Can you use your VA for a business loan? I own a commercial property, and I'm looking to refinance the business.

This message has been edited. Last edited by: JoanHart,

No. But you can do an SBA loan. SBA will do a cash out refi on real property and you can get additional funds for needed things to grow your business.

Paul
See my profile for contact information

There are also a lot of Grants to use instead of compromising your house.

Grants don't have to be paid back.

Or even an interest free loan if you must get a loan.

The VA and yor state gov't can help you with a grant.

I hate to tell you that in reality there are few grants out there for business. Most are for non-profits. Those for business tend to be technology or medical - the military is one big player.

Here is an article from wcpo.com

A COMPANY IS GIVING FREE SEMINARS IN THE CINCINNATI AREA THIS WEEK, OFFERING INFORMATION ON FREE GOVERNMENT GRANTS.

I SAY "BUYER BEWARE."

"They don't really give you detailed information, but they tell you its out there, you need it, its your money."

THAT WAS HELEN JO LUTHER OF NORTHERN KENTUCKY...IN AN INTERVIEW EARLIER THIS YEAR.

SHE ATTENDED AN EARLIER SEMINAR BY "NATIONAL GRANTS CONFERENCES."

IT PROMISED INFORMATION ON GOVERNMENT GRANTS, LOANS AND SUBSIDIES.

BUT THE FULL PACKAGE, SHOWING HER HOW TO GET THESE GRANTS, WOULD COST 800 DOLLARS!

--WHAT SHE WASN'T TOLD WAS THAT NATIONAL GRANT CONFERENCES HAS AN UNSATISFACTORY RECORD WITH THE BETTER BUSINESS BUREAU, WITH 125 COMPLAINTS IN 3 YEARS. (THAT WAS ACCURATE INFO AS OF 11/16/02. 2004 UPDATE: NGC SUBSEQUENTLY MOVED TO BOCA RATON FLORIDA, WHERE AS OF 12/2004 IT NOW HAS A "SATISFACTORY" RATING).

--MANY COMPLAINTS ARE FROM PEOPLE WHO PAID 800 DOLLARS, BUT NEVER RECEIVED ANY GRANT MONEY.

--FOR ITS PART, NATIONAL GRANTS CONFERENCES SAYS IT DOESN'T PROMISE YOU A GRANT: IT JUST HELPS YOU APPLY.

--BUT WHAT YOU MAY NOT KNOW IS THAT ALL THOSE GRANT APPLICATIONS ARE AVAILABLE FOR FREE, YES FOR FREE, FROM THE GOVERNMENT.

NATIONAL GRANTS CONFERENCES IS DOING NOTHING ILLEGAL.

AND IF YOU WANT TO PAY 800 DOLLARS FOR FREE INFORMATION, GO AHEAD.

I SAY BUYER BREWER.

and this article:

Psst! If you give me some money.... i'll get you 5 thousands dollars in free government grants.

I'm lying....I don't have grant money.

Unfortunately, a lot of people have been falling for that false promise.

Today, Ohio Attorney General Jim Petro sued a New York telemarketer for fraudulent grant offers.

Petro says a company calling itself "American Grant Agency" promised ohioans a 5,000 dollar government grant for a 249 processing fee.

But all consumer recieved was a booklet on how to apply for grants.

Sorry, the government will not call you offering free money.

Verry true. There are a lot of people out there trying to scam or sel you information that is free. There is never an aplication fee for any grant. So if there is a fee, run away.

I have a few books with the information as to where to call and or write in for information on certain grants.

quote:

Originally posted by Dave_M:
I hate to tell you that in reality there are few grants out there for business.

I disagree with you on this. there are a lot of grants out there for different types of businesses. IT all depends on what you are loking to do and where you are looking to start it up.

Right now there are a lot of grants for alternate fuel systems, renewable fuel sources and vehicles and machinery/appliances that will run on these.

There are a lot of grants in Missouri right now if youhave a business that will employ a certain amount of people in certain demographic locations.

The Gov't wants everyone here to have a paying job so that they can collect taxes rather than have people on the "system" collecting fom them.

There are even grants for farmers to study and learn how to grow crops with out pestecides. As well as money to study and learn how to farm with out erosion and removal of top soil.

There is a grant for almost anything you want to do. You just have th look and maybe you'll find something else you have thought about doing, or maybe find something else you never thought about doing and find you like that particular area. Heck, you can get a grant to buy land and lpant trees on it for the forestry dept.

By the way, what is wrong with a not for profit business? You still get paid... Not for profit is one of the biggest money making businesses out there. Look at the American Red Cross and the Good Will.

There are a lot of grant opportunities out there or are there are no grant opportunities out there? The confusion comes from what you can use the grant for. Don't be fooled. Not all businesses are the same. There is very little help grant money for someone starting a business you find in a strip mall. You want to purchase a franchise location or a apartment rental complex, there is very little help. However, if you have specialized knowledge you can find things like the following...

USDA Rural Development invites grant, guaranteed loan, and combined guaranteed loan and grant applications for Renewable Energy Systems and Energy Efficiency Improvements to help agricultural producers and rural small businesses reduce energy costs and consumption. All projects must be for a pre-commercial or commercially available technology. Grant requests up to 25% of total eligible project costs are encouraged, not to exceed $500,000 for renewable energy and $250,000 for energy efficiency projects. Minimum total eligible project costs to qualify for grants are $10,000 for renewable energy and $6,000 for energy efficiency projects. Loan Guarantees can be issued for up to 50% of total eligible project costs, not to exceed $10 million. Minimum total eligible project costs to qualify for a guaranteed loan is $10,000 for both renewable and efficiency projects. A combination grant and guaranteed loan option is also available for up to 50% of total eligible project costs, with the grant portion not to exceed 25% of total eligible project costs. Costs incurred before determining eligibility of the application for both grants and loan guarantees are not eligible. In addition, funds are not available for residential use.

Notice that this doesn't cover 100% of costs. It is very very difficult to find business grants that cover 100% of cost start up (I've heard of this but never seen it)

This message has been edited. Last edited by: pbowers,

There is one new program for loans:

The new Patriot Express Loan is offered by SBA’s network of participating lenders nationwide and features SBA’s fastest turnaround time for loan approvals. Loans are available up to $500,000 and qualify for SBA’s maximum guaranty of up to 85 percent for loans of $150,000 or less and up to 75 percent for loans over $150,000 up to $500,000. For loans above $350,000, lenders are required to take all available collateral.

The Patriot Express Loan can be used for most business purposes, including start-up, expansion, equipment purchases, working capital, inventory or business-occupied real-estate purchases.

Patriot Express Loans feature SBA’s lowest interest rates for business loans, generally 2.25 percent to 4.75 percent over prime depending upon the size and maturity of the loan. Local SBA district offices will have a listing of Patriot Express lenders in their areas. Details on the initiative can be found at www.sba.gov/patriotexpress

DELETED FOR ADVERTISING

This message has been edited. Last edited by: MortgageGuru,