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SBA: Veteran Businesses Face Financing Challenges

SBA: Veteran Businesses Face Financing Challenges

Nov. 13, 2018

Veteran-owned small-business applicants are more likely than non-veterans to receive less funding than requested, according to the Federal Reserve Bank of New York and the Small Business Administration.

These financing shortfalls occur despite similar demand for financing, the agencies said.

The report found that veteran small businesses have lower approval rates at the most popular lenders, while the amount of SBA-guaranteed loans they have received has increased more slowly over time than for non-veterans.

The discrepancy could be attributed to the smaller loan amounts that veteran-owned businesses seek, higher credit risk, and lack of information, the report said.

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