BEST OF
Best Small-Business Loans for Veterans 2020
Small-business loan options for veterans include loans for working capital, expansion and unpaid customer invoices.
Veterans who are entrepreneurs — like all entrepreneurs — may need funding at various stages of running a small business. Whether it’s to hire new employees, purchase equipment or fund marketing expenses, a small-business loan can help.
Here are the best business loans for veterans, plus information on VA loans and other financing resources.
LOOKING FOR CORONAVIRUS BENEFITS INFORMATION?
Veterans who are entrepreneurs — like all entrepreneurs — may need funding at various stages of running a small business. Whether it’s to hire new employees, purchase equipment or fund marketing expenses, a small-business loan can help.
Here are the best business loans for veterans, plus information on VA loans and other financing resources.
LOOKING FOR CORONAVIRUS BENEFITS INFORMATION?
Easily get real, personalized small business loan rates to compare — not just ranges or estimates.
It’s free and won’t affect your credit.
on Fundera's website
Our pick for
Fast cash

OnDeck - Online term loan
Est. APR
9.00 - 99.00%
Min. Credit Score
600
Pros
- Cash can be available within the same business day.
- Requires low minimum credit score.
- Less paperwork than most lenders.
Cons
- Fixed-fee structure means early repayment will not save interest.
- Requires frequent (daily or weekly) repayments.
- Requires business lien and personal guarantee.
Qualifications
- Minimum credit score: 600.
- Minimum time in business: 3 years.
- Minimum annual revenue: $250,000.
- No bankruptcies in the past 2 years.
Our pick for
Working capital

BlueVine - Line of credit
Est. APR
15.00 - 78.00%
Min. Credit Score
650
Pros
- Cash can be available within 12 to 24 hours.
- Multiple products for different financing needs
Cons
- Short repayment term results in higher payment amounts.
- Requires personal guarantee.
- Not available in North Dakota, South Dakota or Vermont.
Qualifications
- 6-month line of credit
- Minimum credit score: 650.
- Minimum time in business: 3 years.
- Minimum annual revenue: $100,000.
- 12-month line of credit
- Minimum credit score: 650.
- Minimum time in business: 3 years.
- Minimum annual revenue: $480,000.
Our pick for
Expansion financing

Credibility Capital - Online term loan
Est. APR
19.99 - 24.99%
Min. Credit Score
680
Pros
- Competitive rates among online lenders.
- No prepayment penalty.
- Extra monthly payments can save interest cost.
Cons
- Short repayment term results in higher payment amounts.
- Requires high minimum credit score and revenue.
- Requires business lien and may require personal guarantee.
- Not available in Nevada, North Dakota, South Dakota, or Vermont.
Qualifications
- Minimum credit score: 680.
- Minimum time in business: 2 years.
- Minimum annual revenue: $250,000.
- No bankruptcies in the past 5 years.
Our pick for
Businesses with unpaid customer invoices

BlueVine - Invoice factoring
Est. APR
15.00 - 68.00%
Min. Credit Score
530
Pros
- Finances larger invoices.
- Cash can be available within the same day.
- Accepts low minimum credit score and short time in business.
Cons
- Not for businesses that do not invoice on net terms.
- Loan amount is tied to the value of your invoices.
- Dependency on customers to pay their bills on time.
Qualifications
- Minimum credit score: 530.
- Minimum time in business: 3 months.
- Minimum annual revenue: $100,000.
Easily get real, personalized small business loan rates to compare — not just ranges or estimates.
It’s free and won’t affect your credit.
on Fundera's website
Summary of Best Small-Business Loans for Veterans 2020
Lender | Best For | Est. APR | Min. Credit Score |
---|---|---|---|
![]() OnDeck - Online term loan | Best for Fast cash | 9.00 - 99.00% | 600 |
![]() BlueVine - Line of credit | Best for Working capital | 15.00 - 78.00% | 650 |
![]() Credibility Capital - Online term loan | Best for Expansion financing | 19.99 - 24.99% | 680 |
![]() BlueVine - Invoice factoring | Best for Businesses with unpaid customer invoices | 15.00 - 68.00% | 530 |
Best for startups
Lenders generally prefer to do business with established companies that have strong cash flow, and this often disqualifies startups with less than a year of operating history and little revenue.
However, you’re not completely out of luck: If you have good personal credit, your options include business credit cards and personal business loans.
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 provide a lump sum of cash, with a fixed interest rate and repayment terms.
Both options are unsecured, meaning you won’t have to put down collateral — an asset, such as real estate or inventory — to qualify.
VA loans and other financial resources
Veteran-owned businesses can also seek help through the SBA’s Veterans Advantage lending program (VA business loans), which provides fee reductions on SBA loans, including:
No upfront fees for eligible borrowers on 7(a) loans of $125,000 or less.
Reduced fees by 50% on 7(a) loans between $125,001 and $350,000.
No fees on SBA Express loans between $150,001 and $350,000.
SBA loans are offered through banks, credit unions and other lenders (including lenders partnered with SmartBiz), with the SBA guaranteeing a portion of the loan if the borrower defaults.
For other financial resources for veterans, check out our list of small-business grants for veterans or personal loans for veterans.
Compare small-business loans
When you're shopping for a loan, be sure to compare annual percentage rates, or APRs, which give you a holistic picture of a loan's cost. NerdWallet's small-business loans comparison tool can help. We've gauged lender trustworthiness, market scope and user experience, among other factors to help you choose the best loan.
Last updated on May 4, 2020
To recap our selections...
NerdWallet's Best Small-Business Loans for Veterans 2020
- OnDeck - Online term loan: Best for Fast cash
- BlueVine - Line of credit: Best for Working capital
- Credibility Capital - Online term loan: Best for Expansion financing
- BlueVine - Invoice factoring: Best for Businesses with unpaid customer invoices
Frequently asked questions
Veteran entrepreneurs can get small-business loans and lines of credit through online lenders, banks and credit unions. Factors impacting your approval include your personal credit score, annual revenue and time in business.
The U.S. Small Business Administration’s Veterans Advantage lending program provides fee reductions on SBA loans. VA loans can be obtained by applying at a participating online lender, bank or credit union.