Minority Business Loans -- US Veterans

It happened again today. A US veteran contacted us who is having trouble getting a VA loan for a small business. It happens again and again. And it is a disgrace.

Here is what I wrote to him:

Joe,
First, I would be kidding if I said it was easy. It is not. I've heard from a number of Vets that getting these loans just has not been easy. The problem is that most Vets, like you, are looking for a small amount of money and the banks just don't like doing the paperwork for this small an amount.

So here's what to do:
1. Get a business plan ready. It doesn't have to be fancy. A basic one will do.
2. Call your local SBA bank (look in the yellow pages to see which ones have SBA loan programs). Call and ask if they handle the Veterans loans. Make an appointment to see a specific person at the bank.
3. At your meeting, present your business plan and offer to provide the bank with any additional information they need.

Keep track of what you do, and who you talk to. Make notes on the conversation.

If the bank is not forthcoming with the loan, contact your Representative in the US Congress. Tell them step by step what you have done, who you talked with, and what happened. If anyone has influence with your local banker, it is the Representative from your area. Also write your US Senator with the same information. Your representative and senator depend on political contributions from banks, so they have personal relationships with them. Use their services. This is part of what they do. They need your vote too.

Did I mention that how we treat our vets is a disgrace? All minority business loans deserve special attention, and this one tops my list.

OK, Mr./Ms. Banker, what's your excuse?

p.s. -- If these steps don't work, contact your local newspaper. Let them know how local banks treat veterans when they apply for a minority business loan.