Military veterans face unique challenges when it comes to funding their business with a veteran small business loan, but finding capital that works for you is not impossible; especially when you have a little help. Here are seven tips to get you started:
1) Assess Your Strengths and Weaknesses as a Borrower.
Before you even begin your search, make sure you know where your small business stands. How much funding do you really need? How much can you afford to pay back each month? Are your margins higher than the interest rates? It is also helpful to be realistic about your chances of accessing different funding options. Do you know your credit score? How are your financials? Finally, make sure your documents are in order. Have you filed your taxes? Do you have an updated balance sheet and income statement? Being prepared can save you a lot of time and grief later on. Follow these two steps to determine your financial needs.
Understanding your financials is one piece of the puzzle when seeking funding. In this ebook, “The Ultimate Guide for Veteran-owned Small Businesses," you’ll learn the basics of financing as well as have access to tons of VOSB resources in addition to what you see below.