Your small business deserves all you can give it to push it towards a successful end. This is why it helps to seek veteran-owned business financing to help further your goals. This business endeavor may mean a lot to you, but your business also means a lot to the economy. As a veteran, your small business adds great value to the American economy. As of January 2021, veteran-owned businesses make up about 5.9% of the businesses in America and employ 3.9 million people. Financing your small business not only benefits your endeavor but also benefits the economy.

When seeking out veteran-owned business financing, you have many options available to you. Some of these financing options are available for all small business startups; others are only available to veterans. Three financing types are listed below:

1. Small Business Loans

Small Business Loans or SBA Loans are generally offered to all who wish to start a small business. However, as a veteran, you may qualify for special breaks on loan fees. 504 CDC loans, SBA Express loans, SBA Microloans, and SBA 7(a) loans are four main types of SBA loans. If your business needs a large amount of money quickly, this may be a good option for you.

2. Government Grants

If a loan does not work for your purposes, then a government grant might be the way to go. Government grants generally do not require repayment of the funds and so are highly sought after. A grant can take as much time to acquire as seeking new clients and making sales, so gaining a grant may not be the most effective way to gain financing for your business. However, if you can secure grant funding, you will be well on your way to successfully launching your business to greater heights.

3. Alternative Funding

Gaining access to grant money or securing an SBA loan can be difficult. Sometimes the funds might not be sufficient for the needs your small business may have. Or perhaps you only need a small amount of money for a specific need. If so, you might consider taking advantage of these other options available to your small business.

• A small business credit card gives you more control of your spending
• Crowdfunding can be a great option for raising money and reaching new clients at the same time
• Online loans often are less strict on their requirements and will provide loans to veterans faster than other more traditional companies.