Patriot Express Loan from the SBA – Business Loans for Veterans

SBA offers New Loan for Veterans

Patriot Express Loans Arrives to help Veteran Entrepreneurs

The Small Business Administration has launched the new Patriot Express Pilot Loan for the military community.

The Washington, D.C.-based agency said Patriot Express is a streamlined loan product based on its SBA Express Program, but with enhanced guarantee and interest rate characteristics.

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.

The U.S. Small Business Administration has announced the SBA’s Patriot Express Pilot Loan Initiative for veterans and members of the military community wanting to establish or expand small businesses.

Eligible military community members include:

• Veterans
• Service-disabled veterans
• Active-duty service members eligible for the military’s Transition Assistance Program
• Reservists and National Guard members
• Current spouses of any of the above
• The widowed spouse of a service member or veteran who died during service or of a service-connected disability
• The SBA and its resource partners are focusing additional efforts on counseling and training to augment this loan initiative.   

SBA lenders in Houston are already seeing the loan as a new opportunity for both veterans and their respective banks.

"There are already initiatives within SBA for veterans, but the new loan will more formalize the offering and make it more of a focus for veterans out there who are looking for opportunities to start their own businesses," said Gary Henderson, vice president in the SBA lending division of Houston-based Amegy Bank of Texas. "When you have an outreach program like this, it also gets the lenders out there, opening up new business for both the veterans and the lenders, encouraging both a positive impact on the economy and new jobs."

Patriot Express is available to military community members including veterans, service-disabled veterans, active-duty service members participating in the military's Transition Assistance Program; Reservists and National Guard members; current spouses of any of the above; and the widowed spouse of a service member or veteran who died during service, or of a service-connected disability.

Loans are available up to $500,000 and are also eligible for SBA's fastest turnaround approval time.

Official Small Business Administration Patriot Express Web Site

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