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As veterans reintegrate into civilian society from active duty, many choose to pursue entrepreneurship. They typically look to their banks or a traditional lender for financial backing, but banks are often reluctant to provide access to capital, particularly to veterans with a poor personal credit score. At Sunwise Capital, we deeply believe in giving back to our nation’s veterans. That’s why we make it a point to offer business loans for veterans. We strive to make the process of securing funding for their small businesses as seamless and quick as possible.
Launching or returning to a small business can be daunting for those who have bravely served our nation. To obtain a small business loan from conventional lenders such as banks or government-funded Small Business Administration (SBA loans), veterans are typically required to have a credit score of 685 or higher.
Although conventional bank loans are frequently the first option entrepreneurs consider when seeking financing, they are notoriously tough to qualify for and have low approval numbers. Moreover, some banks may not even offer additional benefits to veterans. Government-funded SBA loans for veterans, also called Veterans Association (VA) business loans, are tailored to offer better terms for veterans and their military spouses. While these loans are in high demand, a minimum of 2 years of business history is typically required to qualify.
If you’re a veteran seeking business loans, online lenders like Sunwise Capital can be your ideal solution if you’re looking for a simple application process for working capital. We provide a diverse selection of financing products that are both flexible and easily accessible. We offer more lenient criteria in areas such as minimum length of operations and credit rating requirements.
When it comes to securing business loans for veterans, SBA loans necessitate at least 2 years of operational history, plus conventional banks have the most stringent requirements and lowest approval numbers. In contrast, alternative lenders like Sunwise Capital offer much higher approval rates for veteran-owned small businesses. We are more accommodating regarding the loan criteria and lending options, making obtaining the funding you need simpler. For instance, you can be eligible for a veteran small business loan with a minimum time of 12 months of business history, a FICO score of 500 or higher, and $15,000 in monthly gross revenues.
At Sunwise Capital, we are dedicated to supporting returning veterans by providing them with numerous business financing options and contributing to their entrepreneurial ventures’ success. Our experienced business funding counselors will carefully evaluate your business, financial needs, and future objectives. We are committed to establishing a long-term relationship with you, offering monetary solutions to help you advance your business whenever needed.
Veteran entrepreneurs with bad credit often turn to Sunwise Capital, a trusted and reliable alternative funding source. Since 2010, we have helped over 86,000 clients secure hundreds of millions of dollars in funding for their businesses. Unlike traditional banks that adhere to strict guidelines when making loan decisions, Sunwise Capital employs more practical underwriting standards, meaning that a low credit score does not automatically disqualify you from receiving a loan from us.
For more information about our veterans business loans, do not hesitate to contact us today.