Small Business Loans for Veterans With Good & Bad Credit

If you’re a business owner who has served in the military, you might be looking for funding that’s specifically geared towards veterans. While there aren’t very many business lenders who specifically veteran owners, having that valuable experience will not only contribute to your business skill set, but can also be a positive factor that companies consider when evaluating your loan application. Whether you’re looking to purchase supplies, expand your properties or make emergency repairs, a small business loan can help you finance the expenses that you can’t manage out of pocket.

What Type Of Small Businesses Can Borrow?

Having two years in business and above-average credit will increase your chances of being approved for a loan with a low rate and flexible repayment terms. Most businesses are eligible to apply for loans. However, non-profit organizations and companies operating in the gambling or lending industries are typically excluded.

How Much Can I Borrow?

Depending on your financial needs, a small business loan can be as small as just $1,000, and reach above $2 million. The size of your company, number of years in business, your personal credit score, financing proposal and annual revenue are all major factors that will go into determining both the size of the loan that you’re approved for and the rate.

How To Qualify For A Veteran Small Business Loan

The main requirement of any veteran business lender is to have a company that is at least 51% veteran owned.

Additionally, although some lenders will offer loans to new businesses or businesses whose owners have low credit scores, having at least two years in business and a credit score above 600 will help you secure a loan with a low rate and flexible terms.  Don’t be discouraged, however, if you don’t meet the qualifications that many traditional and low-rate lenders require to borrow from them. There are still many companies who will lend to low-credit or brand new businesses.

What Do You Need To Apply?

Before applying for a small business loan, you should have a few pieces of information handy:

  • Your personal financial information
  • Personal credit report
  • Business’ credit report
  • Business plan
  • Income tax returns
  • Personal bank statements
  • Business bank statements
  • Documentation of collateral (if required by the lender)
  • Personal contact information

Best Veteran Small Business Loan Options

For Start-Ups & Quick Cash


With Kabbage, you can borrow between $2,000 and $250,000, with rates ranging between 24% and 99%. This lender is ideal for borrowers with low credit scores, or who need cash fast, as funds can be made available within as little time as a few minutes.

Loan Amounts$2,000 to $250,000
APR Range24% to 99%
Repayment Terms6 to 12 months
Time to FundingA few minutes to several days
Click “Check Rates” to apply to Kabbage

» MORE: Kabbage Business Loan Review


Business owners can borrow as little as $300 and as much as $1 million through Accion. Their rates range between 7% and 34%, and the lender only requires six months in business to qualify.


Borrowers can access between $5,000 and $500,000 through OnDeck’s small business loans. Their rates range between 9.1% and 99.8% for term loans, and start at 11% with a maximum of 63.2% for their lines of credit. Due to the potentially high rates that can come with OnDeck’s loans and lines of credit, this lender is more willing to work with borrowers who may be new business owners or have low credit scores.

Loan Amounts$5,000 to $500,000
APR RangeAs low as 9.99%
Repayment TermsTerm loans up to 3 years
Time to FundingAs fast as 1 day
Click “Check Rates” to apply to OnDeck

» MORE: OnDeck Business Loan Review

For Established Businesses & Business Expansion

Credibility Capital

Credibility Capital offers business loans with amounts ranging between $50,000 and $400,000 and a maximum annual percentage rate of 25%. With rates as low as 10%, this lender primarily works with borrowers with above-average credit scores, multiple years in business and high annual revenue.

Loan Amount:$50,000 – $400,000
APR Range:8.00% – 25.00%%
Time to Fund:Typically 7 days
Loan Term:Up to 3 years
How To Qualify:680+ Personal Credit Score
$250,000+ Annual Revenue
Great Option For:Borrowers With Good Credit
Short & Medium-Term Financing
Click “Check Rates” to apply to Credibility Capital

» MORE: Credibility Capital Business Loan Review


StreetShares’ loans start at $2,000 with a maximum amount of $250,000, and come with annual percentage rates as low as 9% and as high as 40%. This lender is best for borrowers with good credit scores who are not looking to make major property or equipment purchases.

