Administrator
Administrator
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14 Comments (14 New)

USAA Community Small Business Loans Launch StreetShares.jpg

Did you know research by the Small Business Administration reported in 2017 that veteran-owned businesses employ over 5 million people and represent over 9.1 percent of all businesses in the United States*? We know that includes you! Members have been inquiring about business loans and business products from USAA for quite some time.

 

So, to better serve member’s needs, USAA is pleased to announce the launch of a limited time pilot offering in collaboration with Streetshares Inc, a veteran-founded, run and financed company. The pilot provides easy access to financing at reduced origination fees for member-owned small businesses that have a minimum of one year in operation and $25,000 in annual revenue. This pilot offering is available for a period of six months.  Those who have applied will not be impacted by the pilot duration.

 

Visit usaa.com/managebusiness to learn more and sign up.

 

Do you have your own business? How did you get started?

 

Related articles:

Building a Better Small Business Funding Experience

To learn more about USAA Labs visit: usaa.com/labs/innovate

 

*SBA report “Veteran-Owned Businesses and Their Owners”

 

Disclaimers:

All products and services related to small business loans are provided by StreetShares Inc, not USAA. For servicing, information, or support please contact StreetShares Inc.

Patriot Express Line of Credit is not affiliated with or guaranteed by the U.S. Small Business Association (SBA) or any government entity and is not a service on behalf of any government agency, department or bureau. StreetShares and this website are not affiliated with the SBA or any government agency

This is not an offer of credit and does not represent a commitment to provide financing. All business financing is subject to credit approval by StreetShares Inc.

USAA is not referring any StreetShares investment products. USAA Bank receives marketing fees in connection with this small business loan program

The trademarks, logos, and names of other companies, products, and services are the property of their respective owners.

Use of the term “member” or “membership” refers to membership in USAA Membership Services and does not convey any legal or ownership rights in USAA. Restrictions apply and are subject to change.

StreetShares products are not available in the following locations: South Dakota, North Dakota, Rhode Island, Nevada, and US Territories.

USAA reserves the right to stop the pilot at any time without any impact to those who have already joined the pilot.

USAA means United Services Automobile Association and its affiliates.

 

 

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14 Comments
JT09
Contributor

What an incredible pairing! I love USAA (my family takes advantage of insurance, accounts, and investment products), and StreetShares is AWESOME! I recently heard their CEO, Mark Rockefeller, present at the Military Influencer Conference in Orlando. StreetShares is doing some remarkable work! 

Administrator
Administrator

Thanks for commenting @JT09! Excited to see all that StreetShares and USAA can do together! :)

Vic M
New Member

looks like they don't offer assistance for franchising opportunities.

ClaytonJ
New Member

 Very cool

 

Administrator
Administrator

@Vic M

Thank you for your comment. At this time, franchising is not included in the pilot. However, I have shared your comment and the desire for such a service. Thanks again for taking time to post here in community!

 

RSG
New Member

So the pilot program is just for financing options? I was hoping USAA would create business banking in the way of business checking accounts for us small business folks. I like many would rather keep ALL my banking in house rather than have to use an outside bank for my small business and an account that has no monthly fees just like our personal accounts. Anythink coming down the pipeline in this regards?

cfg90
Occasional Visitor

We had a great experience working with this company. Our business experienced a temporary cash flow issue that was out of our control, and we just needed a small, short term loan to pull us through until things got worked out. We tried going through our bank, but they were a pain to work with and took way too long to make a decision. We were at wits end when we decided to call USAA to see if they had a business loan product.  They referred us to Street Shares who was able to approve a loan the next day, and money was in the bank by the end of the week. They were effecient, friendly and professional, and the loan terms are very reasonable. 

 

Now if USAA would just offer business banking....

CPTRPILT
New Member

What about borrowing money to buy an established business?

Administrator
Administrator

@CPTRPILT 

Thank you for your question! In order to qualify to join the pilot you must meet the following criteria:

be a U.S. resident, be in business for at least 1 year, have annual revenue greater than $25k, and have a business guarantor with reasonable credit.

 

Therefore, purchasing an established business, without currently owning your own business already, is not included.  Thank you!

SmallBusinessGuy
Contributor

RSG said, "I was hoping USAA would create business banking in the way of business checking accounts for us small business folks. "

 

I wholeheartedly agree with this.  My small business need (from USAA) is much less grandiose thank loans and financing.  I dont need loans and financing.  I simply need a checking account that I can attach a business name to so that I can receive checks from my clients addressed to my business instead of to my personal name.  I tried adding a "DBA" (doing business as) name to one of my checking accounts but got semi-threatened by USAA support with, "If USAA finds out you are using an account for business purposes, they will close it".  What?

 

When I combine this experience with the recent announcement of the reduction in investment services, after 25+ years of being a loyal USAA member, I'm suddenly not getting a good vibe from USAA these days.  Almost seems as if it is trying to shrink itself...