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SBA Loans: Special Perks for Veterans

Picture of Luis By  Luis  ·  1 minute read

 

Veterans transitioning to civilian entrepreneurship often face unique challenges, but the Small Business Administration (SBA) offers several programs designed to ease this journey. From fee reductions to specialized training resources, these benefits can make accessing capital more affordable and navigating the application process more manageable.

Key SBA Benefits for Veterans

1. Fee Reductions and Waivers

One of the most notable advantages for veterans is the reduced cost of securing SBA loans through the Veterans Advantage Program:

  • Loan Guarantee Fees: Veterans applying for SBA 7(a) or Express Loans may qualify for reduced or waived guarantee fees. These fees typically range from 0.25% to 3.75%, depending on the loan amount, but can be eliminated for eligible veterans.
  • Lower Upfront Costs: Fee reductions save thousands of dollars, making SBA loans more accessible to veteran-owned businesses.

2. Priority Processing

Veteran applications for SBA loans often receive expedited review:

  • SBA Express Loans: These applications are processed within 36 hours, ensuring veterans can access funding quickly for urgent needs.

3. Training and Mentorship Resources

Veterans also benefit from resources tailored to help them succeed as business owners:

  • Veterans Business Outreach Centers (VBOCs): These centers provide one-on-one counseling, training, and assistance with SBA loan applications.
  • Boots to Business Program: Offered through the Department of Defense, this program introduces veterans to the fundamentals of business ownership.
  • SCORE Mentoring: SBA-partnered mentors help veterans create business plans and develop strategies tailored to their goals.

Learn more about VBOC services here.

How These Benefits Help Veteran Entrepreneurs

  1. Cost Savings: Reduced fees mean veterans can retain more working capital for business operations.
  2. Faster Access to Funds: Priority processing ensures veterans can respond quickly to opportunities or challenges.
  3. Guidance for Success: Training and mentorship programs provide invaluable support during every stage of the entrepreneurial journey.

Who Qualifies for Veteran Perks?

To access these benefits, you’ll need to verify your status as a veteran, service member, or military spouse. Commonly accepted documentation includes:

  • DD Form 214: Certificate of Release or Discharge from Active Duty.
  • Proof of Service Letter: For active-duty members.

Explore additional eligibility requirements on SBA.gov.

What’s Next?

Tomorrow, we’ll showcase real-world examples of how SBA loans have empowered businesses across industries, from retail to manufacturing. Stay tuned for insights and inspiration to help you chart your business journey.

 

Are you a veteran exploring SBA loan options or looking for guidance on available benefits? Visit AntonineCapital.com for personalized assistance. Don’t forget to sign up for our monthly newsletter at AntonineCapital.com/newsletter for expert tips and updates.