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5 Key Point Before You Apply For That Veterans Loan

By admin On September 28, 2010 Under VA Loans, VA Purchaes Loans

Veterans Loans can be used for almost any type of financing, whether it’s business or personal.  Before you fill out any information on the application be sure you have your ducks in a row.  That mean — know everything you need to know about what you intend to do with the loan.

If it’s a business loan then make sure you know all about your business, have a business plan to know where you’re going.  If your veterans loan will cover your new business then you have a few things to ask yourself before you apply.

The first question to ask is “Are you an entrepreneur?”  To find that out, you need to assess yourself to find the answers.  A lot of veterans go into private business when they retire from the military but very few of them make the grade.  It’s not that they don’t know the product, it’s because they really aren’t entrepreneurs.  Use these tips to become self employed and be your own boss.

Entrepreneurs never stop learning so you need to find out the type of business you want, how much money you need for the first year, and a list of projects for revenues and expenses. Also,  how much time you’re going to spend doing the actual work and  business marketing and competition.  It’s a lot to know but if it’s what you want then you’re ready for your veterans loan.  If you know enough about the business then you might be able to get a veterans loan on a personal basis.  Get busy with writing your business proposal.

Check out the non-veterans loan and grant opportunities to find the differences in requirements.  Some lenders are more adverse than others are and you may not qualify for them.  They will give you some information on the process, even if you do get turned down.  If they ask for the unattainable then you won’t want to do business with them.

The Small Business Administration (SBA) has a program called “Patriot Express Pilot Loan Initiative”.  Its for new business ventures for veterans and they have special requirements to fill but if you do meet then you’ll be off to a good start in your business.

You can also use your veterans loan for a franchise.  At the International Franchise Associations (VetFran), they offer special loans for veterans who want to be self employed.  They offer a discount price on franchise in the United States.

Use the Internet, your local library, bookstores, other business owners, and other resources to find the information you need to start building your business before you apply for a veterans loan.  That way you’ll be ready for all the questions and requirement they need for your life to go forward.

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