Like other types of VA loans, VA business loans are available through the Department of Veterans Affairs since this organization does not act as a lender. Instead, the business loan is available through a cooperative agreement between the SBA and the provisions of the Veterans Entrepreneur and Small Business Development Act of 1999. If a vet wants to start a business, they can get the information they need via the SBA websites and partnering sites to assist in a search for an appropriate lender.
Who is eligible? Well any veteran of the armed services who has an honorable discharge is eligible for a VA business loan as long as the new business is designated at primarily veteran owned (more than 50%). The least percentage of required ownership is 51% for those businesses owned by disabled veterans.
Vets who qualify will be able to received SBA training and assistance via their contacts with other businesses to help with the growth of the new business venture.
