VA Loans for Small Businesses – It is necessary for you to be aware that there are lenders that can actually make the dream come true for you when you are about to start or grow your small businesses
To make this stress-free for you, we have selected some of the best VA loans for small businesses and the necessary information you need to know about them.
List of VA Loans for Small Businesses
When you are done with checking through the list of VA loans below, you can easily make a decision to apply for a loan:
The StreetShares is rated the best option for VA small Business loans because of its transparent rates, easy forms of financing, and faithfulness in serving veterans. StreetShares is quite different from other online lenders because it supplies a reasonable number of financing products with term loans, business lines of credit, and contract financing.
The only way it is similar to other online lenders is the application procedure and the supply of funding within some business days. The Street Shares VA loans are very lenient and it is needed for you to know that the limit of annual revenue to loans for all businesses is 20%.
Amount of Loan: $2,000 – $250,000
Rates: 8.00% – 39.99% APR
Term: 3 – 36 months
Minimum Credit Score Required: 620
This is a VA loan that gives good credit score requirements and is majorly for military business owners who are newbies at owning a business. It supplies tangible information and lenient requirements also. Accion is a non-profit organization that supplies loans for small businesses. It gives aid to allow business owners to qualify for financial support if they are not currently eligible by giving resources and workshops.
Accion is in collaboration with Syracuse University’s Institute for Veteran and Military families to give these programs to Small business owners and their spouses. If you applied for an Accion loan and you find out you are not eligible, you can reapply after three months.
Amount of Loan: $300 – $1 million
Rates: 7.50% – 34.00% APR
Term: 6 months to 25 years
Minimum Credit Score Required: 575
SBA Express Loans
This is an Express Loan program that has a lot of competition in the market. The SBA gives loans through lenders. These lenders are those that exist already like banks instead of giving loans to business owners directly. Your application process will be complete within 36 hours. And borrowers are privileged to request at most $350,000. Thereby setting a record for SBA Express Loans as one of the highest lenders for business owners.
Amount of Loan: Up to $350,000
Rates: 4.5% – 11.5%
Term: Varies by lender
Minimum Credit Score Required: Varies by lender
You need at least a 550-credit score to be considered for the QuarterSpot loan. The QuarterSpot loan has very lenient credit score requirements in the market. And it offers a large number of loans up to $250,000. And this makes their loans on a higher pedestal in the market.
Amount of Loan: $5,000 – $250,000
Rates: 20.00% – 48.00% APR
Term: 9, 12, or 18 months
Minimum Credit Score Required: 550