If you’re a navy veteran in need of small business funding look no further, LenCred may be able to assist you. The majority of the veterans we speak to only know about small business funding options offered by the SBA (Small Business Administration). This includes funding programs specifically designed for veterans such as Patriot Express Loans up to $500,000. Patriot Express Loans can be used for many business purposes, including start-up, expansion, equipment purchases, working capital, inventory or business-occupied real-estate purchases.
However, the small business funding options offered by the SBA are not your only option. Here at LenCred with work with a network of banks and lenders that offer a variety of different funding options that can work well for navy veterans. Here’s a list of the small business funding options available to navy veterans through LenCred:
- Unsecured Business Lines of Credit – This type of small business funding works well for startup and established business owners that have a good personal credit history. If you’re willing to personally guarantee what you borrow for the business, this may be a good option for you. Funding can be used for any business expense.
- Factoring – This type of small business funding works well for established businesses that have outstanding invoices with their customers. If you are willing to sell your invoices at a discount, you’ll be able to receive the majority of the money you’re owed immediately.
- IRA/401K Financing – This type of small business funding works well for startup and established businesses. The owners of the business must have an IRA or 401K retirement account. Our source will help you legally convert your retirement savings to fund your business without being subject to penalties and fees.
- Equipment Financing – This type of small business funding works well for startup and established businesses where the owners have a good personal credit history. Funding can be used to purchase a variety of equipment for your business.
- ACH/MCA Financing – This type of small business funding works well for established businesses that have a high amount of daily credit card sales and/or deposits. Approval for this type of funding depends on the consistency in the total amount of money deposited into your business accounts from sales each month.