If you’re a veteran with dreams of running your own business, you’ve already proven you have the discipline, dedication, and leadership skills to succeed. But let’s be real—getting the right funding to kickstart or expand your business can feel like navigating a minefield. Luckily, there are plenty of loan options out there tailored just for veterans, and we’re here to help you figure out how to secure the financing you need.
Before we dive into the nitty-gritty of business loans, let’s acknowledge one simple fact: veterans are naturally built for business. The same qualities that help service members thrive—problem-solving, adaptability, teamwork—are also key ingredients for entrepreneurial success. That’s why so many veterans transition into business ownership after their service.
But no matter how great your business idea is, it won’t get far without proper funding.
Top Small Business Loan Options for Veterans
Veterans have access to a variety of loan programs designed to support them. Here are some of the best options:
- SBA Loans (Small Business Administration)
The SBA Veterans Advantage program offers discounted fees on SBA-backed loans, making it one of the most affordable ways to secure financing. The two most common SBA loan types are:
- SBA 7(a) Loan: Great for working capital, equipment, and expansion.
- SBA 504 Loan: Ideal for purchasing real estate or large equipment.
- The Military Reservist Economic Injury Disaster Loan (MREIDL)
This unique SBA loan is specifically for businesses that lose a key employee due to military deployment. If you’re called to active duty and it affects your business, this loan can help you recover.
- StreetShares Foundation Loans
Founded by veterans, for veterans. StreetShares provides small business loans and lines of credit, often with more flexible requirements than traditional banks.
- Hivers and Strivers Investment Group
If you’re a veteran entrepreneur with a high-growth business idea, this angel investment group—focused on military veterans—might be worth exploring.
- Online Lenders & Credit Unions
Veteran-focused credit unions, like Navy Federal Credit Union, often offer better rates and more personalized service than traditional banks. Online lenders can also provide fast cash but tend to have higher interest rates, so be sure to compare your options.
How to Improve Your Chances of Loan Approval
Just because there are loans available doesn’t mean they’re guaranteed. Here’s how you can boost your chances of getting approved:
- Nail Your Business Plan
Lenders want to see that you have a solid plan. Your business plan should include:
✔️ A clear description of your business
✔️ Market analysis (who are your customers?)
✔️ Financial projections (how will you make money?)
✔️ How much money you need and what you’ll use it for
- Check Your Credit Score
A strong credit score increases your chances of approval. If your score needs improvement, take steps to pay down debt and correct any errors before applying.
- Gather Financial Documents
Be prepared to show tax returns, bank statements, and proof of income. Lenders need to know you can repay the loan.
Starting or growing a business as a veteran comes with unique challenges, but you’ve already faced tougher battles. With the right loan, a solid plan, and the determination that got you through service, you can build a thriving business.
If you’re ready, start exploring your loan options today—your business (and your future) is worth the investment!
Read more articles for the Veteran Community here.
