Business Funding Programs for Veterans

So you are fresh out of the military after serving for a number of years? Now it is time to find just a regular 9-to-5 job and slog it out until retirement. Yet wait one moment. You want to start something new? Then you need to know more about business funding programs for Veterans.

What if you had a fantastic business idea for a product or service that companies or the public would love? Why couldn’t you go out and become the entrepreneur you always dreamed of becoming when leaving the service?

There are many veterans who have business dreams. Unfortunately, they may not have the finances at this point. They are instead concentrating on finding a new home and work opportunities. More often than not to pay the bills as they make the transition to a civilian lifestyle. Luckily, there are business funding options specifically tailored for veterans. Those might help you start and grow a business.

Here are 5 ways for veterans can get the financing they desire:

Angel Investment for Veterans

There are many angel investors who want to see veterans succeed in the business world. One such group, Hivers and Strivers. It seeks out recent graduates of military academies who are trying to create business start-ups as they need of early-stage financing. With this available option, veterans can get the working capital to fully develop their company’s operations. When working with the Hivers and Strivers angel investor, the company can invest amounts ranging from $250,000 up to $1 million.

SBA Veteran’s Advantage

The Small Business Administration offers the SBA Veteran’s Advantage program for military veterans, reservists, National Guard members, service-disabled veterans, active duty service members going through the Transition Assistance Program, and spouses of service members. This program offers to guarantee SBA 7(a) loans ranging from $150,000 up to $5 million that are approved for business purposes.

Business Funding For VetsLending Platforms for Veterans

Due to the abundance of lending options for cash loans online, veterans who are starting a business of growing a company may wish to find the investor that fits better into their company objectives. There are online lending platforms, such as Street Shares, that can help business-minded veterans connect with investors through an online auction process as you may be able to get a loan from $5,000 up to $50,000.

Leveraging Information and Networks to Access Capital (LINC)

The Leveraging Information and Networks to Access Capital is a program operated by the Small Business administration to connect veteran-owned businesses to the right nonprofit lenders. Veterans can find a range of real estate financing, small loans and micro-lending options as the loan amounts can go up as high as $5 million. You may also be able to take part in the SBA Community Advantage program or a SBA 504 loan program.

As a veteran, you aren’t locked out from getting the right loans to fund your small business venture. There are a variety of lenders out there waiting to invest in your products and services. To make sure you can get your company operating. In other words, before searching for lenders, think about your present finances. You have to place into the business, the amount of financing you need and what the loan money will be used toward. — Such as real estate or equipment financing. This strategy will allow you to find a lender who may be willing to offer the appropriate loan amount.

What Military Discipline Can Teach You About Money Management

Military duty teaches service members about accountability, duty, and discipline. The same value that help individuals succeed in deployment can inform money management. Here are 6 surprising ways military life can inform personal finance and money management.

Funding for veteran businesses

What Military Discipline Can Teach You About Money Management

1. Maintain integrity with yourself and others

The military promotes a culture of integrity and honesty. Service members must take accountability for their actions and not lie to protect the lives of fellow soldiers and civilians. This is similar to good financial planning.

After service, veterans can carry the same values forward for smart money management. How? by taking an honest assessment of their debts and savings. It means not overspending and curbing bad money habits. It can feel scary to confront a five-figure debt. However, being honest about what you owe is the first step toward overcoming bad financial habits. And getting on stable ground.

2. Take responsibility

Service members must take responsibility for their actions and not shirk consequences, positive or negative. When you’re transitioning from active duty to civilian life, it may take a while to gain an accurate understanding of your expenses, income, and all of your debts.

Some people zone out when trying to get a handle on their personal finance. – You might find it overwhelming if you’re not a numbers person! Anyway, the military value of taking responsibility can help you repay debts on time and in full. Often it is by accepting responsibility for outstanding credit card, mortgage, or personal loan debt.

3. Endure sacrifices

Service members often work in uncomfortable situations for long periods of time, enduring a short-term sacrifice as part of their duty. Regarding money management, military personnel can apply the same principle of sacrificing comfort in the short term for the greater good later on.

Whether it’s making do with an old clunker or passing up pricey meals out and cooking in, sacrificing can boost short-term savings toward a goal such as debt repayment or savings for a home down payment to reduce a mortgage loan.

