Requirements to Meet for SBA Veteran Loans
SBA loans for veterans are those loans provided exclusively for the benefit of reservist, retired, and honorably discharged U.S. military personnel. These loans have special requirements which make them different from the remaining SBA loans.
VA SBA loans provide a chance for veterans to acquire funds for their small businesses, and enables them to begin their entrepreneurial venture and succeed in their business.
Veteran SBA Loan Requirements
There are a few requirements that the veterans should meet in order to be eligible for the SBA veterans advantage loan program. Specifically, individuals must fall into one of the following categories.
- A veteran who has not been dishonorably discharged.
- A service-disabled veteran
- A current spouse of a veteran, reservist, National Guard member, or active duty service member.
- A National Guard member
- An active duty military member taking part in the Transition Assistance Program (TAP)
- A reservist
- A widow of a service member who lost their lives while in service, or of a person with a service-related disability.
There are unique benefits offered for the SBA veterans advantage loan program. These advantages are available to those who qualify for this program by fulfilling the above criteria.