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UPDATE: PILOT HAS ENDED
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?
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”
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.
256107 - 0219
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!
looks like they don't offer assistance for franchising opportunities.
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!
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?
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....
What about borrowing money to buy an established business?
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!
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...
This is awesome. I've been a USAA member for the most of my adult life, but when I started my first company in 2009, I had to look elsewhere for my business banking needs (business checking, credit cards, business line of credit, etc.) as USAA did not provide that service at the time. I launched my fifth company back in April, and when we experienced explosive growth, we could not not afford to purchase enough inventory to meet the demand. This was a good problem but a problem nonetheless. Even though we had mid six figure sales just in our first few months, we discovered that most lenders were either looking for years of business history or charging ridiculous rates when we started shopping for a loan. When we contacted Streetshares, they gave us the personal attention we needed and showed us that they absolutely understood what a veteran owned start up was all about. We weare able to secure the loan we needed at an amazing rate to fund our holiday inventory which allowed us to streamline our operation and growth. I believe veterans are primed to be busines leaders and entrepreneurs; I really hope this program continues so that these two great companies that have been so integral in my life can help others in our community pursue their dreams of small business ownership!
USAA and Streetshares have come together and helped my business directly. Thank you USAA for the help! It is so difficult and frustrating to find business funding. As a USAA member and a small business owner I am excited about this and thankful for the funding. I am a small business owner employing 34 veterans and spouses in Jacksonville FL. We have been in business for several years and have had limited to no success in finding funding. In fact USAA knows all too well that I have been using my USAA credit card to fund my business, until now. Funding a business with a credit card is difficult. I called USAA (and other financial institutions) yearly asking for funding, guidance or any help at all.
Streetshares came through for me with a line of credit and reasonable terms for my situation. I am using this funding to grow my business and help with some cash flow. The process with Streetshares was very smooth and easy. Morgan helped me every step of the way. Their process and requests for documentation were not outlandish like other lenders. They made everything simple for me. I encourage all members who have a business or are thinking about starting a business to call USAA and Streetshares to get advise and at least apply. Again thank you so much USAA for helping me with my business. Thank you for allowing me to max out my credit card and thank you for partnering with an organization that actually delivered on their promise.
@Musa06 Congratulations on launching your 6th company! I am so glad to hear about the support and success you have had with StreetShares! Thank you for your membership and for sharing your story!
@SgtofMarines03 Thank you for taking the time to share, I am so glad to hear about your experience with USAA and StreetShares! I wish your Jacksonville based business the best!
I've worked with Streetshares many times. Its a great organization that has been tremendously helpful to veteran owned companies.
Thanks for sharing @DevilDogEntrepreneur!
Great job forming a partnership with another veteran-owned business for other businesses.
I'd like to echo the requests for a small business banking option with USAA. I have my checking, savings, auto, and home insurance through USAA and I'd sure like to keep my business in the family.
Source: Small Business Banking - Aps717
I came to read this article becuase it claimed to Aps717's suggestion for small business banking. Going back to re-read Aps717's comment, above, I can see how StreetShares solves the assumed request. Though, I was saddened to find it doesn't help the part that would have been useful to me and many others. I was hoping for a business checking account. I'll be here, waiting. I'm not here to downtalk progress. I'm just hoping being more specific will help.
Thanks for the partnering with StreetShares, I'm sure it will help many.
Thanks for taking the time to share your request for small business banking @Vlanger. Happy New Year!
This is awesome news!
When I started my business I immediately reached out to USAA for funding because of my longtime relationship with the bank. At that time there were no business banking products available. Sometime later I attended a small business program for veterans called Veterans Institute for Procurement. There, I was introduced to StreetShares. They were able to help me/my business immediately. For the first time, I had been awarded a contract that required me to hire my first full-time employee and I was faced with making payroll. Up until that point my contracts only required short term consultants and most of them agreed to be paid upon payment of invoices. I quickly learned that hiring employees doesn’t work that way. I found myself scrambling to find a funding solution. StreetShares offered immediate assistance by providing contract financing as well as a business line of credit. This helped my business tremendously. It also gave me the support I needed to grow my business. I was struggling to make payroll with one employee and I wasn’t prepared to take on additional employees not knowing how I would pay them.
Having StreetShares as a financial partner made it easier to grow. In one year we've grown to 3.5 employees and tripled our revenue with the help of StreetShares. They've been a great and valuable parter to my company and I look forward to growing with them. I highly recommend them for small veteran owned businesses looking for funding solutions. I also like the fact that they do a lot for the veteran and military spouse community.
I look forward to seeing this partnership between USAA and StreetShares grow. It's definitely needed.
I'm going to throw in my vote for small business checking. Would love to give my business to USAA. Having said that, I do like the concept of StreetShares. It looks like a great program!
Dear @GovCon SB Lady
Thanks for sharing your experience with StreetShares, and congratulations on the business growth you have experienced!
@teachandbuild Thanks for your comment!
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