Va business loan qualifications are something you should understand before taking this loan program. By understanding the qualifications, you can get the loan right away. As the result, you can use the money to start a business as soon as possible.
The Qualifications of Va Business Loan
There are several important qualifications you need to pass before taking Va business loan program. Just like the name of the program, the applicant should be a veteran. It is not only an ordinary veteran. Let say, you are a veteran. If you want to get Va business loan it means you should have the business and you should at least have 50% of the asset. Then, you have to apply for the loan to the Veteran Affairs Office. When their application is approved, the veteran is taking a specific loan known as Microloan. So, how much money you can receive from this loan? Commonly, you will get up to $35.000. The most important note is that the money is only to start a business. You are not allowed to use the money for different purposes such as paying your debt or buying a home. For specific Va business loan qualifications you can just go to the official website or visiting the Veteran Affairs Office.
Steps to Apply Va Business Loan
It is stated that you should apply if you want to get Va business loan. There are several steps you need to do to apply Va business loan. First, if you think you are classified as the Va business loan applicant, you can go to or contact the Small Business Administration. Let the officer asks some questions to you. The question is about to know whether you are qualified to get Va business loan or not. Second, if they said that you are classified, you can wait for the application form. The application form will be sent to you by email. Third, when finally you got the application, just complete it. The most important thing is that you have to complete it rightly based on your data or your actual condition. Fourth, send the application form back and wait for about 2 weeks. The Small Business Administration officer will call you to inform about your approval. This is the time for you to know whether your application is approved or denied. If it is approved, you may continue to the next process and it is one step closer to get the money. On the other hand if you are denied, you should get clear explanation about it. So, it is very important to make sure that you pass all the Va business loan qualifications before applying it.