Posted on Sep 1, 2015
Is there any experience with VA small business loans?
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I have been throwing the idea of starting a small business. I have not written a business plan so the idea is still very much in the infantile state. I have Googled VA loans and there is not a whole lot out there about them and the VA website does not explain it well. Does anybody have a VA business loan? Thoughts on it if you do?
Business
Entrepreneur
VA Loan
Money
Transition
Edited >1 y ago
Posted >1 y ago
Responses: 4
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From what I understand, the loan support is actually through the SBA, but there are benefits for being a Veteran in that system. I agree, its not very clear anywhere.
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The VA doesn't provide business loans, but you do get special preferences as a Veteran when you apply for a loan through the Small Business Administration. Usually the benefit is express approval. This link has some great info: https://www.sba.gov/blogs/business-loan-opportunities-military-veterans-2014
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PO2 Kayla Modschiedler
Thank you for the info, do you know about purchasing vehicles for business use using a business loan. Do you have to get a regular auto loan?
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CPT Cameron Smith
You can use multiple funding sources for a vehicle loan. But, most folks seem to do regular financing through the dealership, etc. The interest on the loan can be tax deductible on your Schedule C at tax time.
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PO2 Kayla Modschiedler
I drive for Lyft/uber and my tax return went up quite a bit because of my interest rate that was a nice surprise!
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I get the impression that the VA itself doesn't "sponsor" business loans, but perhaps the federal government might?
I do know that "Veteran Owned" is a qualifier in the procurement process, when dealing with the government itself though.
I do know that "Veteran Owned" is a qualifier in the procurement process, when dealing with the government itself though.
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MAJ (Join to see)
From what little I think I understand, a VA small business loan is similar to a VA home loan. The VA does not offer it but backs it. You still have to take your loan through a third party,, i.e. USAA or other financial institution, and then the VA guarantees part of the loan to the bank. This gives the veteran a better outlook in the banks eyes. I do know there are some minimum and maximum loan amounts and the veteran has to be the primary owner of the business, i.e. in a partnership or with a spouse.
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Sgt Aaron Kennedy, MS
MAJ (Join to see) I was doing a little searching last night, but I kept ending up at the Fed portal (business.usa.gov) instead of anything VA specific. I'll see if I can find more today.
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