The SBA Veterans Advantage Program is a set of loan programs specifically designed to provide financial assistance to veterans, active-duty military personnel, and their families who are looking to start or expand their small businesses. The program was established to recognize the service and sacrifice of America’s military veterans and their families, and to provide them with the support and resources they need to achieve their entrepreneurial dreams.
Eligibility requirements for the SBA Veterans Advantage Program include being a veteran, service-disabled veteran, active-duty military member participating in the Transition Assistance Program, Reservist, National Guard member, or the spouse or widowed spouse of any of these groups. The business must also be at least 51% owned by one or more of these individuals.
One of the major benefits of the Veterans Advantage Program is reduced fees on SBA loans. For example, the SBA’s flagship 7(a) loan program offers reduced fees for veterans and their spouses. Express loans, which are smaller loans with a faster turnaround time, also offer reduced fees for veterans. In addition, Veterans Advantage loans are available with no upfront guaranty fee for eligible veterans borrowing up to $350,000. This can result in significant savings for veterans who are looking to borrow money to start or expand their small businesses.
Another benefit of the Veterans Advantage Program is the special training and resources that are available to veterans who participate in the program. The SBA offers counseling, mentorship, and access to government contracting opportunities to help veterans start and grow their businesses. This includes specialized training programs for veterans, such as the Boots to Business program, which helps veterans transition from military service to entrepreneurship.
Overall, the SBA Veterans Advantage Program is a valuable resource for veterans and their families who are looking to start or grow their small businesses. The program provides access to affordable financing and other resources to help veterans achieve their entrepreneurial goals and succeed in the business world. By recognizing the service and sacrifice of our military veterans, the program helps to support these individuals and their families as they pursue their entrepreneurial dreams.