Financial Checklists for Veteran-Owned Businesses
For Starting, Managing and Growing Your Business
You’ve sacrificed so much serving your country – and now you’re ready to get home and start back to work. But where do you start? The checklists inside will help you transition right back into working for yourself, help you manage your business, and provide guidance on how to grow.
The U.S. Small Business Administration (SBA) is a great resource for helping businesses thrive and succeed by creating loan programs that offer features and benefits not necessarily offered with traditional loans. The SBA’s Veterans Advantage gives veterans, and those who qualify as veterans, upfront fee waivers and reductions to help them start or grow a business. Many of these loan options are covered in the following checklists.
Now Let's Help Get Your Business Running
Checklist #1: Start Your Business
Get ready for planning, financing and launching (or re-launching) your business.
TO DO |
DESCRIPTION |
WHO CAN HELP |
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|---|---|---|---|
| Create a business plan, or review and update an existing one. | Whether your business is brand new, or you are returning to your business after a few years away, it’s time to get that business plan updated. Make sure it includes new business goals, sales projections and current business costs. | Business Banker Business Advisor |
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| Set up legal entity and website. | Work with your business advisor to decide whether it makes sense to set your business up as a corporation or other legal entity. | Business Advisor Attorney |
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| Determine your financial needs. | Identify what you have and what you need to get started. | Business Banker Accountant |
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| Become a verified Veteran- Owned Small Business. | Official recognition as a Veteran- Owned Small Business can position you as a preferred supplier for government contracts and private sector work. | va.gov/osdbu/verification/ | |
| Explore new business loan options. | There are many special loans with lower rates and/or waived fees for veterans. | Business Banker www.SBA.gov |
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| Check on loan deferral or interest rate restructuring as necessary. | Make sure you’re up-to-date on any previous loans. | Business Banker Accountant |
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| Review business credit report and/or your personal credit report. | Know where you stand both professionally and personally. | Business Credit Ratings: Dunn and Bradstreet: www.dnb.com Personal Credit Score*: *Some credit cards offer free credit reports as well. Check your credit card company’s website to see if this service is available to you. |
Checklist #2: Manage Your Business
Keep your finances organized and your cash flowing.
TO DO |
DESCRIPTION |
WHO CAN HELP |
|
|---|---|---|---|
| Keep business and personal finances separate. | If you haven’t already, explore options for separating your business and personal bank accounts, credit cards and lines of credit. Doing so simplifies your financial tracking and tax preparation. It also improves transparency in the event you bring on a business partner or an accounting professional. | Business Banker Accountant |
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| Manage cash flow effectively. | Cash flow is the lifeline of all businesses. How much money is flowing into the business, and how quickly is it going out? This determines how quickly you can pay your bills and employees, and invest in goods and services you need to stay in business. | Electronic accounting software can help with invoicing, payroll, tax prep and more. Online banking and bill pay make it easier to track cash flow on the go. Online banking tools, such as PNC Cash Flow Insight®[2], can offer a deeper look into cash flow, with spending analyses, forecasting and document management. |
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| Decide if you want to maintain your business, or grow. | Many Veteran-Owned Small Businesses are happy staying, well, small. And that’s okay. For those who want to grow, this is the time to determine if you can afford it. Here’s how:
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Business Banker |
Checklist #3: Grow Your Business
You’ve decided to take your business to a new level. It’s going to take money.
Here’s your financial “to do” list for accessing capital and investments.
TO DO |
DESCRIPTION
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WHO CAN HELP
|
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|---|---|---|---|
| Save, save, save. | Building up your cash can help you make smaller investments on your own. Healthy savings also demonstrate to potential investors and lenders that you are a good investment. | Business Banker | |
| Find a preferred lender. | If you don’t already have one, work with a preferred lender like PNC Bank. Preferred lenders have extensive knowledge about SBA loans and special offerings for Veteran-Owned Small Businesses. | Business Banker |
Know Your Loan Options
LOAN TYPE |
DESCRIPTION |
WHO CAN HELP |
|
|---|---|---|---|
| SBA 7(a) loans | For loan amounts up to $5,000,000. Upfront guaranty fee is 0% on loans less than $125,000 and for loans $125,001 or more, the upfront guarantee fee is 50% less for Veteran-Owned Small Businesses. Used for business expansion, acquisition or startup; partner buy- out; permanent working capital; franchise financing; commercial real estate purchases, building renovations, construction and improvements; equipment, inventory or fixtures; and refinance of existing debt. |
PNC Business Banker www.SBA.gov |
|
| SBA Express loans | For loan amounts up to $350,000. For all SBA Express loans to Veteran-Owned Small Businesses, the upfront guaranty fee is 0%. Used for business expansion; acquisition or startup; permanent working capital; franchise financing; real estate purchases; equipment or inventory. |
PNC Business Banker www.SBA.gov |
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| SBA 504 | Loan amounts up to $12,500,000 ($5,000,000 maximum on the SBA portion, or 40% of the total loan). Used for larger projects like commercial real estate purchases, building renovations, heavy equipment and machinery. Can also be used to refinance large fixed-asset conventional debt. Loan amounts represent the SBA 504 portion of the loan (40% of the project); total project loan amounts can exceed $12,500,000. |
PNC Business Banker www.SBA.gov |
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The Military Reservist Economic Injury Disaster Loan Program (MREIDL)
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Provides loans of up to $2,000,000 to cover operating costs that can’t be met due to the loss of an essential employee called to active duty in the Reserves or National Guard. | PNC Business Banker www.SBA.gov |
Explore Borrowing Options Available from PNC[1]
PNC Business Bankers can look at your broad financial situation – from checking accounts to loan options – and everything beyond, suggesting a series of financial solutions that work for you. Stop in your nearest branch for more information on managing your business finances and to schedule time with a Business Banker.
Whether the flexibility of a Line of Credit will help you best prepare for the changing needs of your business, or you're looking for a Term Loan to provide a specific amount of credit to purchase assets or meet specific financing need, PNC has a variety of borrowing options to meet your needs.
Learn more about PNC Business Lines of Credit »
Learn more about PNC Business Term Loans »
Return to pnc.com/veterans »
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Associated Products & Services
Important Legal Disclosures & Information
All loans and lines of credit subject to credit approval and require automatic payment deduction from a business checking account. Additional fees may apply.
Cash Flow Insight requires a PNC business checking account and enrollment in PNC Online Banking. Cash Flow Insight is enabled for all new business checking customers enrolling in Online Banking. Visit pnc.com/cashflowinsight for details.
Bank deposit, treasury management, and lending products and services are provided by PNC Bank, National Association, a wholly owned subsidiary of PNC and Member FDIC.
Cash Flow Insight is a registered mark of The PNC Financial Services Group, Inc.
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