4. Prioritize tasks

Military leaders analyze, prioritize, and plan. Just like you would to maximize your budget. They know that rushing into a task or trying to multitask backfires by spreading the attention too thin. If you feel overwhelmed about your financial situation or unsure which debt to pay down first, you can fall back on military training and make a plan. Prioritizing tasks keeps you on track, helps you measure progress toward a goal, and helps you regain control of your money.

5. Delegate when necessary

Military men and women work as part of a team, and there’s no reason not to take the teamwork approach with your personal finances. A financial adviser, accountant, investment planner and others can help you make the most of your money so you protect your family and save for your dreams.

6. Stay resolved and don’t quit the course

Just as a soldier must develop grit and persistence to make it through basic training, you need determination and resolve for the long haul to reframe your money management. If you’re trying to change your relationship with your money or get on top of debts, the resolve you honed in the military can help you stay strong even when unanticipated obstacles get in the way.

Loanry helps you every step of the way. Whether you need tips and tricks to better your financial situation, or you need help finding lenders, we’re here.

Stuff You Should Know About Money When You Are 18

Money at 18

If you’re heading off to college this fall with little experience earning or managing your own money, you aren’t alone. Now that you’re officially considered an adult, brush up on financial basics to make smart money decisions through your college years. It’s extremely important you know as much as possible about money when you are 18.

Don’t assume a pricier education is better

Is a top-name college better than a community college? Perhaps, but the heftier price tag for tuition is not always worth it. Before going into debt to go to college, think critically about what level of education you need to enjoy the career you want.

For instance, you can work in a kitchen and eventually become a chef without going to culinary school, so the added expense of culinary school may not be worth it.

Likewise, if you want to be a preschool teacher, a degree from a prestigious private school won’t be more advantageous than a degree from a state school. When you save money by attending a less expensive school, you set yourself up to be self-sustaining upon graduation.

If you’re applying for college and want help from the government paying those tuition bills, then you need to complete the FAFSA.

Understand how to live within your means 

When you can figure out how to live within your means during college, you’ll set yourself up for success not only during school but after graduation.

Calculate how much money you will earn, then calculate your expenses. Spend less than you earn. While you may need to go without that spring break vacation, the financial wisdom you’ll accrue from developing strong money management skills is priceless. We’ve picked the top personal finance apps to help you with those skills from any smartphone.

If you’re struggling to balance school and work, you have options. You might take on a roommate to save on rent, move home and commute to school, apply for scholarships or grants to reduce your out-of-pocket costs, or borrow textbooks from the library rather than rent or buy books.

Okay, so You’re a Boomerang, Here’s How to be Smart About Money

Know how credit cards work when you are 18

Lots of college students get their first credit cards freshman year, and many go on to abuse their credit because they aren’t sure how to use the cards responsibly. A general rule of thumb is to never charge more than you can pay back at the end of the month.

If you don’t pay off your card in full, you pay interest on the balance. To find out how much interest you’ll pay, look for the APR or annual percentage rate of your card.  Divide your APR by 365 to figure out how much interest you earn per day. If you have $500 on a credit card with 17 percent APR, you earn approximately $0.24 in one day, for example.

Start saving – every little bit adds up!

Any time you have a little extra cash left over, stash it in a savings account (preferably, an online savings account that delivers high interest rates). The earlier you start saving, the more you’ll earn in interest and the faster your emergency fund will grow.

American young adults, simply aren’t doing a good job at savings. You can be one of those younger Americans that knows how to save and avoid debt. A survey by GoBankingRates in 2017 teaches us that 57 percent of Americans have less than $1000 in savings and 39% have no savings at all. If you between 18 and

According to a 2017 GoBankingRates survey, 57 percent of Americans have less than $1,000 in their savings accounts, and 39 percent have no savings at all.

Of those that responded to the survey aged 18 to 24 here are the results of the percentage who save and what amount they saved:

$0 saved: 46 %
Less than $1,000 saved: 21 %
$1,000 to $4,999 saved: 15 %
$5,000 to $9,999 saved: 5 %
$10,000 or more saved: 13 %

Know how your student loans work

If you’re taking out student loans to pay for college, understand how to loan shop plus how these types of loans work. While you are in school, you won’t be required to make payments on your loans — those kick in six months after you graduate. However, it’s a good idea to pay the interest on your student loans, if you can.

After graduation, interest is compounded and added to your total. If you keep up with interest while you are in school, you can shave thousands off what you owe. Your monthly payments after you graduate will be much more manageable as a result.

Master these tips to avoid costly money mistakes throughout your college years and graduate with the financial management skills to thrive as an adult.