Finimpact

Frequently Asked Questions (FAQ)

How much money can I get with a veteran business loan?
The amount of money you can get with a veteran business loan varies widely based on your business and your qualifications. If you are applying for an MREIDL loan, you can obtain up to $2,000,000. But if you are applying for a microloan, you can only obtain up to $50,000.
Can I get a veteran business loan with bad credit?
It’s possible to get a veteran business loan with bad credit. But you should expect to pay higher interest rates if you are able to secure the loan. If you don’t qualify, then try applying for small business grants for veterans.
How long does the veteran business loan application process take?
Depending on the loan you apply for, the application process could take days or weeks. If the loan needs to go through the SBA, then expect it to be at least 30 days before approval.
Is it easy to get a business loan for veterans?
It’s not necessarily easy to get a business loan for veterans. But there are many different military business loans out there. With that, you can likely find a business loan option that fits your needs.

About the Authors

Sarah Sharkey

Written by: Sarah Sharkey

Personal Finance Writer

Sarah Sharkey is a personal finance writer who enjoys helping people make better financial decisions.

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Kal Salem

Reviewed by: Kal Salem

CPA, PMP and Finance Consultant

A CPA and finance professional working with small businesses to educate owners and grow alongside their businesses. He holds a Masters in Accounting and a BS in Supply Chain Management. Owner at Salem CPA Services LLC.

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Somer G. Anderson, Ph.D.

Fact checked by: Somer G. Anderson Ph.D., CPA

Accounting and Finance Professor

Somer G. Anderson has been working in the Accounting and Finance industries for over 20 years as a financial statement auditor, a finance manager in a large healthcare organization, and a Finance and Accounting professor at Maryville University.

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