While the 4th of July is fresh in our minds, CDC Small Business Finance has recommitted to honoring veteran small business owners by offering the Vetloan Advantage program, which features special rebates on SBA loans.
According to the U.S. Small Business Administration (SBA), veterans are at least 45 percent more likely than those with no military experience to be entrepreneurs and often times face challenges in raising capital or getting a conventional loan.
Veteran entrepreneurs approved for an SBA-504 loan – financing designed for buying a building – can receive a cash rebate of up to $3,000 to help offset loan costs.
The SBA Community Advantage Loan Program provides financing up to $250,000 for working capital, equipment, inventory, tenant improvements and business acquisitions. CDC will waive the packaging fee for veterans, a savings of up to $2,500.
Veterans who get an SBA Microloan will also benefit from considerable savings. CDC will waive the 2% loan fee for a savings up to $1,000. That’s more money in a vet’s pocket for running their business.
If you’re a Veteran who owns a business, the VetLoan Advantage program will save you money. Contact one of our loan experts near you or call 800.611.5170. For more info, visit our VetLoan Advantage page.
Loans from some online lending services are convenient, but can be costly. In exchange for a speedy approval process and quick cash in hand, online lenders charge for the privilege, with interest rates often more than consumer credit cards, as well as fees.
Small business owners are encouraged to weigh the costs for speed against potential benefits. For instance, using a quick-cash loan to buy inventory or equipment that can be converted into short-term profit might make sense. Be sure that short term profit can cover the loan amount. But using high-priced capital to cover expenses without a quick upside in profit may plunge a business owner deeper into higher cost debt.
Business loans are still available in nearly every community – particularly Small Business Administration (SBA) microloans and Community Advantage loans – but they require a little patience from the small business owner. The upside includes lower interest rates and more time to pay off the loan – usually 3 to 10 years. To see if you qualify for this low-cost capital, click on Prequalify Today or talk to an SBA loan expert.