UHV SBDC workshop to cover financing options for veteran business owners
While a number of financing resources are available to veteran small business owners, veterans who can benefit from them aren’t always aware of the opportunities.
That’s why the University of Houston-Victoria Small Business Development Center is holding a workshop April 20 to help veterans identify funding sources and raise awareness of state mentoring programs. The free workshop is presented by the Small Business Administration San Antonio District Office.
SBA Small Business Financing for Veterans will take place from 1:30-3 p.m. in the Donna and Roger Welder Conference Room on the first floor of UHV University North, 3007 N. Ben Wilson St.
“I encourage veteran small business owners and those who are contemplating starting a business to attend and learn what is accessible,” UHV SBDC Director Joe Humphreys said. “The SBA has some high-impact programs set aside for those who served our country. These are designed to help veterans start a company or grow their business.”
The program will be presented by Annie Hudspeth, a lender relations specialist from the Small Business Administration in San Antonio, and Laura Leal Estrada, market manager of LiftFund. Headquartered in San Antonio, LiftFund is a nonprofit organization that works with owners of start-ups and small businesses who may not be able to procure conventional lending. Estrada works out of the Corpus Christi office where she provides technical business training and loans.
Hudspeth will discuss loan options for veterans. The SBA has a Veterans Advantage loan program that can grant loans of up to $350,000 with no fees for veterans owning 51 percent or more of a business.
The SBA also has a 7(a) loan program that provides majority business owners who are veterans loans of up to $150,000. Hudspeth said there are no fees for these loans. She also said the SBA has a 50 percent reduction in the guaranty fee, which is the amount charged by a guarantor.
Information also will be shared about the Texas Veterans Commission’s Veterans Entrepreneur Program, which provides training and mentoring for veteran entrepreneurs.
“The Veterans Entrepreneur Program promotes veteran entrepreneurship and business ownership,” Hudspeth said. “Veterans can receive free help from a team of experienced business consultants. It can be a valuable asset when questions arise.”
The UHV SBDC is part of a nationwide small business assistance program that serves the small business community in partnership with federal, state and local governments. The center offers business advising, training and technical assistance to existing and start-up businesses in an 11-county area.