In 2021, nearly 6% of US businesses were veteran-owned.
Veteran-owned businesses are unique and impactful in their communities, bringing inspiration, patriotism, and more. While veterans may face challenges starting and growing their businesses, many resources are available to them, including Small Business
Administration loans and the Office of Veterans Business Development Resources.
Steps to Get an SBA Loan
- Review SBA loan options. There are multiple SBA loan options with different advantages. 7(a) loans have longer terms, shorter monthly payments, and provide funds for capital, real estate, and equipment. 504 loans focus on growth and development.
- Determine eligibility. Each loan has different eligibility requirements. An SBA-preferred lender can help you determine your eligibility and which loan is right for your veteran-owned small business.
- Contact an SBA-preferred lender. The Small Business Administration selects preferred lenders based on rigorous standards. These standards ensure your lender protects your best interests. Horizon Bank has been an SBA-preferred lender for decades! We help small businesses be great businesses.
- Apply for your loan. In addition to completing paperwork, you’ll need all necessary documents and records to ensure your application is processed correctly. Horizon Bank’s business advisors ensure your documents are in order and reach the appropriate people quickly to get the funds in your account faster.
Helping Small Businesses Be Great Businesses
Our team is ready to get funds for your small business as quickly as possible. Talk to a Horizon business advisor today to find out what small business loan is right for your veteran-owned business! Call 888-873-2640.