for smaller amounts.

It’s also worth noting that the SBA provides the 8(a) Service-Disabled Veteran-Owned Business Contracting Program. While not a loan program, it assists those who have been physically impacted during their service by connecting them with government contracts not available to other entrepreneurs.

In addition to these SBA loans, many financing options available to the general public can also be an excellent fit for veterans. This list includes business term loans, short term loans, equipment financing, business acquisition loans, and merchant cash advances.

Business Grants Are Another Possible Route

Veterans should also be aware of special business grants. Like loans, grants provide money that can be used to start, sustain, or even grow your business. The difference is that grant money never needs to be repaid.

It should be noted that grants are more difficult to acquire than loans. There’s usually more competition from entrepreneurs and less money available. But the allure of free money is always compelling, so it’s worth checking into possibilities such as:

Warrior Rising Grants

This organization leverages skills developed in the military to provide mentoring, training, and grants to “vetrepreneurs.” Because it was founded by veterans, Warrior Rising offers a strong sense of community and provides much more than just grant money.

StreetShares Awards

This organization’s goal is to support veterans and their families with various resources and grant opportunities. The awards provided by StreetShares can be a crucial financial boost for veterans and their spouses.

USDA Grants

The United States Department of Agriculture uses its 2501 program to provide funding to veteran and socially disadvantaged farmers. If you qualify, you’ll receive grant money and other resources to help your ranch or farm succeed.

Choosing Your Funding

After you’ve done an initial review of your loan and grant options, it’s important to figure out exactly how much money you’ll need and when you’ll need to have it available. These two factors can help you quickly narrow down the potential financing options, as many are structured to have very different dollar amounts and timelines.

When you have the top contenders identified, it’s time to apply some cold, hard math to find out which is best for your business. The most popular pricing metrics include Total Cost of Capital (TCC), Annual Percentage Rate (APR), Average Monthly Payment, and Cents on the Dollar.

You can get a quick assessment of the situation by using a small business loan calculator. These handy tools show you in basic terms how much any given loan would cost in the short and long term.

Proceed With Precision

When applying for a veteran loan or grant, it’s important to take your time and make sure you carefully handle the details. After all, the quickest way for your application to wind up in the garbage can is to fill it with errors.

Here are 4 of the most common mistakes applicants make:

Choosing a bad fit

Many loans are targeted to specific business needs and scenarios. If you don’t meet those qualifications, there is literally no chance you’ll get approved. So don’t waste a single minute applying to loans that aren’t relevant to your business.

Submitting an incomplete application

When a lender asks for documentation, it’s more of a demand than a suggestion. Make sure you gather all of the necessary details before you push the submit button on any application. Failing to get your ducks in a row can immediately sink your chances.

Missing the credit requirements

Different loans require different credit scores to qualify. Always monitor your credit with TransUnion, Experian, and Equifax. When you know your score, you’ll know what you qualify for, and the application process will be much more efficient.

Missing deadlines

There’s a wide variety of timelines associated with various small business loans. If a business loan has a specific deadline, don’t miss it by a single hour. Your ability to stay on task could very well be the key to getting approved.

As you focus on doing everything in your power to make yourself a good candidate for veteran loans and grants, you’ll separate yourself from the competition and set the stage for sustained success. The discipline you developed in the military will be crucial, allowing you to analyze details and act with precision.

Whether you pursue business loans, grants, or other funding sources, remember that there’s a willing community ready to support you. Organizations like Warrior Rising and StreetShares have plenty of resources to help you follow your dreams, identify the right opportunities, develop your business, and achieve your goals.

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flipfundingstuff · 5 years

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All About Small Business Loans for Veterans

Serving in the military is a great honor, but it can take years away from your career–time that could have been spent building a business. On top of that, veterans often have trouble accessing credit because they didn’t have the chance to build a robust credit file during their time in the military.

Veteran business owners and entrepreneurs looking for small business loans and additional support are in luck. Both the US Small Business Administration (SBA) and private lenders offer a number of small business loans and entrepreneurship training programs geared toward veterans that come with generous discounts or make the approval process easier. Here’s what you need to know about business loans for veterans.

