HONORING VETERANS WITH SMALL BUSINESS SUPPORT
NADCO VetLoan Advantage Program
Did you know that 10% of all small businesses in the United States are veteran-owned? That translates into more than 2.4 million businesses employing 5.25 million people and generating $1.3 billion in revenue. There’s definitely nothing small about those numbers! From professional services and construction to real estate and manufacturing, these individuals are leveraging their ideas, training, and ambition to create companies that are making a positive impact in their communities and beyond.
The Small Business Administration has a strong history of supporting veteran-owned businesses. Now, it has partnered with NADCO (National Association of Development Companies) to create VetLoan Advantage, a strategic initiative that “honors military members and their families for their service and is designed to support their entrepreneurial endeavors.”
This is a voluntary program for CDCs across the country, and Bay Area Development is honored to participate.
We are pleased to offer qualifying veteran-owned businesses a rebate of up to $3,000 for professional fees associated with purchasing commercial property, including appraisals and environmental reports. To be eligible, the applicant must be a small business owner who is a veteran or active-duty military with a minimum ownership of 51% in the operating company.
Combined with the SBA 504 program’s long terms and below market rates, VetLoan Advantage offers a powerful funding tool created just for veteran-owned businesses.
Here’s another statistic for you: Veterans are 45% more likely to start their own business than any other sector of entrepreneurs. But, that number has been declining over the years, partly because of difficulty in gaining access to funding. VetLoan Advantage was created to help minimize that barrier so veterans have resources and support at the ready so they can make their mission of small business ownership a reality.
We are so grateful to all veterans for their dedication and service to our country. If your veteran-owned small business has plans to purchase commercial real estate, it would be our honor to talk with you about the VetLoan Advantage program.
