10 Best Business Loans Options for People with Disabilities

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10 BEST BUSINESS LOANS OPTIONS
BUSINESS LOANS FOR PEOPLE WITH DISABILITIES
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Managing a business is rewarding and challenging
especially for people with physical or mental
disability
Starting a small business can be a flexible
option for disabled people to earn a living that
a traditional job doesnt offer.
However, managing a small business calls for
constant inflow of capital and securing a
business loan can be challenging especially if
youre among the disabled American community.
According to the U.S. Census Bureau survey, 39
million Americans have a disability problem with
income lower than the average.
However, it doesnt mean you cannot have a
business of your own. 
There are multiple funding options and grants
available for people with disabilities, as an
alternative to secure capital.
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BUSINESS LOANS FOR DISABLED BUSINESS OWNERS
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SBA 7(a)Loans
SBA 7(a) loan program is the most popular loan
type offering cash up to 5 million with
repayment terms of up to 25 years. You can also
get quick funding with cash under 350,000 via
the SBA Express Loan program that is part of the
7(a) program.
SBA does provide the loans itself, instead
guarantees the loan made by their network of
lenders.
Small Business Administration loans are the best
loan options for disabled business owners.
SBA Express Loans is a great business loan option
for service-disabled veterans with reduced fees.
Even if youre not qualified for reduced fees,
you can still get lowest interest rates and
longest repayment terms as a fair deal.
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SBA Microloans
SBA Microloan is another SBA loan program that
offers cash up to 50,000, lower interest rates
and repayment terms up to six years, being it the
best loan deal for microbusinesses and home-based
businesses.
The qualification criteria for an SBA Microloan
is simple as compared to SBA 7(a) loan program.
Business owners with credit scores of 575 or less
can qualify for it. SBA Microloan lenders take
into account the anticipated business income
during the loan term instead of just credit
scores.
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SBA Community Advantage Loans
SBA also offers SBA Community Advantage Loans to
help small business owners in underserved groups,
including the disabled. These loan provide cash
up to 250,000 and can be used for large business
investments. The qualification criteria for these
loans is similar to SBA Microloans. Use the SBAs
Lender Match tool to find a community advantage
lender in your area.
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US. Department of Agriculture (USDA) Business
Loans
The mission of USDA is to help rural communities
with fewer than 50,000 residents to grow and it
can be a great funding source for entrepreneurs
with disabilities since most disabled Americans
live in rural communities.
The qualification criteria includes good credit
score with adequate revenues to qualify for a
USDA business loan. Some lenders might ask for
collateral with application process similar to
the SBA.
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Patriot Express Loan
Cash can be used for most business-related
purpose including purchase real estate or
equipment, to pay for licensing and fees and much
more.
SBA also provides the Patriot Express Loan
program to help disabled veterans start or expand
their businesses with cash up to 500,000
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To make a loan application, visit your local SBA
center to get more details on this loan program.
Patriot Express Loan program has the quickest
approval turnaround times with the lowest
interest rates ranging from 2.25 to 4.75 above
the prime rate, based on the loan amounts and
repayment terms
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Assistive Technology Loans
Thing A
As a business owner, you might need some
equipment to make deliveries, a location with
cameras and devices to shoot a brand campaign, or
an online software to complete a project for your
clients.
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Thing C
Thing B
Search for the local lenders near you to get
assistive technology loans to help make the
needed purchase.
Every lender have slightly different
qualification criteria, loan amounts, credit
score and repayment terms. You need to contact
your states commerce or business department to
get more details on these loans.
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Business Loans for Disable in Iowa
There is also a specific business loan program
for disabled business owners in Iowa, which
provides funding to cover the start-up business
costs
cash up to 10,000 for qualified disabled veterans
To qualify for this type of funding, visit your
local district offices to get more information.
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Short Term Business Loans
If youre in business for some months and making
decent revenues, you can qualify for a short term
loan even with bad credit.
Step 04
Merchant Advisors is a short-term lender that
provides business loans to veterans and
service-disabled veterans with cash up to
200,000 and terms up to 36-months.
Step 03
Many other online lenders provide short-term
business with easy application process.
Step 02
Before choosing a lender, make sure you have done
your research properly since these loans are
considerably expensive than other financing
types. If youre able to pay more, short term
loans are best for short-term capital needs.
Step 01
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Crowdfunding
Crowdfunding is another funding option to help
start a business or grow. It is somewhat similar
to bank loans, where you repay the principal
amount plus interest over a fixed period.
Some platforms like Kiva provides interest-free
loans with cash up to 10,000.
Based on the loan size and other factors,
borrowers have to invite some people from their
own network to lend money to their business and
then, pitch their idea to a wider network of Kiva
lenders.
While using a crowdfunding platform, creating a
persuasive description of your business idea can
also help inspire public to lend money to your
business.
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Business Credit Cards
Some business credit cards offer a 0
introductory annual percentage rate (APR) and
provides an opportunity for disabled business
owners to borrow interest-free money
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Some credit cards also offer rewards on
purchases, while some in specific categories,
like advertising or shipping.
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CREDIT CARDS
With higher credit limits, you can also use your
credit card for startup financing or even pay for
periodic costs. Remember dont mix business and
personal expenses on your credit card.
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Business Grants for Disabled Business Owners
Applying for business grant is a much better
option than a business loan. Business loans
require repayment, whereas business grants dont.
If youre looking for a business loan to start a
small business and unable to find one, there are
many business grants available to help you get
started. And even if youre unable to qualify for
a grant, at least you have the paperwork in order
to apply for loans later.
Grants.gov grants for technology or science field
being the biggest source of federal grants.
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National Arts and Disability Center grants for
disable artist to promote their work.
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Veterans of Foreign Wars grants to veterans with
service-related disabilities.
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Managing a business is challenging especially for
disabled communities. Luckily, there are several
business loans for people with disabilities, and
grants available. Start your search by asking
support from your loved ones, then, search for
more structured funding options and grant
opportunities, both at the state and local
levels. In the end, running a creative business
with best product or service will help you grow
more and keep customers coming back.
THE BOTTOM LINE
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If you need quick financing to grow your small
business, Merchant Advisors can help. We believe
every business owner whether disabled or not
should have an equal opportunity to succeed,
participate, stay self-reliant.
EXPLORE YOUR LOAN OPTIONS
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