The Best VA Small Business Loans

The US Small Business Administration offers affordable business loans, otherwise known as SBA loans, to encourage Americans to open small businesses. These loans are available to the general population, but if you’re a veteran, you may qualify for special terms such as lower rates and fees and additional support.

SBA Express Loan

The SBA Express program offers business loans of up to $350,000 with quick turnaround time. Veterans can qualify to withdraw these loans with no upfront fees, whereas regular SBA Express loans come with a 2% or 3% fee. Not only are these loans more affordable for veterans due to the lack of upfront fees, but they also come with business counseling and training to help you get your business off the ground.

Standard SBA 7(a) Loan

These loans are similar to SBA Express loans, except they have a longer turnaround time and can be offered in higher amounts. A standard SBA 7(a) loan has a maximum loan amount of $5 million. However, it would be difficult to qualify for a business loan that large, and most SBA loans are less than $350,000. Also, veterans do not qualify for a fee waiver under the Standard SBA 7(a) loan program as they do under the SBA Express loan program, so it’s usually better to go with the latter.

Military Reservist Economic Injury Disaster Loan

The SBA also offers disaster loans, including the Military Reservist Economic Injury Disaster Loan program (MREIDL). This loan is for business owners who are unable to meet their economic obligations because an essential employee was called up to active duty in the military. The loan is meant to fill any gaps in regular operating expenses until the essential employee returns to their position. While the extent of economic injury determines the loan amount, there is a maximum of $2 million available.

How to Get a VA Small Business Loans

Your business must be majority-owned (51% or more) by someone in one of the following groups to be eligible for any SBA veteran loan:

Veterans

Service-disabled veterans

Active duty military members in the Transition Assistance Program

National Guard members

Reservists

Spouse of any of the above

Widowed spouse of a service member who died while in services

Furthermore, the business owner cannot have been discharged for dishonorable or bad conduct. You’ll need to provide additional documentation proving you are or were in the military to apply for an SBA loan and receive any veteran benefits associated with the loan such as fee waivers.

You’ll also need to meet all regular qualification requirements for SBA loans. These include having a credit score of at least 640 and sufficient collateral to back the loan.

Other Small Business Loans for Veterans

While the SBA loan program is a great option for veterans looking for secured, low-cost loans, they do have fairly strict credit requirements and might not be the best fit for everyone. Consider the following alternatives that also offer loans geared specifically toward veterans.

StreetShares

StreetShares is a business lender that caters to small businesses owned by veterans. They offer both secured and unsecured business loans and lines of credit of up to $250,000 at competitive rates and with quick turnaround times. While StreetShares does take your credit score into account, veterans with less-than-perfect credit or a slim credit file might have more luck applying for a loan through this veteran-geared lender than through a traditional bank.

Accion

Accion is an online lender that offers a variety of business loans, including veteran-owned business loans. Loans from Accion are offered in amounts ranging from $300 to $1,000,000 and come with reasonable interest rates, though they might be slightly more expensive than business loans from a traditional bank. One benefit of applying with Accion is that they consider several qualifying factors outside of your credit score, so you might have an easier time qualifying for their loans.

Hivers & Strivers

If you’re open to funding your business with investors rather than loans, Hivers & Strivers is worth considering. They’re an angel investment group made up of veterans who are looking to invest in early-stage start-ups founded by US Military Academy graduates. They usually invest anywhere from $250,000 to $1,000,000 in each funding round.

Boots to Business

Boots to Business is an entrepreneurship training program offered by the US Small Business Administration for veterans and active duty service members. You’ll start with an introductory course before moving into an online course delivered by Mississippi State University. Participants will also be granted access to business support resources through the US Small Business Administration.

Veteran Women Igniting the Spirit of Entrepreneurship

Veteran Women Igniting the Spirit of Entrepreneurship, or V-WISE, is a business and entrepreneurship training program for women veterans and women military spouses. The comprehensive program includes a 15-day online training, a 3-day entrepreneurship conference, and finally, access to valuable ongoing business support services, such as mentorship, financing opportunities, and skill-building.

