Loan program helps veterans access capital at low rates to buy a franchise or start a business
The VBF provides capital to veterans in the form of a non-interest bearing loan with very favorable repayment terms.
The VBF was established to help veteran entrepreneurs get equity financing to start a franchise or another type of independent small business. Veterans who have been previously denied bank financing because of insufficient equity capital are encouraged to apply for VBF financing. Getting a small business bank loan is particularly challenging for veterans, who are less likely than others to have access to capital in the form of home equity, investments or a 401k that they have been funding for years.
The VBF is managed by BoeFly, a New York-based marketplace that connects businesses borrowers with 2,400 lenders from around the country. This is BoeFly’s first loan program targeted specifically to veterans after identifying a need through its knowledge of borrowers’ loan requests and banks’ lending criteria. According to BoeFly, no other program currently exists for small business owners or franchisees that focuses on the equity injection aspect of getting a bank loan.
Read more at BlackEnterprise.com