Loan Amounts$2,000 to $250,000
APR Range24.00% to 99.00%%
Repayment TermsUp to 3 years
Time to FundingTypically 1 – 5 days
Click “Check Rates” to apply to StreetShares

» MORE: StreetShares Business Loan Review


SmartBiz offers loans starting at $30,000, with a maximum of $350,000. This lender has some of the lowest APRs in the online business lending industry, with rates starting at 9.7%, and a maximum of 11.04%.

Loan Amount:$30,000 – $350,000
APR Range:9.7% – 11.04%
Time To Fund:As soon as 7 days
Loan Term:10 Years
How To Qualify:675+ Personal Credit Score
$100,000+ Annual Revenue
Click “Check Rates” to apply to SmartBiz

» MORE: SmartBiz SBA Loan Review


BlueVine’s offers lines of credit ranging between $5,000 and $250,000, with APRs starting at 15% and a maximum rate of 78%. Their invoice financing starts at $20,000 with a maximum of $5 million. This lender is best for borrowers with excellent credit scores, because those without strong financial qualifications may only be offered products with high interest rates.

Loan Amounts$5,000 to $250,000
APR Range15% to 78%
Repayment Terms6 or 12 months
Time to FundingAs fast as 24 hours
Click “Check Rates” to apply to Blue Vine

» MORE: BlueVine Business Loan Review

For Good Credit


Prosper offers small loans ranging between $2,000 and $40,000, and rates starting at just 6.95%. This company has relatively stringent requirements, with a minimum credit score of 640 and least two years of credit history necessary to be considered. Despite these requirements, their average borrowers typically have much stronger financial qualifications, with an average credit score of 710 and an average credit history length of 11 years.  

APR range6.95-35.99%*
Available loan terms36 to 60 months*
Loan amountsup to $35,000
Time to fundOne to three business days after approval
FeesOrigination fee: Ranges from 2.4% to 5% of the initial loan amount
Late fee: $15 or 5%, whichever is greater
Prepayment fee: N/A
Credit needed640+
Income neededN/A
Soft Credit Check?Yes
Best forBorrowers with high Income & credit utilization of less than 50% (not including mortgages), Good Credit
Click “Check Rates” to apply to Prosper

» MORE: Prosper Personal Loan Review


LendingClub offers business loans and lines of credit between $5,000 and $300,000, with annual percentage rates ranging between 7.77% and 35.11%. To qualify, you should have a personal credit score above 620 and a minimum annual revenue of $75,000.

Loan Amount:$5,000 – $300,000
APR Range:9.77% – 35.71%
Time To Fund:As quick as 2 days
Loan Term:One to five years
How To Qualify:620+ Personal Credit Score
$50,000 Annual Revenue
Click “Check Rates” to apply to LendingClub

» MORE: LendingClub Business Loan Review

For Bad Credit


QuarterSpot’s business loans range between $5,000 and $250,000, with rates starting at 20% and reaching a maximum of 48%. Their loans are easy to qualify for if you have below-average credit, with a minimum score requirement of just 550.

Loan Amounts$5,000 to $250,000
APR Range30.00% to 70.00%
Repayment TermsUp to 18 months
Time to FundingAs fast as 1 day
Click “Check Rates” to apply to QuarterSpot

» MORE: QuarterSpot Business Loan Review

Veteran Business Loan Alternatives

SBA Express Loans

A VA Small Business Administration (SBA) loan is a type of business loan that’s only available to reserve, retired or honorably discharged veterans. If you don’t want to take out a loan specifically geared towards veterans, however, you can consider an SBA Express Loan. If you have a high credit score, multiple years in business and a large annual revenue, you may be able to qualify for an SBA loan, which comes with some of the lowest interest rates in the industry.

» MORE: Learn More About SBA Loans


Whether you are starting your new business right out of the military, or have already been in business for multiple years, it’s important to shop around and find the loan with the best rate and repayment terms for your budget. There are several different options for financing a business, from borrowing a low-interest SBA loan, to getting fast access to cash through an online lender or line of credit. Even if you have low credit, make sure to apply to multiple lenders before committing to a product.

Compare Business Loans

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