Citizens Bank will now offer lower loan rates to veteran owned businesses who qualify for their new program. The lower rate will include “an interest rate reduction on both SBA and conventional loans.” All qualified veteran owned businesses must be 51% owned by a veteran or spouse, along with validation documentation and ownership legitimacy.
This is a big win for veterans looking to expand their business with the help of SBA loans. Citizens Bank is not only growing the sluggish business investment / funding market for banks, but also creating a competitive offer for veteran entrepreneurs. There are multiple veteran organization they can connect with to expand their reach and I’d think the National Veteran Business Development Council is a great first step.