Successful entrepreneurs reveal that determination and passion are necessary for achieving business goals. Some risk-taking is involved when it comes to business loans. U. S. military veterans risk more than most Americans when they volunteer to serve their country. They risk even more when it comes to funding a small business. After serving their country, these men and women want to achieve goals as civilians, but often lack the funds for startup costs.
If you are a veteran, the best place to start looking for a small business loan is the Department of Veterans Affairs’ Veteran Entrepreneur Portal (VEP). The VEP connects veterans to federal services and resources to assist with small business needs and ambitions. The U.S. Small Business Administration provides these loan options for veterans:
The Military Reservist Economic Injury Disaster Loan (MREIDL). This loan program offers extremely low-interest loans to help veterans start a business within one year of release from active duty.
Service-Disabled Veteran-Owned Small Business Program find loans for veterans who have a service-connected disability and are the principal owners of an existing small business.
Accion Veteran-Owned Business Loans. This nonprofit organization is outside of the Department of Veterans Affairs and provide financing options for veterans who are not eligible for traditional commercial loans.
StreetShares is another non-government for-profit loan provider for veteran-owned businesses. This company is owned and operated by a veteran military officer.
Another resource for veterans seeking a business loan in Alaska is the Small Business Assistance Center, which provides funds for financing a business. There are several Anchorage business loans to choose from, such as; The Alaska Capstone Avionics will finance the purchase of aircraft avionics equipment. Commercial Charter Fisheries provide loans to commercial charter operators. Commercial Fishing loans supplies long-term, low-interest loans to help develop resident fisheries and for the maintenance of commercial fishing vessels and equipment. Community Quota Entity (CQE) offers the same type of funds for the purchase of halibut and stable fish quota shares through the National Marine Fisheries Service Program. These are just a few of the kinds of Anchorage business loans available to Alaska’s veteran entrepreneurs.
Other Alaska Business Loan Programs
SBA 7(a) Term Loans provides loan amounts up to $2 million to help businesses with startup costs or expansion. These loans usually apply to individuals who do not meet traditional lending criteria.
SBAExpress Loans offer a dollar limitation unsecured amount of $350,000. The SBAExpress loans include the Community Express for businesses that operate in low or moderate-income or rural areas. Also included is the Patriot Express, which is designed for military families when at least 51% of the business belongs to a veteran or active-duty military personnel.
The SBA 504 Term Loans offers long term solutions by providing businesses funding for lands, buildings, machinery, or equipment. The SBA offers variable or fixed rate options with a maximum of 20-year terms.
Finally, The Patriot Express Pilot Loan is available to all veterans from any state and includes service-disabled veterans, active-duty service members, reservists, and their spouses. Loan amounts of $500,000 are available for veteran business owners. If you are a veteran or know someone who requires a business loan, remember to utilize the Veteran Entrepreneur Portal for a one-stop-shop to find the loan that meets your business needs. The portal will save you time by providing everything you need to know about each loan type and the application process. America wants to help you with your business needs and to thank you for your service to our country.