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Veterans may obtain eligibility for home loans through special organizations, but they cannot get a VA business loan. Instead, the VA Business Program for Veterans works to assist with loans and other business related opportunities. Veterans must go through organizations like the Small Business Association (SBA) to get a business loan.
In 1999, the VA Center for Veterans Enterprise was established as a result of the Veterans Entrepreneurship and Small Business Development Act. The goal of the center is to promote veterans' businesses. The Act, monitored by the center, may authorize the SBA to defer payment of a veteran's business loan for various reasons, particularly if they are recalled to active duty. Reservists or National Guardsmen may request this loan assistance is they are worried that their business may suffer during their absence while on active duty. However, the VA officially does not offer business loans. If you are interested in a loan, contact the Small Business Administration and get a listing of their preferred vendors. For more information on loan deferment due to active duty, contact the VA Center for Veterans Enterprise.
Some additional benefits of the Veterans Entrepreneurship and Small Business Development Act are a support network of experienced business specialists and a program of awareness between business owners, contractors and the federal government. As part of this program, the federal government sets goals for the number of contracts it would like to give to veteran-owned businesses. Also, they require the VA to notify any veteran-owned business of opportunities to work with them. Finally, they maintain a list of all registered veteran-owned businesses to make it easier for contractors to find and work with these businesses.