Business Loan Options For Veterans
After active duty, as a veteran, you need a smooth transition into life as a civilian. This can, however, be hard, especially when you or your family experiences financial struggles. It is vital to know that as a veteran, you can access personal and business loans that can kick start your life as a civilian. The following are the veteran funding options that you can consider for your needs.
Military Reservist Economic Injury Disaster Loan
The chances of getting veteran funding from MREIDL are much higher if you were once on active duty. The business loan aims to provide financial assistance if you, as an essential worker or a small business owner, were compelled to return to active duty. The funding is an addition to the cash flow you have after completing your deployment. As a veteran, you can benefit from a loan of around $2 million at a fixed rate and up to a 30 year repayment period.
Standard 7(a) Loans
When looking for small business financial assistance as a veteran, you should consider standard 7(a) loans. These loans help you as a veteran to cover a wide range of needs in your small business. With this kind of veteran funding, there is the possibility of getting up to $5 million, which makes handling your financial needs as a veteran easier. There are also funding programs under standard 7(a) loans that you can consider as a veteran.
Navy Federal Credit Union
There are many financial products, including personal and small business loans, that you can get from the credit union. As a veteran funding, you can apply for a loan at a lower interest rate and up to $50,000. However, your credit score will play a significant role in applying for and securing the loan.
If you are looking for veteran funding that will help sustain your business and help you buy a house, you should consider purchase loans. They require a down payment and come with much better interest rates and terms. With purchase loans, you won’t need mortgage insurance to secure them. The best way to transition and fit in the civilian world after active duty is by starting a business. However, financial constraints can make it hard for you hence the need to look for personal loans. To get more information about business loans for veterans, contact Diamond Capital Financing, and meet your goals.