Veteran Loan Program
The Veteran Loan Program provides fixed annual interest rates for veteran entrepreneurs and/or their families.*
VETERAN LOAN PRODUCTS
- Veteran Business Loans up to $50,000 for established, profitable businesses
- Veteran Emerging Business Loans up to $30,000 for businesses with at least six months in operation, but not yet profitable
- Veteran Transition Business Loans up to $30,000 for the purchase of an existing business or a change in business location
RATES, FEES AND TERMS
- Fixed annual interest rates of 8.99%
- Loan terms up to 60 months
- No prepayment penalty
- A 3% to 5% closing cost and a $30 application fee if approved
Requirements
- Business must operate in New York City
- Be a veteran or the family* of a veteran
- Credit score of 575 or higher
- No bankruptcies in the past 12 months or foreclosures in the past 24 months
- Sufficient cash flow to comfortably support monthly loan payments
- Less than $3,000 in past due debt
- No late payments on rent or mortgage in the past 12 months
- If you have an adjustable rate mortgage, the rate must not adjust during the term of the loan
- You must own fewer than four (4) properties
- Additional security may be required depending on strength of application
MORE PROGRAM BENEFITS
Accion, The SBDC, VAA and SCORE have partnered to offer veteran entrepreneurs and/or their *families:
- Assistance to formalize your business structure and/or prepare for expansion
- Credit and financial education from experienced counselors
- Coaching, business training and mentoring from experienced business owners
Find additional information at www.nycveterans.org or call (855) 474.0975.
*Under this program, we consider ‘family of a veteran' those family members who support a veteran with the profits of the business and live within the same household.