My name is Dane and I am a veteran, full time Business student with a concentration in entrepreneurship, and a budding real estate investor. I am seeking any information or advice someone may have about my situation. My question is does anyone know is if is possible to qualify and use a small business loan as capital to start and grow my house flipping business? As a veteran I am very lucky to have some helpful benefits in relation to starting a business and purchasing real estate so it seems like a perfect scenario. I am having trouble finding information about this subject though. Ideally I would like to get a small business loan to use in some way to grow my real estate investment business however I am unsure if this is allowed. Any information would be greatly appreciated! Thanks for reading! Thanks to BP for all the help!
I was actually researching that the other day as well. I also thought it might be a good way to start, but like you, I couldn't find much about it either. All I got was that they don't offer loans to start up a business but how true that is I don't know. It only came from one source. I am interested in what you find out.
The SBA website has a lot of good information for veterans looking to start a business. It even has a guide to making a business plan. The question I still can't seem to find an answer to is whether or not a small business loan, backed by the SBA veteran guarantee can be used as capital to put down on property flips. There is a huge advantage in being a veteran and many programs to help us get a business started as well as purchase property so it sounds like the perfect combination. I think the best idea is to develop a very thorough and detailed business plan to show how the funds with be used. You would think that is all it would take but of course it's never that easy!
SBA supports veteran business owners through entrepreneurial training and mentoring, access to capital, and business development opportunities. I got a small business loan from Merchcash for my business. It is a great platform for small business owners. They respond very quickly to loan requests and small business owners can receive their funds within a few business days.