Small Business Series: Veterans Advantage Loan Program
The Small Business Administration's Veterans Advantage Loan Program provides support to veteran-owned businesses by offering lower interest rates and reduced fees on loans. This program is a part of the SBA's broader initiative to provide resources and assistance to veteran entrepreneurs, who often face unique challenges in starting and growing their businesses.
The Veterans Advantage Loan Program is available to businesses that are at least 51% owned by veterans, active-duty military members who are transitioning to civilian life, National Guard and Reserve members, and their spouses. Eligible businesses can apply for loans up to $350,000, with a repayment term of up to 10 years for working capital and up to 25 years for real estate purchases.
One of the primary benefits of the Veterans Advantage Loan Program is the reduced interest rates and fees. The program offers a 50% reduction in the upfront guaranty fee for loans, which can save businesses thousands of dollars in fees. Additionally, the interest rates on loans through the program are generally lower than those of traditional loans, making them more affordable for veteran-owned businesses.
To apply for a loan through the Veterans Advantage Loan Program, businesses must first meet the SBA's eligibility requirements, including demonstrating a strong credit history and the ability to repay the loan. Applicants must also provide a detailed business plan outlining their goals, operations, and financial projections. The SBA provides assistance with developing a business plan and offers counseling services to help veterans navigate the loan application process.
The types of businesses that are eligible for loans through the Veterans Advantage Loan Program are diverse and include a wide range of industries, such as retail, manufacturing, and services. The loans can be used for a variety of purposes, including working capital, inventory purchases, equipment acquisition, and real estate purchases.
In addition to providing funding, the Veterans Advantage Loan Program offers resources and support to help veteran-owned businesses succeed. This includes access to training programs, mentorship opportunities, and networking events.
Overall, the SBA's Veterans Advantage Loan Program is a valuable resource for veteran entrepreneurs looking to start or grow their businesses. With reduced fees and interest rates, as well as access to training and support services, this program can help veterans overcome some of the challenges of starting and running a business. To learn more about the program and how to apply, interested businesses can visit the SBA's website or contact their local SBA office.
There are multiple SBA offices located throughout Texas to assist small businesses with resources, counseling, and loans. Here are the locations of the SBA district offices in Texas:
SBA District Office in Austin Address: 5407 North Interstate 35, Suite 302, Austin, TX 78723 Phone: (512) 416-4800
SBA District Office in Dallas/Fort Worth Address: 4300 Amon Carter Blvd., Suite 114, Fort Worth, TX 76155 Phone: (817) 684-5500
SBA District Office in El Paso Address: 211 N. Florence St., El Paso, TX 79901 Phone: (915) 834-4600
SBA District Office in Houston Address: 8701 S. Gessner Rd., Suite 1200, Houston, TX 77074 Phone: (713) 773-6500
SBA District Office in Lubbock Address: 1205 Texas Avenue, Suite 702, Lubbock, TX 79401 Phone: (806) 472-7462
SBA District Office in San Antonio Address: 615 E. Houston St., Suite 298, San Antonio, TX 78205 Phone: (210) 403-5900
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