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We’ll start with a brief questionnaire to better understand the unique needs of your business.
Once we uncover your personalized matches, our team will consult you on the process moving forward.
Here are 7 small-business loans for veterans
Lender | NerdWallet Rating▼ | Max loan amount▼ | Min. credit score▼ | Next steps |
---|---|---|---|---|
SBA 7(a) loan with Fundera by NerdWallet | Best for SBA loans for veterans | $5,000,000 | 650 | with Fundera by NerdWallet |
SBA Express loan with Fundera by NerdWallet | Best for Discounted SBA loans for veterans | $500,000 | 650 | with Fundera by NerdWallet |
OnDeck - Online term loan with Fundera by NerdWallet | 5.0/5 Best for Fast small-business loans for veterans | $250,000 | 625 | with Fundera by NerdWallet |
Bluevine - Line of credit with Fundera by NerdWallet | 5.0/5 Best for Established veteran businesses with bad credit | $250,000 | 625 | with Fundera by NerdWallet |
Fundbox - Line of credit | 5.0/5 Best for Startup loans for veterans | $150,000 | 600 | Read Review |
National Funding - Online Term Loan with Fundera by NerdWallet | 4.0/5 Best for Business loans for veterans with bad credit | $500,000 | 600 | with Fundera by NerdWallet |
SBA Microloan with Fundera by NerdWallet | Best for Microloans for veterans | $50,000 | 620 | with Fundera by NerdWallet |
Here are 7 small-business loans for veterans
Best for SBA loans for veterans
Best for Discounted SBA loans for veterans
Best for Fast small-business loans for veterans
Best for Established veteran businesses with bad credit
Best for Startup loans for veterans
Best for Business loans for veterans with bad credit
Best for Microloans for veterans
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Our pick for
SBA loans for veterans
Although the SBA doesn’t offer veterans discounted fees for standard 7(a) financing, these loans are a good option for long-term financing with low-interest rates.
SBA 7(a) loan
Max loan
$5,000,000
Min. Credit score
650
Apr range
11.50-15.00%
Our pick for
Discounted SBA loans for veterans
Businesses can borrow up to $500,000 through the SBA’s Express loan program. Upfront guarantee fees are waived for veteran-owned businesses that qualify.
SBA Express loan
Max loan
$500,000
Min. Credit score
650
Apr range
11.50-15.00%
Our pick for
Fast small-business loans for veterans
OnDeck provides short-term business loans up to $250,000. If approved, you may be able to receive funding as fast as the same day.
OnDeck - Online term loan
Max loan
$250,000
Min. Credit score
625
Apr range
35.40-99.90%
Our pick for
Established veteran businesses with bad credit
Bluevine offers business lines of credit up to $250,000, but you'll need at least a couple of years in business and an annual revenue of $480,000 or higher.
Bluevine - Line of credit
Max loan
$250,000
Min. Credit score
625
Apr range
20.00-50.00%
Our pick for
Startup loans for veterans
Fundbox offers quick funding up to $150,000. You may be able to qualify for a loan from Fundbox with a minimum of six months in business.
Fundbox - Line of credit
Max loan
$150,000
Min. Credit score
600
Apr range
36.00-99.00%
Our pick for
Business loans for veterans with bad credit
National Funding offers term loans between $5,000 and $500,000. You may be able to qualify with a credit score of 600 or higher.
National Funding - Online Term Loan
Max loan
$500,000
Min. Credit score
600
Our pick for
Microloans for veterans
SBA microloans are available in amounts up to $50,000 and issued by participating community lenders. They have more flexible requirements than other types of SBA loans.
SBA Microloan
Max loan
$50,000
Min. Credit score
620
Apr range
8.00-13.00%
Veteran business loan options
SBA loans
SBA Express loans
SBA Standard 7(a) loans
Military reservist loan
Bank business loans
Credit unions
CDFIs
Online loans
Microloans
Are VA loans available to businesses?
Are there startup business loans for veterans?
- Business credit cards typically provide up to $50,000 in revolving credit, meaning you can borrow and repay from the credit card as needed, and pay interest only on withdrawn funds.
- Personal loans for business offer a lump sum of cash, with a fixed interest rate and repayment terms. But you’ll be on the hook for repayment, not your business.
Who qualifies as a veteran-owned business?
- Active-duty military service members participating in the Transition Assistance Program.
- Honorably discharged or service-disabled veterans.
- Reservists and active National Guard members.
- Current spouse of a veteran, active-duty service member, reservist or guard member.
- Widowed spouse of a service member who died in service or from a service-related disability.
How to apply for a small-business loan as a veteran
- Military identification.
- Background information about your business.
- Business financial documents such as profit and loss statements, tax returns or bank statements.
- Personal guarantee.
Other resources for veteran-owned businesses
- Veterans Business Outreach Centers. These centers offer workshops, training, counseling and other services to help veteran business owners start, grow and expand their businesses. There are VBOCs across the country — and these organizations can help connect businesses with SBA partners, including community lenders and other resources.
- Veteran entrepreneurship training programs. The SBA works with nonprofit organizations and universities across the U.S. to provide in-depth business training programs for veterans and their spouses. These initiatives include the well-known Boots to Business and Veteran Women Igniting the Spirit of Entrepreneurship programs, as well as the Service-Disabled Veteran Entrepreneurship Training Program, which offers training to service-disabled veteran entrepreneurs looking to start or grow a small business.
- Office of Small & Disadvantaged Business Utilization. Although the VA doesn’t offer business loans, the OSDBU is a part of the agency that provides a variety of resources for veteran entrepreneurs. Through the OSBDU website, you can find upcoming webinars and training sessions. To get verified to participate in the VA’s Vets First program, visit the Veteran Small Business Certification portal managed by the SBA.
- SBA 8(a) program. The SBA offers this business development program to eligible businesses, which can include those owned by veterans. The SBA 8(a) program provides small businesses with a certification that can improve their chances of winning government contracts, as well as help navigating the bidding process.
- Second Service Foundation. The Second Service Foundation, formerly the StreetShares Foundation, is a nonprofit organization dedicated to supporting military entrepreneurs. The organization offers an annual grant program — the Military Entrepreneur Challenge — as well as networking events, coaching, training and other resources for business owners.
- Small-business grants for veterans. Government agencies, nonprofit organizations and private companies all offer small-business grants for veterans. You can search Grants.gov to find all active government grants for businesses, or use a free website like GrantWatch to filter specifically for grants for vets.
Find the right business loan
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Wondering if you qualify?
It’s possible to get a business loan even if you have bad credit. Bad-credit business loans are available from alternative sources, like online or nonprofit lenders.