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Here are 10 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 |
Huntington National Bank - Lift Local Business Program | Best for Low-cost bank loans for veterans | $150,000 | Undisclosed | |
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 Lines of credit for established veteran businesses with bad credit | $250,000 | 625 | with Fundera by NerdWallet |
National Funding - Online Term Loan with Fundera by NerdWallet | 4.0/5 Best for Business term loans for veterans with bad credit | $500,000 | 600 | with Fundera by NerdWallet |
Fundbox - Line of credit | 5.0/5 Best for Startup business loans for veterans | $150,000 | 600 | |
Bank of America Business Advantage Secured Term Loan | 4.5/5 Best for Secured loans for veterans | Undisclosed | 700 | |
Accion Opportunity Fund - Small Business Working Capital Loan | 5.0/5 Best for Business loans for women and minority veterans | $250,000 | 570 | |
SBA Microloan with Fundera by NerdWallet | Best for Microloans for veterans | $50,000 | 620 | with Fundera by NerdWallet |
Here are 10 small-business loans for veterans
Best for SBA loans for veterans
Best for Discounted SBA loans for veterans
Best for Low-cost bank loans for veterans
Max Amount
$150,000
Min. Credit Score
Undisclosed
Best for Fast small-business loans for veterans
Best for Lines of credit for established veteran businesses with bad credit
Best for Business term loans for veterans with bad credit
Best for Startup business loans for veterans
Max Amount
$150,000
Min. Credit Score
600
Best for Secured loans for veterans
Max Amount
Undisclosed
Min. Credit Score
700
Best for Business loans for women and minority veterans
Max Amount
$250,000
Min. Credit Score
570
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
with Fundera by NerdWallet
Max loan
$5,000,000
Min. Credit score
650
Apr range
11.50-15.00%
with Fundera by NerdWallet
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
with Fundera by NerdWallet
Max loan
$500,000
Min. Credit score
650
Apr range
11.50-15.00%
with Fundera by NerdWallet
Our pick for
Low-cost bank loans for veterans
Huntington Bank’s Lift Local Business loan program offers reduced fees as well as free entrepreneurial courses for veterans operating small businesses.
Huntington National Bank - Lift Local Business Program
Max loan
$150,000
Min. Credit score
Undisclosed
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
with Fundera by NerdWallet
Max loan
$250,000
Min. Credit score
625
Apr range
27.20-99.90%
with Fundera by NerdWallet
Our pick for
Lines of credit 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
with Fundera by NerdWallet
Max loan
$250,000
Min. Credit score
625
Apr range
20.00-50.00%
with Fundera by NerdWallet
Our pick for
Business term 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
with Fundera by NerdWallet
Max loan
$500,000
Min. Credit score
600
with Fundera by NerdWallet
Our pick for
Startup business 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
Secured loans for veterans
Bank of America offers secured term loans with a 25% discount on loan administration or origination fees for eligible veterans.
Bank of America Business Advantage Secured Term Loan
Max loan
Undisclosed
Min. Credit score
700
Our pick for
Business loans for women and minority veterans
Accion Opportunity Fund, a nonprofit lender, provides loans to traditionally underserved business owners who may not qualify for other funding options.
Accion Opportunity Fund - Small Business Working Capital Loan
Max loan
$250,000
Min. Credit score
570
Apr range
8.49-29.67%
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
with Fundera by NerdWallet
Max loan
$50,000
Min. Credit score
620
Apr range
8.00-13.00%
with Fundera by NerdWallet
Veteran business loan options
SBA Express loans
Military reservist loans
SBA 7(a) loans
SBA Community Advantage loans
Patriot Express loans
Bank and credit union business loans for veterans
Additional lenders offering business loans to veterans
Are VA business loans available to veterans?
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.
What 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 veteran small-business loan
- Military identification.
- Background information about your business.
- Business financial documents such as profit and loss statements, tax returns or bank statements.
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.
- Institute for Veterans and Military Families (IVMR) at Syracuse University. IVMF is one of the organizations that partners with the SBA to offer veteran entrepreneurship training programs, most of which are free. In addition to training programs like Boots to Business, IVMF offers conferences, summits and other resources to veterans and their families to support their entrepreneurial efforts. Some programs are offered online or available at partner institutions.
- Veteran Federal Procurement Entrepreneurship Training Program. This federal procurement training program is funded by the SBA, the State of Maryland and corporate sponsorships. It’s designed for veteran-owned businesses and available through the Veteran Institute for Procurement (VIP). Five curriculums are available with placement generally based on your level of participation in the federal market. VIP training is free but you will need to complete the course in Washington D.C. Meals and lodging are also provided at no cost, but your travel expenses are your responsibility.
- Office of Small & Disadvantaged Business Utilization. Although the VA doesn’t offer veteran 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.
- Veteran Small Business Certification (VetCert). Veterans can be certified as a veteran-owned business to apply for certain federal government contracts under the VA's Vets First program. Certification is also offered for a service-disabled veteran-owned small business (SDVOSB) which offers an opportunity for contracts across the federal government. Businesses must be at least 51% veteran owned, register as a small business with SAM.gov and meet SBA's size standards to be eligible.To apply for certification, visit the Veteran Small Business Certification portal managed by the SBA.
- Veteran Readiness and Employment. If you are a veteran with a service-connected disability who is interested in starting a business, assistance is offered through the Veteran Readiness and Employment program, formerly the Vocational Rehabilitation and Employment program. Veterans can get help with developing a business plan, training in marketing, finance and operations and other services.
- 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.
- 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.
- 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.
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Methodology
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.