Whether you’re starting a new business or hoping to grow your current business, taking advantage of these valuable opportunities could help you save money and boost your bottom line. Don’t pass them up.

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flipfundingstuff · 6 years

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SBA Disaster Loans: Everything You Need to Know

If you follow the news much, you’ve noticed that it’s often disaster-oriented. Many areas of the country have been battling record-breaking wildfires this summer, with the massive blazes in California capturing the most headlines. According to The New York Times, this year’s Mendocino Complex Fire was the biggest in California history. And the Carr Fire burned more than a thousand homes and led to eight people losing their lives.

In North Carolina, people are still trying to recover from the brutal impact of Hurricane Florence. And in Hawaii, residents are hoping for a reprieve from Kilauea Volcano. Its fearsome flows covered thousands of acres of land and destroyed more than 700 homes.

While it’s easy to become nervous in turbulent times, business owners should know that the U.S. Small Business Administration (SBA) has their backs, providing low-interest disaster loans when necessary. These long-term loans are meant to help a business after physical or economic damage is caused by a declared disaster. They’re available to businesses of all sizes, private non-profit organizations, homeowners, and renters.

What kind of SBA disaster loan do you need?

Here’s a quick look at the different varieties of disaster loans offered by the SBA:

Home and Personal Property Loans

Business Physical Disaster Loans

If your business or organization is within a declared disaster area and sustained damage during that disaster, you can apply for one of these loans. They provide up to $2 million and are intended to help you replace or restore any damaged property

Economic Injury Disaster Loans

Perhaps you live in a declared disaster area and experienced economic injury due to the disaster. This type of loan is specifically relevant in situations where your business didn’t suffer any physical damage, but was harmed nonetheless. You can receive up to $2 million to cover expenses you would’ve been able to pay if the disaster hadn’t occurred.

Military Reservists Economic Injury Loans

This loan is specifically earmarked for business owners who employ a military reservist called to active duty. In these situations, the SBA funding can help your business with operating expenses.

Do you live in a disaster area?

If you’re wondering what constitutes a disaster, you probably don’t live in a disaster area. Those who do are well acquainted with the substantial damage, both physical and economic, that occurs when an area is hit.

You can search for Presidential and SBA declared disaster areas by state and territory with the SBA’s online database. Recent examples include parts of California and Arizona affected by the Cranston Fire, areas in New Mexico affected by severe storms and flash flooding, areas of Colorado impacted by the Westminster Apartment Fire, areas of Kansas and Missouri impacted by drought, and areas of Florida impacted by Hurricane Irma.

Here’s how to apply for an SBA disaster loan:

If a Presidential disaster is declared in your area, you need to first register with the Federal Emergency Management Agency (FEMA). To get started, call FEMA at 1-800-621-3362 or visit DisasterAssistance.gov.

After you’ve gotten a registration number from FEMA, you’re ready to complete your SBA online application. You’ll need to have the following information handy:

Contact information for all applicants

Social security numbers for all applicants

FEMA registration number

Deed or lease information

Insurance information

Financial information such as income, account balances, and monthly expenses

Employer Identification Number for business applicants

The SBA will review your application, then send an inspector to do an onsite review and to estimate the cost of your damage. The SBA makes these loans a priority, so you can expect to hear back on their decision within a few weeks.

Also, don’t wait for any insurance settlements before you file your loan application. This is another common delay that can cause borrowers to miss the filing deadline. If a settlement is made after you’ve applied, you can simply add the final insurance information at that time.

Repaying your loan is pretty simple…

Disaster loans provided through the SBA are designed to help business owners, so it comes as no surprise that the terms and rates are generous. If you’re a business that doesn’t have credit available elsewhere, you can expect the interest rate to be capped at 4%. If you have credit available elsewhere, the interest rate won’t exceed 8%.

Perhaps you’re unsure how to determine whether or not you have credit available from other sources. Don’t worry, the SBA has their own qualification system and will determine that during the application process.

Depending on your business’s ability to pay back the loan, you may have a term as long as 30 years. Again, this will be determined by the SBA. Regardless of the term, you can easily make one-time payments or schedule recurring payments on Pay.gov.

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