VA Small Business Loans (Veteran Affairs)
VA small business loans are those provided only to veterans of service with the US government. They are usually connected with the Small Business Administration (SBA). Instead of maintaining its own business-loan program, the Department of Veterans Affairs currently refers clients to the SBA loan program, which is consistently a helpful resource for veterans seeking loans for their small businesses.
Many financial institutions recognize that veterans today are an elite and highly trained force of people with a foundation on which to build successful businesses. In addition to the personal sacrifices they’ve made, veterans also develop high-end professional skills and acquire cutting-edge technical training, thanks to technology developments in the military.
Legislators have also gone forward with plans to expand federal business loans and other assistance to help reduce the unemployment rate amongst the recently discharged service members. With statistics indicating an unemployment rate as high as 18 percent for younger Iraq and Afghanistan veterans, this is a way to help boost veterans back into the workforce.
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In another new development, in 1999, US Congress enacted Public Law 106-50, the “Veterans Entrepreneurship and Small Business Development Act”. While the act was initially designed to cushion the impact on small businesses incurred when their owner or employee reservists are ordered to active duty, it was expanded to provide assistance to veterans who are entrepreneurs, including service-disabled veterans. This is another boost to veterans seeking to bring their experience onto the business battlefield.
You can always find out more about what loans you qualify for at a Veteran’s Business Outreach Center (VBOC). VBOCs provide business training, mentoring, counseling, and referrals to help you in the development of market research and business plans, and also give you training assistance on your way to becoming an entrepreneur.
VBD officers are assigned to local SBA servicing offices, and are a great point of contact as you begin the development process. In addition to providing general business development assistance, they can provide crucial knowledge of local markets and businesses.
With so many cards in your favor, you can rest easy knowing that your business plan has a head-start. You might try an idea such as raising a profit from your favorite hobby, or consulting based on your background of expertise, or even embrace your creative side and open your own studio. Once you get into it, it is surprising how much of your service experience will apply to experience in the business world as well.
More information relating to a loan for you can be gained here at small business government loans.
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Tag: VA business loans
