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The Small Business Administration (SBA) is a federal program that guarantees loans to special needs individuals. The SBA is an extremely useful resource for minorities and the disadvantaged for starting their own businesses. The SBA provides programs to a number of eligible candidates, including women, african-americans, hispanics, the disabled, and veterans.
The Department of Veterans Affairs has called the SBA an excellent resource in helping veterans gain access to the aid that they need. VA small business loan qualifications for SBA loans are very simple and straightforward, and little more than the furnishing of some basic documentation is all that is needed. SBA loans function very similarly to standard loans; repayment is required (even though the rates are typically a bit lower than normal market rates). Variable rates are typically pegged at prime rate plus two to four percentage points, and the terms are highly comparable to that which can be found on the open market.
The Veterans Corporation is a small non-profit organization which is also dedicated to helping veterans get the loans that they need. Like the SBA, the Veterans Corporation offers loans that are lower than market cost, and have easy-to-meet VA small business loan qualifications. Providing adequate documentation is usually sufficient to meet qualifications for either of these programs. Another excellent program is vamortgagecenter.com, which can help you find an excellent VA loan with no PMI and nothing down. If further assistance is needed, one can consult valoans.com, which will help direct you toward the resources that you need.