At a glance
- Loan options
- SBA, term, line of credit, equipment and revenue-based financing
- How NexGen evaluates
- Same criteria for every business: revenue, history, credit
- Public resources
- SBA Veterans Business Outreach Centers (VBOCs)
- NexGen amounts
- $10,000 to $20,000,000 across programs
- Approval speed
- Typically 1 to 24 hours for many programs
- Credit
- 650+ on most programs; 500+ for revenue-based financing; 700+ for SBA loans
Veterans bring leadership, discipline and logistics experience to business ownership, and many build companies in trucking, construction, security, professional services and franchising. Turning that experience into a funded business still comes down to a solid plan and the right financing. This guide covers the loan options available, what lenders look for and the free resources built for veterans and military spouses.
At NexGen Lending, we evaluate every business on the same criteria and help owners compare 10 financing and advisory solutions with one application.
What loans are available to veteran-owned businesses?
| Financing type | Best for |
|---|---|
| SBA loan | Buying a business or franchise, property, long-term growth |
| Term loans & unitranche debt | Hiring, expansion, larger projects |
| Business line of credit | Cash flow, payroll and contract gaps |
| Equipment financing | Trucks, heavy equipment, vehicles and technology |
What resources help veteran business owners?
- Veterans Business Outreach Centers (VBOCs): Counseling and training for veteran entrepreneurs and military spouses.
- Small Business Development Centers: Free one-on-one advising.
- Federal contracting: Veteran-owned and service-disabled veteran-owned businesses may qualify for certain federal contracting programs; check eligibility on SBA.gov.
- CDFIs: Community lenders that often work with newer businesses.
What do lenders look for?
- Time in business, often 12 months or more
- Monthly revenue and consistent deposits
- Personal and business credit
- Industry and management experience
- Existing debt and a clear use of funds
How do I qualify for a business loan?
- Open a business bank account and run all revenue through it.
- Keep clean books. NexGen’s accounting and bookkeeping support can help.
- Build credit. NexGen's business credit guidance can help you understand your credit profile and build toward approval.
- Write a plan. A VBOC can help you build projections.
- Prepare documents such as bank statements, tax returns and ID.
- Compare offers. See how we compare lender offers.
Can a new veteran-owned business get a loan?
Read our guide to buying an existing business.
How fast can I get funded?
Frequently asked questions
Are there special loans for veterans?
Some public programs offer veteran-focused resources, and SBA benefits change over time, so check SBA.gov. NexGen evaluates every business on the same criteria and helps you compare all options.
Can military spouses use VBOC resources?
VBOCs serve veterans, transitioning service members and military spouses. Check with your local center for current services.
Can I buy a franchise with an SBA loan?
Often, yes. SBA 7(a) loans are commonly used for franchise purchases, subject to lender and SBA requirements.
Can I finance a truck for my business?
Yes. See our guide to trucking business loans.
What if my credit isn’t perfect?
With a 500 to 649 credit score, revenue-based financing is the main option, since it leans on sales more than credit. Most other NexGen programs, including equipment financing and lines of credit, require 650+, and SBA loans require 700+. Below 500, NexGen's business credit guidance can help you understand your credit profile and build toward approval.
This article is for general informational purposes only and is not financial, legal, or tax advice. NexGen evaluates all applicants on the same criteria. Public program details change; check SBA.gov for current availability. Loan terms, rates, and eligibility vary by lender and program and are subject to approval. Availability varies by state.