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Contributor

My husband and I are intereted in purchasing a small business.  We are not Veterans... does anyone know if USAA offers this kind of loan?  Does anyone have any informaiton on where to start looking and what is considered a good rate these days?


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I wanted to take a moment to update this thread with the announcement of the launch of USAA’s new business financing with StreetShares Inc. You can find out more about the collaboration here, or sign up here. Thank you all for your comments and participation, it has been instrumental in leading to this pilot.

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they do offer those type of loan first one of the questions you want to ask yourself is what kind of Industry you're going into? take advantage of any type of savings that you can sometimes depending on what type of industry you going to you may be able to get a grant. you can also look into possibly if you fall into any of the protected classes you're also eligible sometimes for a low interest loan what I mean by protected classes veteran status race and gender status.
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Everyone;

 

1. First I need to correct jayro.

 

  • USAA DOES NOT offer Small Business Loans. (Hint: USAA doesn't even offer Business Checking Accounts)
  • USAA DOES offer Personal Loans as shown here

2. The best place to start looking for a Small Business Loan is the Small Business Administration (SBA).

3. The TYPE OF SBA LOAN most will apply for is called General Small Business Loan 7(a). Click here to find more information about SBA General Small Business Loans.

 

4. You will need to find a lender (bank) which offers SBA Loans and compare interest rates. Click here to find more information on how SBA Loan interest rates are determined.

 

5. Buying (or starting) a business is filled with endless possibilities of mistakes.

 

  • First of all it is important you seek out a qualified business lawyer. Don't go it alone.
  • Click here to learn about common mistakes made when purchasing a business.

Good Luck on your New Business Adventure...

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Do you think USAA will ever consider business checking accounts or business loans? I have a freelance company I take with me where ever my husband is stationed. A local bank doesn't really help me. I need a national/online bank.

 

Thanks for your answer here. It was helpful.

 

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JenC1984;

 

Welcome to the USAA Member Community Forum.

 

Thank-you for your service.

 

Now as for your post and question.

 

  1. First of all, there are LOTS of banking rules and regulations when it come to "business" related banking activities. USAA was started with the INDIVIDUAL in mind (not some business entity), and this is currently their focus, providing services to individual Members verse a business.

  2. That said, if there was enough interest, and USAA could meet the overwhelming complex banking rules and regulations in regards to businesses, then USAA might consider some type of "business" service such as "business checking".

  3. If you have a GREAT SUGGESTION or FEEDBACK then click here to start the process of telling USAA all about it.

    USAA uses suggestions from its Members to improve their products and services.

  4. What Suggestion From Members Will USAA Use Next?

Thank you for participating in the USAA Member Community Forum.

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Be careful when you begin looking at the SBA.  They have numerous requirements that basically tell you how you must run your business.  One great source of information is an association known as SCORE, the Service Corp of Retired Executives.  They often have several people available who have worked in various areas of business and are quite helpful and knowedgable.

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ncsailor;

 

Welcome to the USAA Member Community Forum.

 

Thank-you for you and your families service.

 

Great Post!

 

Good advice on those thinking about starting their own Small Business.

 

Here are EXTERNAL LINKS to the Organizations you spoke of:

 

Thank you for participating in the USAA Member Community Forum.

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Where do you recommend going to find a qualified business lawyer?

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I wanted to take a moment to update this thread with the announcement of the launch of USAA’s new business financing with StreetShares Inc. You can find out more about the collaboration here, or sign up here. Thank you all for your comments and participation, it has been instrumental in leading to this pilot.

View solution in original post

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Wow! This is right one time! Thank you!