For veteran business owners with bad credit: OnDeck and Kabbage
Getting a small-business loan can be a challenge for any entrepreneur: a lack of collateral, poor or no credit and limited business history all can pose obstacles.
The difficulties may be more pronounced for veterans, whose financial history may show gaps due to their time in active service. Even so, many U.S. veterans choose to become their own boss after serving their country.
U.S. Census Bureau data show that veteran-owned businesses generated $1.47 trillion in revenue in 2012 and employed more than 5.5 million people. And about one in seven veterans is self-employed or is a small-business owner, according to a report by the Institute for Veterans and Military Families at Syracuse University. (The university also originated the EBV program, or Entrepreneurship Bootcamp for Veterans With Disabilities, to help veterans launch their own businesses.)
One of the major obstacles that veterans encounter when opening a business is financing. We’ve rounded up some of the best small-business loan options for veterans. It’s important to carefully weigh the terms, interest, fees and speed of funding before making a decision. You can compare fees and other factors on the NerdWallet small-business loans page.