There are many private loan and government grant programs available to help the veterans run their own business. If proper qualifications are met, then you can draw out loan money from all these sources.
Here are some basic guidelines given to understand this business loan process. This will help you to become self employed and operate your own business. Like the V.A. mortgage loan, U.S government offers business loans to the veterans.
You need to ask certain questions before you dip your feet into any new business venture.
- Think what type of business you are about to step in.
- How much money you need for initial investment.
- What could be your possible sources of loans.
- How much expense you might have to bear for employee recruitment and business campaigning
- How much revenue you can expect to generate.
You have to list down all those information because these will be used to process your loan application. Along with this, you need to prepare a formal business loan proposal.
It is better to try out with both veteran and non veteran loan programs. Different loan programs offer different opportunities. So, you should check what could be the most suitable for you and where you can easily get qualified.
Visiting SBA official site you will get to know about various loan programs specifically desiged to assist veterans. SBA has a wide networks and establishment in different states in America. You can also visit one of your nearest district office and consult with their representatives.
You can consider taking up Patriot Express Pilot Loan Program.
One can draw maximum $500,000 of loan. However, one has to fulfill special criteria in order to be eligible for this loan grant. SBA was established to help veterans start, buil and grow small business by offering offering an array of aid programs from traning, counseling and providing access to rersources.
You can also visit at International Franchise Association’s VetFran website site at VetFran.com.
Here, you will get information about self employment program. This program is upheld by franchisee groups. Special discounts are offered to discharged veterans in United States.